Integer Holdings Corp (NYSE:ITGR) executive John A. Harris, serving as the EVP of Global Operations and Manufacturing, has sold a portion of his company stock on July 30, according to a recent filing with the Securities and Exchange Commission. The transaction involved the sale of 3,400 shares at a price of $123.80 per share, totaling approximately $420,920.
The sale reduced Harris's direct holdings in Integer Holdings to 1,522 shares, as indicated by the filing. The transaction comes amid the company's continued presence in the electromedical and electrotherapeutic apparatus industry, where Integer Holdings operates under the SIC code 3845.
Integer Holdings Corp, formerly known as Greatbatch, Inc., and prior to that as Wilson Greatbatch Technologies Inc., is incorporated in Delaware with a fiscal year-end on December 31. The company's business address is in Plano, Texas, where it provides industrial applications and services.
Investors often look at insider transactions as a signal of executives' confidence in their company's prospects. While the reasons behind Harris's stock sale are not disclosed in the filing, such transactions are regularly reported and monitored by stakeholders.
The SEC filing was signed by attorney-in-fact Mark Zawodzinski on behalf of John A. Harris, indicating that the transaction was completed in accordance with legal and regulatory standards. As with all insider transactions, the details of the sale are publicly available for investors and analysts to review.
In other recent news, Integer Holdings Corporation reported a significant 9% increase in sales and a 20% boost in adjusted operating income for the second quarter. The company, following these positive results, has increased its full-year profit outlook, projecting an 18% growth in adjusted operating income on a 10% rise in sales. The firm's recent acquisitions, Pulse and InNeuroCo, added $15.4 million to the sales figures, indicating a promising growth trajectory.
Integer's Earnings per Share (EPS) for the quarter was reported at $0.88, while the company's net income saw a 30% increase to $31.2 million. Despite falling short of Oppenheimer's and consensus estimates, Integer reiterated its full-year 2024 revenue guidance, positioning it between $1,735 million and $1,770 million.
The company has also revised its forecast for diluted GAAP EPS to a range of $3.26 to $3.67, subtly down from the previous projection. Oppenheimer, maintaining an Outperform rating on Integer's stock, continues to hold a positive view on the company's diversified risk-reward profile and improving profit and loss statement.
Free cash flow is projected to be between $85 million and $105 million for 2024, while net total debt is expected to increase by $60 million to $80 million by the end of 2024. These recent developments suggest a robust growth projection for Integer Holdings, with the company anticipating a 27% increase in sales and a 48% increase in adjusted operating income over the next two years.
InvestingPro Insights
As Integer Holdings Corp (NYSE:ITGR) makes headlines with insider stock sales, it's worth taking a deeper dive into the company's financial health and market performance. According to InvestingPro data, Integer Holdings boasts a market capitalization of $3.89 billion, reflecting its standing in the electromedical and electrotherapeutic apparatus industry. The company's Price to Earnings (P/E) ratio, a key metric for valuation, stands at 36.83, with an adjusted P/E ratio over the last twelve months leading up to Q2 2024 at 30.61.
InvestingPro Tips suggest that while Integer Holdings is trading at a low P/E ratio relative to near-term earnings growth, it is also trading at a high earnings multiple. This could indicate that the market has high expectations for the company's future earnings. Additionally, the company's stock generally trades with low price volatility, which might appeal to investors seeking stability in their portfolio. It's important to note that Integer Holdings does not pay a dividend, which can be a significant factor for income-focused investors when considering the stock.
When reviewing the company's growth metrics, revenue growth stands out with an 11.71% increase over the last twelve months as of Q2 2024, suggesting a positive trend in the company's business operations. For those interested in a more comprehensive analysis, there are additional InvestingPro Tips available, providing a thorough understanding of Integer Holdings' performance and potential. Visiting the InvestingPro platform will give access to these insights, further aiding investors in making informed decisions.
With the next earnings date set for October 24, 2024, stakeholders and potential investors will be keen to see how the company's financials have evolved. Furthermore, with the stock trading at 89.11% of its 52-week high and a fair value estimate of $135 by analysts, compared to the InvestingPro fair value of $101.08, there is a mix of perspectives on the company's valuation.
For those looking to explore beyond the surface-level data, InvestingPro offers a total of seven additional tips on Integer Holdings, providing a more nuanced view of the company's financial health and market position.
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