Owens & Minor, Inc. (NYSE:OMI) Sees Large Drop in Short Interest

Owens & Minor, Inc. (NYSE:OMI) saw a large drop in short interest in March. As of March 15th, there was short interest totalling 3,680,000 shares, a drop of 23.8% from the February 28th total of 4,830,000 shares. Based on an average daily volume of 1,510,000 shares, the short-interest ratio is currently 2.4 days. Approximately 5.3% of the company’s stock are short sold.

Analysts Set New Price Targets

Several research firms have weighed in on OMI. Robert W. Baird raised 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. JPMorgan Chase & Co. cut their price objective on Owens & Minor from $14.00 to $10.00 and set an “underweight” rating on the stock in a research note on Monday, March 10th. Finally, UBS Group decreased their target price on Owens & Minor from $25.00 to $13.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Owens & Minor currently has an average rating of “Hold” and a consensus price target of $13.75.

Insider Transactions at Owens & Minor

In other Owens & Minor news, major shareholder Coliseum Capital Management, L purchased 354,901 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were bought at an average price of $9.19 per share, for a total transaction of $3,261,540.19. Following the purchase, the insider now directly owns 9,824,599 shares in the company, valued at $90,288,064.81. This trade represents a 3.75 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 3.59% of the company’s stock.

Institutional Investors Weigh In On Owens & Minor

A number of institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its position in shares of Owens & Minor by 10.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,028,236 shares of the company’s stock worth $31,823,000 after acquiring an additional 187,079 shares during the period. FMR LLC raised its stake in shares of Owens & Minor by 0.8% in the third quarter. FMR LLC now owns 11,564,624 shares of the company’s stock valued at $181,449,000 after purchasing an additional 90,862 shares in the last quarter. BNP Paribas Financial Markets lifted its position in Owens & Minor by 32.2% in the third quarter. BNP Paribas Financial Markets now owns 32,181 shares of the company’s stock worth $505,000 after purchasing an additional 7,830 shares during the period. Centiva Capital LP boosted its stake in Owens & Minor by 103.9% during the third quarter. Centiva Capital LP now owns 61,627 shares of the company’s stock worth $967,000 after buying an additional 31,410 shares in the last quarter. Finally, State Street Corp increased its holdings in Owens & Minor by 2.6% in the 3rd quarter. State Street Corp now owns 3,064,547 shares of the company’s stock valued at $48,083,000 after buying an additional 78,985 shares during the period. 98.04% of the stock is owned by institutional investors and hedge funds.

Owens & Minor Price Performance

Shares of NYSE:OMI opened at $8.60 on Monday. The company has a market cap of $664.17 million, a price-to-earnings ratio of -13.23, a PEG ratio of 0.20 and a beta of 0.61. The business has a 50 day moving average price of $9.84 and a 200 day moving average price of $12.36. The company has a quick ratio of 0.45, a current ratio of 1.09 and a debt-to-equity ratio of 2.11. Owens & Minor has a twelve month low of $6.07 and a twelve month high of $28.35.

Owens & Minor (NYSE:OMI) last posted its quarterly earnings data on Friday, February 28th. The company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.02. Owens & Minor had a positive return on equity of 14.60% and a negative net margin of 0.46%. The company had revenue of $2.70 billion during the quarter, compared to analysts’ expectations of $2.68 billion. During the same period in the prior year, the business earned $0.69 earnings per share. Owens & Minor’s revenue for the quarter was up 1.5% compared to the same quarter last year. Research analysts predict that Owens & Minor will post 1.51 earnings per share for the current year.

Owens & Minor announced that its board has authorized a stock buyback plan on Friday, February 28th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 13.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

About Owens & Minor

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.