Embecta Corp. (NASDAQ:EMBC) Short Interest Up 6.5% in September

Embecta Corp. (NASDAQ:EMBC) was the target of a significant growth in short interest during the month of September. As of September 15th, there was short interest totalling 1,960,000 shares, a growth of 6.5% from the August 31st total of 1,840,000 shares. Based on an average daily trading volume, of 420,000 shares, the days-to-cover ratio is presently 4.7 days. Currently, 3.6% of the company’s stock are short sold.

Institutional Trading of Embecta

Hedge funds have recently bought and sold shares of the company. Iat Reinsurance Co. LTD. purchased a new stake in Embecta during the second quarter valued at $50,000. YHB Investment Advisors Inc. purchased a new stake in Embecta during the first quarter valued at $56,000. CWM LLC increased its position in Embecta by 773.8% during the second quarter. CWM LLC now owns 9,079 shares of the company’s stock valued at $113,000 after acquiring an additional 8,040 shares during the last quarter. Cardinal Capital Management purchased a new stake in Embecta during the first quarter valued at $134,000. Finally, Canada Pension Plan Investment Board purchased a new stake in Embecta during the second quarter valued at $140,000. Hedge funds and other institutional investors own 93.83% of the company’s stock.

Embecta Stock Performance

Shares of EMBC stock traded up $0.01 during mid-day trading on Tuesday, hitting $14.11. The company’s stock had a trading volume of 323,453 shares, compared to its average volume of 422,694. Embecta has a 52-week low of $9.93 and a 52-week high of $19.79. The business has a 50-day moving average price of $15.14 and a 200 day moving average price of $13.32. The stock has a market cap of $813.72 million, a price-to-earnings ratio of 11.74 and a beta of 1.00.

Embecta (NASDAQ:EMBC) last posted 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. The firm had revenue of $272.50 million during the quarter, compared to analysts’ expectations of $267.44 million. Embecta had a negative return on equity of 19.09% and a net margin of 6.23%. The company’s revenue was down 4.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.69 earnings per share. Equities research analysts predict that Embecta will post 2.43 EPS for the current fiscal year.

Embecta Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Tuesday, August 27th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.25%. The ex-dividend date of this dividend was Tuesday, August 27th. Embecta’s dividend payout ratio (DPR) is presently 49.59%.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley decreased their price target on Embecta from $13.00 to $12.00 and set an “underweight” rating for the company 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.