Ameriprise Financial Inc. cut its holdings in shares of Surmodics, Inc. (NASDAQ:SRDX) by 0.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 73,244 shares of the company’s stock after selling 475 shares during the period. Ameriprise Financial Inc. owned about 0.55% of Surmodics worth $2,062,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in SRDX. Bank of New York Mellon Corp grew its stake in shares of Surmodics by 3.4% during the first quarter. Bank of New York Mellon Corp now owns 191,688 shares of the company’s stock valued at $4,609,000 after acquiring an additional 6,327 shares in the last quarter. Prudential Financial Inc. grew its stake in shares of Surmodics by 2.6% during the first quarter. Prudential Financial Inc. now owns 49,692 shares of the company’s stock valued at $1,195,000 after acquiring an additional 1,240 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Surmodics by 4.0% during the first quarter. Principal Financial Group Inc. now owns 102,916 shares of the company’s stock valued at $2,475,000 after acquiring an additional 3,978 shares in the last quarter. TIAA CREF Investment Management LLC grew its stake in shares of Surmodics by 6.8% during the first quarter. TIAA CREF Investment Management LLC now owns 53,251 shares of the company’s stock valued at $1,281,000 after acquiring an additional 3,383 shares in the last quarter. Finally, Legal & General Group Plc grew its stake in shares of Surmodics by 2.3% during the first quarter. Legal & General Group Plc now owns 22,754 shares of the company’s stock valued at $548,000 after acquiring an additional 506 shares in the last quarter. Institutional investors own 84.55% of the company’s stock.
Surmodics (NASDAQ:SRDX) last released its earnings results on Thursday, August 3rd. The company reported $0.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.10. The firm had revenue of $17.80 million during the quarter, compared to analyst estimates of $15.98 million. Surmodics had a net margin of 8.66% and a return on equity of 7.28%. The business’s revenue was down 11.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.37 EPS.
Several brokerages have recently weighed in on SRDX. Lake Street Capital began coverage on Surmodics in a research note on Friday, July 14th. They set a “buy” rating and a $40.00 target price for the company. BidaskClub downgraded Surmodics from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Finally, ValuEngine upgraded Surmodics from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $40.00.
In other Surmodics news, CEO Gary R. Maharaj sold 5,000 shares of the business’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $25.75, for a total transaction of $128,750.00. Following the completion of the transaction, the chief executive officer now owns 126,807 shares of the company’s stock, valued at approximately $3,265,280.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Joseph J. Stich sold 1,000 shares of the business’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $27.28, for a total transaction of $27,280.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,801 shares of company stock valued at $178,338. Company insiders own 6.40% of the company’s stock.
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Surmodics Company Profile
Surmodics, Inc is a provider of medical device and in vitro diagnostic technologies to the healthcare industry. The Company operates through two segments: Medical Device and In Vitro Diagnostics. The Company’s Medical Device segment consists of surface modification coating technologies to improve access, deliverability and predictable deployment of medical devices; international cardiology and peripheral balloon design, development and manufacturing, as well as drug delivery coating technologies to provide site-specific drug delivery from the surface of a medical device.
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