Millrace Asset Group Inc. lowered its stake in shares of SeaSpine Holdings Co. (NASDAQ:SPNE) by 2.0% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 196,796 shares of the medical equipment provider’s stock after selling 4,098 shares during the period. SeaSpine makes up 2.1% of Millrace Asset Group Inc.’s investment portfolio, making the stock its 5th biggest holding. Millrace Asset Group Inc.’s holdings in SeaSpine were worth $4,036,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Bank of New York Mellon Corp raised its position in shares of SeaSpine by 1.6% during the second quarter. Bank of New York Mellon Corp now owns 99,928 shares of the medical equipment provider’s stock valued at $2,050,000 after buying an additional 1,586 shares during the last quarter. BlackRock Inc. raised its position in shares of SeaSpine by 24.2% during the second quarter. BlackRock Inc. now owns 2,402,510 shares of the medical equipment provider’s stock valued at $49,275,000 after buying an additional 468,628 shares during the last quarter. Deutsche Bank AG raised its position in shares of SeaSpine by 16.3% during the second quarter. Deutsche Bank AG now owns 19,700 shares of the medical equipment provider’s stock valued at $404,000 after buying an additional 2,756 shares during the last quarter. Tradition Wealth Management LLC acquired a new position in shares of SeaSpine during the second quarter valued at about $70,000. Finally, Mutual of America Capital Management LLC raised its position in shares of SeaSpine by 84.8% during the second quarter. Mutual of America Capital Management LLC now owns 402,721 shares of the medical equipment provider’s stock valued at $8,260,000 after buying an additional 184,789 shares during the last quarter. 73.26% of the stock is owned by institutional investors and hedge funds.
Separately, Zacks Investment Research raised shares of SeaSpine from a “sell” rating to a “hold” rating in a research report on Friday, August 6th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, SeaSpine presently has a consensus rating of “Buy” and an average target price of $25.20.
SeaSpine (NASDAQ:SPNE) last posted its quarterly earnings data on Sunday, August 1st. The medical equipment provider reported ($0.16) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.32) by $0.16. The company had revenue of $47.46 million during the quarter, compared to analyst estimates of $46.18 million. SeaSpine had a negative net margin of 19.46% and a negative return on equity of 19.31%. The company’s revenue was up 66.0% on a year-over-year basis. During the same quarter last year, the business posted ($0.50) earnings per share. Sell-side analysts expect that SeaSpine Holdings Co. will post -1.33 EPS for the current year.
In other news, insider Beau Standish sold 18,154 shares of the firm’s stock in a transaction that occurred on Thursday, July 15th. The shares were sold at an average price of $18.83, for a total transaction of $341,839.82. Following the completion of the sale, the insider now owns 18,154 shares of the company’s stock, valued at $341,839.82. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 10.61% of the company’s stock.
SeaSpine Company Profile
SeaSpine Holdings Corp. operates as a medical technology company. The firm engages in the design, developmen and commercialization of surgical solutions for the treatment of patients suffering from spinal disorders. It products include thoracolumbar hardware, cervical hardware, orthobiologics, and spine pure strip.
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