JPMorgan Chase & Co. Cuts Owens & Minor (NYSE:OMI) Price Target to $10.00

Owens & Minor (NYSE:OMI) had its price objective cut by JPMorgan Chase & Co. from $14.00 to $10.00 in a report released on Monday morning,Benzinga reports. They currently have an underweight rating on the stock.

A number of other equities analysts have also recently commented on the company. Robert W. Baird increased their target price on Owens & Minor from $10.00 to $11.00 and gave the company a “neutral” rating in a report on Monday, March 3rd. UBS Group reduced their target price on Owens & Minor from $25.00 to $13.00 and set a “buy” rating for the company in a report on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $13.75.

Owens & Minor Stock Performance

NYSE OMI opened at $9.45 on Monday. The stock has a market capitalization of $729.60 million, a price-to-earnings ratio of -14.53, a PEG ratio of 0.20 and a beta of 0.61. Owens & Minor has a twelve month low of $6.07 and a twelve month high of $28.35. The company has a current ratio of 1.09, a quick ratio of 0.45 and a debt-to-equity ratio of 2.11. The stock has a 50-day moving average of $11.00 and a 200 day moving average of $12.90.

Owens & Minor (NYSE:OMI) last released its quarterly earnings results on Friday, February 28th. The company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.02. The company had revenue of $2.70 billion during the quarter, compared to analysts’ expectations of $2.68 billion. Owens & Minor had a positive return on equity of 14.60% and a negative net margin of 0.46%. Owens & Minor’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.69 EPS. Sell-side analysts anticipate that Owens & Minor will post 1.51 EPS for the current fiscal year.

Owens & Minor announced that its board has initiated a share repurchase plan on Friday, February 28th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to purchase up to 13.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, major shareholder Coliseum Capital Management, L acquired 354,901 shares of Owens & Minor stock in a transaction that occurred on Monday, March 3rd. The shares were purchased at an average cost of $9.19 per share, for a total transaction of $3,261,540.19. Following the acquisition, the insider now owns 9,824,599 shares in the company, valued at approximately $90,288,064.81. This represents a 3.75 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 3.59% of the company’s stock.

Institutional Trading of Owens & Minor

Institutional investors and hedge funds have recently bought and sold shares of the stock. Royce & Associates LP raised its holdings in Owens & Minor by 179.4% in the 3rd quarter. Royce & Associates LP now owns 80,914 shares of the company’s stock valued at $1,270,000 after buying an additional 51,955 shares during the period. Waldron Private Wealth LLC purchased a new stake in Owens & Minor in the 4th quarter valued at about $406,000. FMR LLC raised its holdings in Owens & Minor by 0.8% in the 3rd quarter. FMR LLC now owns 11,564,624 shares of the company’s stock valued at $181,449,000 after buying an additional 90,862 shares during the period. JPMorgan Chase & Co. raised its holdings in Owens & Minor by 68.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 376,830 shares of the company’s stock valued at $5,912,000 after buying an additional 152,999 shares during the period. Finally, Foundry Partners LLC purchased a new stake in Owens & Minor in the 3rd quarter valued at about $5,238,000. 98.04% of the stock is currently owned by hedge funds and other institutional investors.

Owens & Minor Company Profile

Owens & Minor, Inc is a healthcare solutions company, which engages in the product manufacturing and delivery, home health supply, and perioperative services to support care through the hospital and into the home. It operates through the Products and Healthcare Services, and Patient Direct segments.