Embecta Corp. (NASDAQ:EMBC) Sees Significant Increase in Short Interest

Embecta Corp. (NASDAQ:EMBC) saw a large increase in short interest in October. As of October 15th, there was short interest totalling 1,830,000 shares, an increase of 13.7% from the September 30th total of 1,610,000 shares. Currently, 3.4% of the shares of the stock are sold short. Based on an average daily trading volume, of 380,800 shares, the short-interest ratio is currently 4.8 days.

Analyst Ratings Changes

Separately, Morgan Stanley cut their price objective on Embecta from $13.00 to $12.00 and set an “underweight” rating for the company in a research note on Monday, July 15th.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Copeland Capital Management LLC acquired a new position in Embecta in the third quarter valued at approximately $43,000. Iat Reinsurance Co. LTD. acquired a new position in Embecta in the second quarter valued at approximately $50,000. CWM LLC lifted its holdings in Embecta by 773.8% in 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. Canada Pension Plan Investment Board acquired a new position in Embecta in the second quarter valued at approximately $140,000. Finally, Cardinal Capital Management lifted its holdings in Embecta by 16.8% in the second quarter. Cardinal Capital Management now owns 11,753 shares of the company’s stock valued at $147,000 after acquiring an additional 1,691 shares during the last quarter. 93.83% of the stock is currently owned by institutional investors and hedge funds.

Embecta Stock Performance

Shares of EMBC stock traded up $0.34 during trading hours on Tuesday, reaching $14.47. The company had a trading volume of 211,540 shares, compared to its average volume of 409,283. The stock has a fifty day moving average of $14.56 and a 200-day moving average of $13.46. The company has a market capitalization of $834.48 million, a price-to-earnings ratio of 12.02 and a beta of 0.98. Embecta has a 12-month low of $9.93 and a 12-month high of $19.79.

Embecta (NASDAQ:EMBC) last posted its quarterly earnings results on Friday, August 9th. The company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.28. The business had revenue of $272.50 million during the quarter, compared to analyst estimates of $267.44 million. Embecta had a negative return on equity of 19.09% and a net margin of 6.23%. The business’s revenue was down 4.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.69 earnings per share. On average, analysts forecast that Embecta will post 2.43 EPS for the current year.

Embecta Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Tuesday, August 27th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.15%. The ex-dividend date of this dividend was Tuesday, August 27th. Embecta’s dividend payout ratio is presently 49.59%.

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.