Short Interest in Embecta Corp. (NASDAQ:EMBC) Rises By 13.7%

Embecta Corp. (NASDAQ:EMBC) saw a significant growth in short interest during the month of October. As of October 15th, there was short interest totalling 1,830,000 shares, a growth of 13.7% from the September 30th total of 1,610,000 shares. Based on an average daily volume of 380,800 shares, the short-interest ratio is presently 4.8 days. Currently, 3.4% of the company’s stock are short sold.

Hedge Funds Weigh In On Embecta

Hedge funds and other institutional investors have recently made changes to their positions in the company. LSV Asset Management lifted its stake in Embecta by 205.6% during the first quarter. LSV Asset Management now owns 110,700 shares of the company’s stock worth $1,469,000 after purchasing an additional 74,480 shares during the last quarter. Sei Investments Co. raised its holdings in shares of Embecta by 15.9% during the 1st quarter. Sei Investments Co. now owns 362,111 shares of the company’s stock worth $4,805,000 after buying an additional 49,551 shares in the last quarter. Public Employees Retirement System of Ohio lifted its position in shares of Embecta by 1,135.6% during the 1st quarter. Public Employees Retirement System of Ohio now owns 40,268 shares of the company’s stock worth $534,000 after buying an additional 37,009 shares during the last quarter. Vanguard Group Inc. boosted its stake in Embecta by 2.7% in the first quarter. Vanguard Group Inc. now owns 7,213,992 shares of the company’s stock valued at $95,730,000 after buying an additional 187,916 shares in the last quarter. Finally, Algert Global LLC grew its holdings in shares of Embecta by 281.8% during the 2nd quarter. Algert Global LLC now owns 153,953 shares of the company’s stock valued at $1,924,000 after purchasing an additional 113,633 shares during the last quarter. 93.83% of the stock is currently owned by institutional investors and hedge funds.

Embecta Trading Down 1.4 %

Shares of Embecta stock traded down $0.20 on Thursday, reaching $14.13. 29,319 shares of the company were exchanged, compared to its average volume of 406,278. Embecta has a one year low of $9.93 and a one year high of $19.79. The company has a market capitalization of $815.33 million, a price-to-earnings ratio of 11.73 and a beta of 0.98. The company has a 50-day moving average of $14.60 and a 200 day moving average of $13.50.

Embecta (NASDAQ:EMBC) last released its quarterly earnings results on Friday, August 9th. The company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.28. Embecta had a negative return on equity of 19.09% and a net margin of 6.23%. The business had revenue of $272.50 million during the quarter, compared to analysts’ expectations of $267.44 million. During the same period last year, the firm posted $0.69 EPS. The firm’s revenue for the quarter was down 4.8% compared to the same quarter last year. Analysts predict that Embecta will post 2.43 earnings per share for the current year.

Embecta Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Tuesday, August 27th were paid a dividend of $0.15 per share. The ex-dividend date was Tuesday, August 27th. This represents a $0.60 dividend on an annualized basis and a yield of 4.25%. Embecta’s payout ratio is 50.00%.

Analysts Set New Price Targets

Separately, Morgan Stanley lowered their price target on shares of Embecta from $13.00 to $12.00 and set an “underweight” rating on the stock in a research note on Monday, July 15th.

Embecta Company Profile

Embecta Corp., a medical device company, focuses on the provision of various solutions to enhance the health and wellbeing of people living with diabetes. Its products include pen needles, syringes, and safety injection devices, as well as digital applications to assist people with managing patient's diabetes.