Amalgamated Bank Trims Position in Globus Medical, Inc. (NYSE:GMED)

Amalgamated Bank reduced its holdings in Globus Medical, Inc. (NYSE:GMED) by 10.6% during the 2nd quarter, Holdings Channel reports. The fund owned 56,893 shares of the medical device company’s stock after selling 6,720 shares during the period. Amalgamated Bank’s holdings in Globus Medical were worth $3,897,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Nisa Investment Advisors LLC lifted its holdings in Globus Medical by 15.9% in the second quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock valued at $80,000 after acquiring an additional 160 shares during the period. Van ECK Associates Corp lifted its stake in shares of Globus Medical by 0.4% in the 2nd quarter. Van ECK Associates Corp now owns 45,922 shares of the medical device company’s stock valued at $3,145,000 after purchasing an additional 183 shares during the period. Radnor Capital Management LLC boosted its holdings in Globus Medical by 0.7% during the first quarter. Radnor Capital Management LLC now owns 29,101 shares of the medical device company’s stock worth $1,561,000 after buying an additional 215 shares in the last quarter. Covestor Ltd grew its position in Globus Medical by 12.7% during the first quarter. Covestor Ltd now owns 2,243 shares of the medical device company’s stock valued at $120,000 after buying an additional 252 shares during the period. Finally, Comerica Bank grew its position in Globus Medical by 0.5% during the first quarter. Comerica Bank now owns 54,814 shares of the medical device company’s stock valued at $2,940,000 after buying an additional 293 shares during the period. Institutional investors and hedge funds own 95.16% of the company’s stock.

Globus Medical Stock Performance

NYSE:GMED opened at $70.64 on Monday. The stock has a market capitalization of $9.56 billion, a P/E ratio of 110.38, a PEG ratio of 1.91 and a beta of 1.17. Globus Medical, Inc. has a fifty-two week low of $43.38 and a fifty-two week high of $74.21. The company has a 50 day moving average price of $70.88 and a 200 day moving average price of $63.61.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Tuesday, August 6th. The medical device company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.68 by $0.07. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The business had revenue of $629.69 million during the quarter, compared to analyst estimates of $615.33 million. During the same period last year, the business posted $0.63 earnings per share. The company’s quarterly revenue was up 115.9% on a year-over-year basis. Research analysts forecast that Globus Medical, Inc. will post 2.84 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently weighed in on GMED shares. Barclays lifted their price target on Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Morgan Stanley upped their target price on Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research note on Monday, July 15th. BTIG Research boosted their price target on shares of Globus Medical from $75.00 to $77.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research report on Wednesday, August 7th. Finally, Truist Financial lifted their target price on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $77.20.

Insider Buying and Selling at Globus Medical

In other news, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the sale, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Ann D. Rhoads sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the sale, the director now directly owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Leslie V. Norwalk sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $70.00, for a total transaction of $70,000.00. Following the completion of the transaction, the director now directly owns 16,419 shares of the company’s stock, valued at approximately $1,149,330. The disclosure for this sale can be found here. 18.54% of the stock is currently owned by corporate insiders.

Globus Medical Company Profile

Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. The company offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative and congenital conditions, deformity, tumors, and trauma injuries; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.