Owens & Minor (NYSE:OMI) Shares Gap Up – Here’s Why

Owens & Minor, Inc. (NYSE:OMI)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $6.66, but opened at $6.90. Owens & Minor shares last traded at $7.52, with a volume of 883,312 shares.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. JPMorgan Chase & Co. dropped their price target on shares of Owens & Minor from $14.00 to $10.00 and set an “underweight” rating on the stock in a research report on Monday, March 10th. UBS Group dropped their target price on shares of Owens & Minor from $25.00 to $13.00 and set a “buy” rating on the stock in a report on Thursday, February 13th. Robert W. Baird boosted their target price on shares of Owens & Minor from $9.00 to $10.00 and gave the company a “neutral” rating in a report on Friday. Finally, Citigroup dropped their target price on shares of Owens & Minor from $13.00 to $11.00 and set a “buy” rating on the stock in a report on Thursday, April 17th. Two research 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. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $12.33.

Owens & Minor Stock Up 4.9%

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’s 50-day moving average is $7.15 and its 200-day moving average is $9.99. The company has a market cap of $616.80 million, a price-to-earnings ratio of -12.28, a P/E/G ratio of 0.20 and a beta of 1.31.

Owens & Minor (NYSE:OMI) last released its earnings results on Saturday, May 10th. The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.03. Owens & Minor had a negative net margin of 0.46% and a positive return on equity of 14.60%. During the same quarter in the prior year, the firm posted $0.19 EPS. The firm’s quarterly revenue was up .7% compared to the same quarter last year. On average, analysts anticipate that Owens & Minor, Inc. will post 1.51 earnings per share for the current fiscal year.

Owens & Minor declared that its board has authorized a share repurchase program on Friday, February 28th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 13.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other Owens & Minor news, major shareholder Coliseum Capital Management, L acquired 225,000 shares of the stock in a transaction on Wednesday, April 9th. The shares were purchased at an average price of $7.39 per share, for a total transaction of $1,662,750.00. Following the completion of the acquisition, the insider now owns 11,482,955 shares in the company, valued at approximately $84,859,037.45. This represents a 2.00% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last three months, insiders have bought 625,000 shares of company stock valued at $4,909,150. 3.69% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of OMI. Barclays PLC raised its holdings in shares of Owens & Minor by 354.8% in the 3rd quarter. Barclays PLC now owns 133,702 shares of the company’s stock worth $2,099,000 after acquiring an additional 104,305 shares during the last quarter. Blue Trust Inc. raised its stake in shares of Owens & Minor by 68.1% in the fourth quarter. Blue Trust Inc. now owns 4,685 shares of the company’s stock worth $61,000 after purchasing an additional 1,898 shares during the last quarter. KBC Group NV raised its stake in shares of Owens & Minor by 98.2% in the fourth quarter. KBC Group NV now owns 4,434 shares of the company’s stock worth $58,000 after purchasing an additional 2,197 shares during the last quarter. Advisors Preferred LLC raised its stake in shares of Owens & Minor by 173.9% in the fourth quarter. Advisors Preferred LLC now owns 84,305 shares of the company’s stock worth $1,083,000 after purchasing an additional 53,529 shares during the last quarter. Finally, Empowered Funds LLC raised its stake in shares of Owens & Minor by 5.1% in the fourth quarter. Empowered Funds LLC now owns 355,021 shares of the company’s stock worth $4,640,000 after purchasing an additional 17,255 shares during the last quarter. Institutional investors and hedge funds own 98.04% of the company’s stock.

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.