Insider Buying: Owens & Minor, Inc. (NYSE:OMI) Major Shareholder Acquires 1,738,511 Shares of Stock

Owens & Minor, Inc. (NYSE:OMI) major shareholder Coliseum Capital Management, L purchased 1,738,511 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was bought at an average cost of $9.39 per share, for a total transaction of $16,324,618.29. Following the acquisition, the insider now directly owns 9,469,698 shares in the company, valued at $88,920,464.22. This trade represents a 22.49 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Coliseum Capital Management, L also recently made the following trade(s):

• On Monday, March 3rd, Coliseum Capital Management, L bought 354,901 shares of Owens & Minor stock. The shares were acquired at an average cost of $9.19 per share, for a total transaction of $3,261,540.19.

Owens & Minor Price Performance

Shares of Owens & Minor stock traded up $0.44 during trading on Tuesday, hitting $9.76. The stock had a trading volume of 4,173,384 shares, compared to its average volume of 1,716,829. The firm has a market cap of $752.66 million, a price-to-earnings ratio of -15.02, a P/E/G ratio of 0.20 and a beta of 0.48. Owens & Minor, Inc. has a 12 month low of $6.07 and a 12 month high of $28.35. The business’s 50-day moving average is $11.38 and its 200 day moving average is $13.14. The company has a current ratio of 1.09, a quick ratio of 0.45 and a debt-to-equity ratio of 2.11.

Owens & Minor (NYSE:OMI) last released its quarterly earnings results on Friday, February 28th. The company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.02. The firm had revenue of $2.70 billion for the quarter, compared to analysts’ expectations of $2.68 billion. Owens & Minor had a negative net margin of 0.46% and a positive return on equity of 14.60%. The business’s quarterly revenue was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.69 earnings per share. As a group, sell-side analysts anticipate that Owens & Minor, Inc. will post 1.51 earnings per share for the current year.

Owens & Minor declared that its Board of Directors has initiated a stock repurchase program on Friday, February 28th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to purchase up to 13.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sterling Capital Management LLC grew its position in Owens & Minor by 758.3% in the fourth quarter. Sterling Capital Management LLC now owns 2,060 shares of the company’s stock worth $27,000 after acquiring an additional 1,820 shares in the last quarter. Blue Trust Inc. boosted its position in Owens & Minor by 57.4% during the fourth quarter. Blue Trust Inc. now owns 4,387 shares of the company’s stock valued at $57,000 after buying an additional 1,600 shares during the period. KBC Group NV boosted its position in Owens & Minor by 98.2% during the fourth quarter. KBC Group NV now owns 4,434 shares of the company’s stock valued at $58,000 after buying an additional 2,197 shares during the period. Cetera Investment Advisers purchased a new stake in Owens & Minor during the fourth quarter valued at about $140,000. Finally, Meeder Asset Management Inc. boosted its position in Owens & Minor by 844.1% during the third quarter. Meeder Asset Management Inc. now owns 9,016 shares of the company’s stock valued at $141,000 after buying an additional 8,061 shares during the period. 98.04% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on OMI. Citigroup lowered their target price on shares of Owens & Minor from $21.00 to $18.50 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Barclays lowered their target price on shares of Owens & Minor from $18.00 to $14.00 and set an “equal weight” rating on the stock in a report on Tuesday, November 5th. UBS Group lowered 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. Finally, Robert W. Baird boosted their target price on shares of Owens & Minor from $10.00 to $11.00 and gave the company a “neutral” rating in a report on Monday. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $15.08.

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.