Pro-Dex (NASDAQ:PDEX) Stock Bumped Down to Hold by Zacks Research

Pro-Dex (NASDAQ:PDEX) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Monday, Zacks reports.

PDEX has been the subject of a number of other research reports. Ascendiant Capital Markets raised their price objective on Pro-Dex from $70.00 to $74.00 and gave the company a “buy” rating in a research note on Friday, September 11th. Weiss Ratings raised Pro-Dex from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, Pro-Dex has a consensus rating of “Moderate Buy” and a consensus target price of $74.00.

Pro-Dex Price Performance

PDEX stock opened at $69.86 on Monday. The company has a debt-to-equity ratio of 0.25, a current ratio of 4.19 and a quick ratio of 2.49. The company’s 50-day moving average is $64.66 and its 200-day moving average is $57.26. The stock has a market capitalization of $223.55 million, a PE ratio of 19.26 and a beta of 0.12. Pro-Dex has a 1 year low of $28.81 and a 1 year high of $77.00.

Pro-Dex (NASDAQ:PDEX) last issued its earnings results on Thursday, October 29th. The medical instruments supplier reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.25. Pro-Dex had a return on equity of 26.18% and a net margin of 15.12%. The business had revenue of $20.56 million during the quarter, compared to analyst estimates of $20.40 million. Equities research analysts expect that Pro-Dex will post 3.09 EPS for the current fiscal year.

Insider Activity

In related news, CEO Kirk Richard Lee Van, Jr. sold 765 shares of the firm’s stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $59.36, for a total value of $45,410.40. Following the transaction, the chief executive officer owned 79,228 shares of the company’s stock, valued at approximately $4,702,974.08. This trade represents a 0.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Alisha Charlton sold 2,300 shares of the firm’s stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $61.30, for a total transaction of $140,990.00. Following the completion of the transaction, the chief financial officer directly owned 21,870 shares in the company, valued at approximately $1,340,631. The trade was a 9.52% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 22,300 shares of company stock valued at $1,351,657. 48.00% of the stock is currently owned by insiders.

Institutional Trading of Pro-Dex

Several institutional investors and hedge funds have recently modified their holdings of PDEX. James Investment Research Inc. bought a new position in shares of Pro-Dex in the third quarter valued at approximately $207,000. Focus Financial Network Inc. purchased a new position in shares of Pro-Dex during the third quarter valued at approximately $207,000. Navellier & Associates Inc. purchased a new position in shares of Pro-Dex during the second quarter valued at approximately $322,000. Morgan Dempsey Capital Management LLC grew its holdings in Pro-Dex by 6.2% during the first quarter. Morgan Dempsey Capital Management LLC now owns 5,808 shares of the medical instruments supplier’s stock worth $286,000 after buying an additional 339 shares in the last quarter. Finally, Ritholtz Wealth Management grew its holdings in Pro-Dex by 57.7% during the third quarter. Ritholtz Wealth Management now owns 7,288 shares of the medical instruments supplier’s stock worth $503,000 after buying an additional 2,668 shares in the last quarter. 15.28% of the stock is owned by hedge funds and other institutional investors.

About Pro-Dex

Pro-Dex, Inc. (NASDAQ:PDEX) designs, develops and manufactures powered surgical instruments and related products for the medical device industry. The company primarily serves original equipment manufacturers that incorporate Pro-Dex instruments into surgical systems sold under their own brands. Its products include battery-powered and pneumatic handpieces, rotary instruments, micro-drills, saws, controllers and other specialized equipment used in orthopedic, dental, ophthalmic and other surgical applications.