Bank of New York Mellon Corp Sells 25,589 Shares of OraSure Technologies, Inc. (NASDAQ:OSUR)

Bank of New York Mellon Corp lowered its holdings in shares of OraSure Technologies, Inc. (NASDAQ:OSUR) by 7.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 306,375 shares of the medical instruments supplier’s stock after selling 25,589 shares during the quarter. Bank of New York Mellon Corp owned about 0.41% of OraSure Technologies worth $1,106,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Atom Investors LP bought a new position in OraSure Technologies during the third quarter valued at about $49,000. Intech Investment Management LLC bought a new position in shares of OraSure Technologies in the 3rd quarter valued at approximately $84,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in OraSure Technologies by 78.2% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 28,731 shares of the medical instruments supplier’s stock worth $123,000 after purchasing an additional 12,604 shares during the last quarter. SG Americas Securities LLC acquired a new stake in OraSure Technologies in the 4th quarter worth approximately $205,000. Finally, Principal Financial Group Inc. boosted its position in OraSure Technologies by 28.1% during the third quarter. Principal Financial Group Inc. now owns 66,060 shares of the medical instruments supplier’s stock worth $282,000 after purchasing an additional 14,480 shares during the period. Institutional investors own 93.50% of the company’s stock.

OraSure Technologies Price Performance

OSUR stock opened at $3.66 on Tuesday. The company has a 50-day moving average of $3.71 and a two-hundred day moving average of $3.90. The stock has a market capitalization of $273.77 million, a price-to-earnings ratio of 24.40 and a beta of -0.02. OraSure Technologies, Inc. has a 52-week low of $2.69 and a 52-week high of $6.38.

OraSure Technologies declared that its Board of Directors has initiated a share repurchase plan on Monday, March 24th that allows the company to repurchase $40.00 million in shares. This repurchase authorization allows the medical instruments supplier to reacquire up to 15.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Activity at OraSure Technologies

In related news, CEO Manner Carrie Eglinton bought 78,625 shares of the business’s stock in a transaction that occurred on Thursday, February 27th. The stock was purchased at an average cost of $3.15 per share, for a total transaction of $247,668.75. Following the purchase, the chief executive officer now directly owns 1,259,664 shares in the company, valued at $3,967,941.60. This trade represents a 6.66 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kenneth J. Mcgrath purchased 64,000 shares of the firm’s stock in a transaction on Thursday, February 27th. The stock was bought at an average price of $3.15 per share, for a total transaction of $201,600.00. Following the completion of the transaction, the chief financial officer now directly owns 371,013 shares in the company, valued at approximately $1,168,690.95. The trade was a 20.85 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 190,284 shares of company stock worth $600,348 in the last 90 days. 3.40% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered shares of OraSure Technologies from a “buy” rating to a “hold” rating in a research report on Tuesday, March 4th.

OraSure Technologies Company Profile

OraSure Technologies, Inc, together with its subsidiaries, provides point-of-care and home diagnostic tests, specimen collection devices, and microbiome laboratory and analytical services in the United States, Europe, and internationally. The company’s products include InteliSwab COVID-19 rapid test, InteliSwab COVID-19 rapid test pro, InteliSwab COVID-19 rapid test rx, OraQuick Rapid HIV test, OraQuick In-Home HIV test, OraQuick HIV self-test, OraQuick HCV rapid antibody test, OraQuick Ebola rapid antigen test, OraSure oral fluid collection device used in conjunction with screening and confirmatory tests for HIV-1 antibodies; Intercept drug testing systems; immunoassay tests and reagents; and Q.E.D.