Martingale Asset Management L P lessened its stake in shares of Cutera, Inc. (NASDAQ:CUTR) by 83.7% in the 2nd quarter, Holdings Channel reports. The firm owned 7,210 shares of the medical device company’s stock after selling 37,007 shares during the quarter. Martingale Asset Management L P’s holdings in Cutera were worth $291,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently added to or reduced their stakes in the company. Chatham Capital Group Inc. purchased a new position in Cutera in the second quarter worth $1,133,000. KBC Group NV raised its position in Cutera by 25.5% in the second quarter. KBC Group NV now owns 51,736 shares of the medical device company’s stock worth $2,085,000 after acquiring an additional 10,501 shares in the last quarter. Old Mutual Global Investors UK Ltd. purchased a new position in Cutera in the first quarter worth $1,622,000. Scout Investments Inc. raised its position in Cutera by 30.3% in the second quarter. Scout Investments Inc. now owns 89,473 shares of the medical device company’s stock worth $3,606,000 after acquiring an additional 20,796 shares in the last quarter. Finally, Bank of Montreal Can raised its position in Cutera by 255.6% in the second quarter. Bank of Montreal Can now owns 43,001 shares of the medical device company’s stock worth $1,733,000 after acquiring an additional 30,908 shares in the last quarter. Institutional investors and hedge funds own 93.36% of the company’s stock.
Cutera stock opened at $32.15 on Friday. The firm has a market capitalization of $449.70 million, a price-to-earnings ratio of 73.86 and a beta of 0.27. Cutera, Inc. has a fifty-two week low of $30.70 and a fifty-two week high of $56.05.
Cutera (NASDAQ:CUTR) last posted its earnings results on Tuesday, August 7th. The medical device company reported $0.12 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.06). The firm had revenue of $42.55 million during the quarter, compared to analyst estimates of $41.50 million. Cutera had a net margin of 15.67% and a return on equity of 10.21%. equities research analysts forecast that Cutera, Inc. will post -0.1 EPS for the current fiscal year.
CUTR has been the subject of several research analyst reports. TheStreet cut Cutera from a “b-” rating to a “c+” rating in a research report on Tuesday, May 15th. ValuEngine upgraded Cutera from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 2nd. Zacks Investment Research cut Cutera from a “hold” rating to a “sell” rating in a research report on Monday, June 18th. BidaskClub cut Cutera from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 27th. Finally, Stifel Nicolaus cut their price objective on Cutera from $55.00 to $45.00 and set a “hold” rating for the company in a research report on Wednesday, August 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. Cutera has a consensus rating of “Hold” and a consensus price target of $51.25.
In other Cutera news, EVP Larry Laber sold 11,345 shares of the company’s stock in a transaction on Friday, June 15th. The stock was sold at an average price of $43.43, for a total value of $492,713.35. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider James A. Reinstein bought 1,000 shares of the stock in a transaction on Wednesday, August 29th. The stock was purchased at an average cost of $32.02 per share, for a total transaction of $32,020.00. Following the acquisition, the insider now directly owns 139,907 shares of the company’s stock, valued at approximately $4,479,822.14. The disclosure for this purchase can be found here. 1.80% of the stock is currently owned by corporate insiders.
Cutera, Inc, a medical device company, designs, develops, manufactures, markets, and services laser and other energy based aesthetics systems worldwide. The company offers enlighten platform, a laser system that is used for tattoo removal, as well as for the treatment of benign pigmented lesions; excel HR platform, a hair removal solution for various skin types; and truSculpt, a high-powered radio frequency platform designed for deep tissue heating.
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