Municipal Employees Retirement System of Michigan raised its holdings in shares of MiMedx Group Inc (NASDAQ:MDXG) by 61.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 38,940 shares of the medical equipment provider’s stock after buying an additional 14,840 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in MiMedx Group were worth $463,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Acrospire Investment Management LLC raised its stake in MiMedx Group by 678.9% during the second quarter. Acrospire Investment Management LLC now owns 6,769 shares of the medical equipment provider’s stock valued at $101,000 after purchasing an additional 5,900 shares in the last quarter. Quantbot Technologies LP purchased a new stake in MiMedx Group during the second quarter valued at $109,000. Ameritas Investment Partners Inc. raised its stake in MiMedx Group by 7.5% during the second quarter. Ameritas Investment Partners Inc. now owns 8,619 shares of the medical equipment provider’s stock valued at $129,000 after purchasing an additional 600 shares in the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. purchased a new stake in shares of MiMedx Group in the third quarter valued at $119,000. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of MiMedx Group in the second quarter valued at $157,000. Institutional investors and hedge funds own 69.21% of the company’s stock.
Several equities research analysts have recently weighed in on MDXG shares. Needham & Company LLC increased their target price on shares of MiMedx Group from $20.00 to $21.00 and gave the company a “strong-buy” rating in a research note on Tuesday, September 5th. Zacks Investment Research downgraded shares of MiMedx Group from a “hold” rating to a “sell” rating in a research note on Wednesday, October 4th. Piper Jaffray Companies reiterated a “buy” rating and set a $18.00 target price on shares of MiMedx Group in a report on Friday, November 24th. Lake Street Capital set a $18.00 target price on shares of MiMedx Group and gave the stock a “buy” rating in a report on Thursday, December 14th. Finally, BidaskClub upgraded shares of MiMedx Group from a “sell” rating to a “hold” rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $17.00.
MiMedx Group (NASDAQ:MDXG) last posted its quarterly earnings results on Thursday, October 26th. The medical equipment provider reported $0.08 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.08. The company had revenue of $84.60 million during the quarter, compared to analyst estimates of $84.60 million. MiMedx Group had a net margin of 11.64% and a return on equity of 17.49%. MiMedx Group’s revenue for the quarter was up 31.4% compared to the same quarter last year. During the same period last year, the firm posted $0.06 EPS. sell-side analysts forecast that MiMedx Group Inc will post 0.23 EPS for the current fiscal year.
MiMedx Group announced that its board has initiated a share repurchase plan on Monday, October 9th that authorizes the company to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the medical equipment provider to buy shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
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MiMedx Group Company Profile
MiMedx Group, Inc is an integrated developer, processor and marketer of regenerative biomaterial products and bioimplants human placental tissue, skin and bone. The Company’s Regenerative Biomaterials segment includes the design, manufacture, and marketing of products and tissue processing services for the Wound Care, Surgical, Sports Medicine, Ophthalmic and Dental market categories.
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