Iron Triangle Partners LP Has $39.37 Million Position in Merit Medical Systems, Inc. (NASDAQ:MMSI)

Iron Triangle Partners LP increased its position in shares of Merit Medical Systems, Inc. (NASDAQ:MMSI) by 60.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 407,022 shares of the medical instruments supplier’s stock after acquiring an additional 154,022 shares during the period. Merit Medical Systems comprises about 4.3% of Iron Triangle Partners LP’s portfolio, making the stock its 10th biggest position. Iron Triangle Partners LP’s holdings in Merit Medical Systems were worth $39,367,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of MMSI. Norges Bank bought a new stake in shares of Merit Medical Systems during the fourth quarter worth about $66,638,000. Raymond James Financial Inc. bought a new stake in Merit Medical Systems during the 4th quarter worth approximately $48,926,000. FMR LLC grew its holdings in Merit Medical Systems by 31.6% during the 4th quarter. FMR LLC now owns 2,076,439 shares of the medical instruments supplier’s stock worth $200,833,000 after acquiring an additional 499,193 shares during the last quarter. Groupama Asset Managment acquired a new position in Merit Medical Systems in the 4th quarter valued at approximately $38,688,000. Finally, Bryn Mawr Capital Management LLC bought a new position in shares of Merit Medical Systems during the fourth quarter valued at $36,057,000. Institutional investors and hedge funds own 99.66% of the company’s stock.

Analyst Upgrades and Downgrades

MMSI has been the topic of several analyst reports. Canaccord Genuity Group reduced their price objective on shares of Merit Medical Systems from $127.00 to $108.00 and set a “buy” rating on the stock in a research note on Friday, April 25th. Needham & Company LLC reduced their price target on Merit Medical Systems from $116.00 to $100.00 and set a “buy” rating on the stock in a research report on Friday, April 25th. Piper Sandler lowered their price objective on Merit Medical Systems from $116.00 to $112.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. started coverage on Merit Medical Systems in a report on Friday, March 28th. They issued an “overweight” rating and a $120.00 target price on the stock. Finally, Wells Fargo & Company set a $106.00 target price on shares of Merit Medical Systems and gave the company an “overweight” rating in a research report on Friday, April 25th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $107.78.

Insider Activity

In other news, CEO Fred P. Lampropoulos sold 31,320 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $103.86, for a total transaction of $3,252,895.20. Following the transaction, the chief executive officer now directly owns 1,086,028 shares of the company’s stock, valued at $112,794,868.08. This represents a 2.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Stephen C. Evans sold 5,000 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $105.31, for a total transaction of $526,550.00. Following the completion of the transaction, the director now directly owns 4,657 shares in the company, valued at $490,428.67. This trade represents a 51.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 109,132 shares of company stock worth $11,139,521. Company insiders own 3.70% of the company’s stock.

Merit Medical Systems Price Performance

Shares of MMSI opened at $95.83 on Friday. The firm has a market cap of $5.66 billion, a PE ratio of 46.98, a price-to-earnings-growth ratio of 2.34 and a beta of 0.70. Merit Medical Systems, Inc. has a 52-week low of $80.02 and a 52-week high of $111.45. The business’s 50 day moving average price is $97.00 and its two-hundred day moving average price is $100.51. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.82 and a current ratio of 5.36.

Merit Medical Systems (NASDAQ:MMSI) last released its earnings results on Thursday, April 24th. The medical instruments supplier reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.11. The company had revenue of $355.35 million for the quarter, compared to the consensus estimate of $352.57 million. Merit Medical Systems had a net margin of 9.05% and a return on equity of 15.61%. Merit Medical Systems’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.77 EPS. On average, equities analysts anticipate that Merit Medical Systems, Inc. will post 3.37 EPS for the current year.

Merit Medical Systems Company Profile

Merit Medical Systems, Inc designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures in the United States and internationally. It operates in two segments, Cardiovascular and Endoscopy. The company provides micropuncture kits, angiographic needles, sheaths, guide wires, and safety products; peripheral intervention, including angiography, drainage, delivery systems, and embolotherapy products; spine products, such as vertebral augmentation, radiofrequency ablation, and bone biopsy systems; oncology products; and cardiac intervention products, such as access, angiography, electrophysiology and cardiac rhythm management, fluid management, hemodynamic monitoring, hemostasis, and intervention to treat various heart conditions.