LeMaitre Vascular (NASDAQ:LMAT) Shares Gap Up on Strong Earnings

LeMaitre Vascular, Inc. (NASDAQ:LMAT) shares gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $85.60, but opened at $93.03. LeMaitre Vascular shares last traded at $96.37, with a volume of 147,766 shares.

The medical instruments supplier reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.03. LeMaitre Vascular had a return on equity of 13.91% and a net margin of 20.08%. The company had revenue of $63.15 million during the quarter, compared to the consensus estimate of $62.48 million. During the same quarter in the prior year, the business earned $0.52 earnings per share. The company’s revenue was up 15.0% compared to the same quarter last year.

LeMaitre Vascular Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st will be given a $0.20 dividend. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $0.80 annualized dividend and a dividend yield of 0.9%. LeMaitre Vascular’s dividend payout ratio is presently 40.40%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Cantor Fitzgerald upped their target price on LeMaitre Vascular from $92.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday. Barrington Research upgraded LeMaitre Vascular from a “market perform” rating to an “outperform” rating and set a $95.00 price target on the stock in a research note on Wednesday. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, LeMaitre Vascular has an average rating of “Hold” and a consensus target price of $98.00.

Insider Activity at LeMaitre Vascular

In related news, CEO George W. Lemaitre sold 76,868 shares of the business’s stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $85.79, for a total value of $6,594,505.72. Following the transaction, the chief executive officer owned 1,796,783 shares in the company, valued at approximately $154,146,013.57. The trade was a 4.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 100,000 shares of company stock valued at $8,556,857 in the last 90 days. Insiders own 9.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. raised its stake in LeMaitre Vascular by 3.0% during the first quarter. Principal Financial Group Inc. now owns 111,865 shares of the medical instruments supplier’s stock valued at $9,385,000 after buying an additional 3,248 shares in the last quarter. Invesco Ltd. raised its stake in LeMaitre Vascular by 50.5% during the fourth quarter. Invesco Ltd. now owns 174,998 shares of the medical instruments supplier’s stock valued at $16,124,000 after buying an additional 58,720 shares in the last quarter. Compass Planning Associates Inc raised its stake in LeMaitre Vascular by 91.4% during the first quarter. Compass Planning Associates Inc now owns 11,776 shares of the medical instruments supplier’s stock valued at $988,000 after buying an additional 5,623 shares in the last quarter. Johnson Investment Counsel Inc. raised its stake in LeMaitre Vascular by 34.8% during the first quarter. Johnson Investment Counsel Inc. now owns 29,428 shares of the medical instruments supplier’s stock valued at $2,469,000 after buying an additional 7,603 shares in the last quarter. Finally, Consolidated Planning Corp acquired a new stake in LeMaitre Vascular during the first quarter valued at approximately $947,000. Institutional investors and hedge funds own 84.64% of the company’s stock.

LeMaitre Vascular Price Performance

The company has a 50 day simple moving average of $82.88 and a 200-day simple moving average of $86.73. The stock has a market cap of $2.11 billion, a price-to-earnings ratio of 45.26, a PEG ratio of 2.26 and a beta of 0.79. The company has a quick ratio of 13.83, a current ratio of 16.49 and a debt-to-equity ratio of 0.48.

About LeMaitre Vascular

LeMaitre Vascular, Inc develops, manufactures, and markets medical devices and implants used in the field of vascular surgery worldwide. It offers human cadaver tissue cryopreservation services; angioscope, a fiberoptic catheter used for viewing the lumen of a blood vessel; embolectomy catheters to remove blood clots from arteries; thrombectomy catheters for removing thrombi in the venous system; occlusion catheters that temporarily occlude the blood flow; and perfusion catheters to perfuse the blood and other fluids into the vasculature.