STERIS plc (NYSE:STE) Sees Large Drop in Short Interest

STERIS plc (NYSE:STE) was the recipient of a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 1,030,000 shares, a decrease of 28.0% from the October 15th total of 1,430,000 shares. Based on an average daily trading volume, of 497,700 shares, the short-interest ratio is presently 2.1 days. Approximately 1.1% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

STE has been the topic of a number of research reports. Needham & Company LLC restated a “hold” rating on shares of STERIS in a report on Friday, November 8th. Stephens reissued an “overweight” rating and issued a $260.00 price target on shares of STERIS in a research note on Thursday, November 7th. Piper Sandler upgraded shares of STERIS from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $230.00 to $260.00 in a report on Thursday, October 24th. JMP Securities reissued a “market outperform” rating and set a $265.00 price objective on shares of STERIS in a research note on Wednesday, August 7th. Finally, StockNews.com lowered STERIS from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 29th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $253.00.

STERIS Trading Down 0.5 %

Shares of STE stock traded down $1.08 during mid-day trading on Thursday, reaching $221.19. The company’s stock had a trading volume of 549,370 shares, compared to its average volume of 492,470. The company’s 50 day simple moving average is $231.12 and its 200-day simple moving average is $228.20. The company has a quick ratio of 1.55, a current ratio of 2.41 and a debt-to-equity ratio of 0.33. STERIS has a 12-month low of $195.47 and a 12-month high of $248.24. The firm has a market capitalization of $21.83 billion, a PE ratio of 50.74 and a beta of 0.85.

STERIS (NYSE:STE) last issued its quarterly earnings data on Wednesday, November 6th. The medical equipment provider reported $2.14 EPS for the quarter, topping analysts’ consensus estimates of $2.12 by $0.02. STERIS had a return on equity of 13.78% and a net margin of 8.02%. The company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter in the previous year, the firm posted $2.03 earnings per share. The firm’s quarterly revenue was up 7.3% on a year-over-year basis. On average, research analysts predict that STERIS will post 9.15 EPS for the current fiscal year.

STERIS Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Tuesday, November 19th will be paid a dividend of $0.57 per share. The ex-dividend date is Tuesday, November 19th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 1.03%. STERIS’s dividend payout ratio is currently 52.05%.

Insider Buying and Selling

In related news, CFO Michael J. Tokich sold 23,332 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $247.00, for a total transaction of $5,763,004.00. Following the completion of the sale, the chief financial officer now directly owns 42,930 shares of the company’s stock, valued at $10,603,710. This trade represents a 35.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 1.14% of the company’s stock.

Institutional Investors Weigh In On STERIS

Large investors have recently added to or reduced their stakes in the company. West Coast Financial LLC grew its stake in shares of STERIS by 2.8% during the third quarter. West Coast Financial LLC now owns 1,640 shares of the medical equipment provider’s stock valued at $398,000 after acquiring an additional 45 shares in the last quarter. Taylor Frigon Capital Management LLC raised its stake in shares of STERIS by 0.8% in the 2nd quarter. Taylor Frigon Capital Management LLC now owns 6,175 shares of the medical equipment provider’s stock valued at $1,356,000 after purchasing an additional 46 shares in the last quarter. J.Safra Asset Management Corp lifted its position in shares of STERIS by 77.9% during the first quarter. J.Safra Asset Management Corp now owns 121 shares of the medical equipment provider’s stock worth $27,000 after purchasing an additional 53 shares during the last quarter. Mather Group LLC. increased its holdings in STERIS by 7.6% in the second quarter. Mather Group LLC. now owns 763 shares of the medical equipment provider’s stock valued at $172,000 after buying an additional 54 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in shares of STERIS by 16.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 402 shares of the medical equipment provider’s stock worth $82,000 after acquiring an additional 57 shares in the last quarter. 94.69% of the stock is owned by institutional investors and hedge funds.

STERIS Company Profile

STERIS plc provides infection prevention products and services worldwide. It operates through four segments: Healthcare, Applied Sterilization Technologies, Life Sciences, and Dental. The Healthcare segment offers cleaning chemistries and sterility assurance products; automated endoscope reprocessing system and tracking products; endoscopy accessories, washers, sterilizers, and other pieces of capital equipment for the operation of a sterile processing department; and equipment used directly in the operating room, including surgical tables, lights, and connectivity solutions, as well as equipment management services.