Municipal Employees Retirement System of Michigan purchased a new position in SurModics, Inc. (NASDAQ:SRDX) during the fourth quarter, Holdings Channel reports. The fund purchased 3,860 shares of the company’s stock, valued at approximately $182,000.
Other institutional investors and hedge funds also recently modified their holdings of the company. Trigran Investments Inc. boosted its position in shares of SurModics by 9.9% in the 4th quarter. Trigran Investments Inc. now owns 795,202 shares of the company’s stock worth $37,581,000 after purchasing an additional 71,478 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of SurModics by 6.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 23,342 shares of the company’s stock worth $1,743,000 after purchasing an additional 1,489 shares in the last quarter. Legal & General Group Plc boosted its position in shares of SurModics by 7.6% in the 3rd quarter. Legal & General Group Plc now owns 28,332 shares of the company’s stock worth $2,108,000 after purchasing an additional 1,993 shares in the last quarter. Vanguard Group Inc boosted its position in shares of SurModics by 7.1% in the 3rd quarter. Vanguard Group Inc now owns 808,645 shares of the company’s stock worth $60,366,000 after purchasing an additional 53,835 shares in the last quarter. Finally, Two Sigma Investments LP boosted its position in shares of SurModics by 13.1% in the 4th quarter. Two Sigma Investments LP now owns 82,727 shares of the company’s stock worth $3,910,000 after purchasing an additional 9,596 shares in the last quarter. 86.83% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have recently commented on SRDX shares. Needham & Company LLC reissued a “buy” rating and issued a $69.00 price target on shares of SurModics in a research report on Thursday, January 31st. Zacks Investment Research cut SurModics from a “buy” rating to a “hold” rating in a research report on Monday, January 14th. BidaskClub cut SurModics from a “sell” rating to a “strong sell” rating in a research report on Wednesday, March 20th. Finally, ValuEngine cut SurModics from a “strong-buy” rating to a “buy” rating in a research report on Monday, March 25th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. SurModics currently has a consensus rating of “Buy” and a consensus price target of $71.75.
In related news, VP Joseph J. Stich sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, February 15th. The stock was sold at an average price of $55.25, for a total value of $110,500.00. Following the transaction, the vice president now directly owns 55,894 shares of the company’s stock, valued at approximately $3,088,143.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Gary R. Maharaj sold 2,833 shares of the company’s stock in a transaction that occurred on Friday, February 1st. The shares were sold at an average price of $53.45, for a total value of $151,423.85. Following the completion of the transaction, the chief executive officer now directly owns 170,767 shares in the company, valued at $9,127,496.15. The disclosure for this sale can be found here. Insiders sold a total of 14,402 shares of company stock worth $713,887 over the last ninety days. 6.30% of the stock is currently owned by insiders.
SRDX stock opened at $40.77 on Wednesday. The company has a market capitalization of $582.16 million, a P/E ratio of 83.20, a price-to-earnings-growth ratio of 28.79 and a beta of 1.27. SurModics, Inc. has a 12-month low of $34.06 and a 12-month high of $82.35.
SurModics (NASDAQ:SRDX) last released its quarterly earnings data on Wednesday, January 30th. The company reported $0.12 earnings per share (EPS) for the quarter. The business had revenue of $22.24 million for the quarter, compared to analysts’ expectations of $18.90 million. SurModics had a positive return on equity of 6.37% and a negative net margin of 1.84%. On average, equities analysts anticipate that SurModics, Inc. will post 0.15 earnings per share for the current fiscal year.
SurModics Company Profile
Surmodics, Inc, together with its subsidiaries, provides medical devices and in vitro diagnostic technologies to the healthcare industry in the United States and internationally. The company operates through two segments, Medical Device and In Vitro Diagnostics. The Medical Device segment designs, develops, and manufactures interventional medical devices primarily for the peripheral vascular market; and offers surface modification coating technologies to enhance access, deliverability, and predictable deployment of medical devices, as well as drug delivery coating technologies to provide site-specific drug delivery from the surface of a medical device for the coronary, peripheral, neuro-vascular, urology, and other markets.
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