Sidoti Downgrades SurModics Inc. (SRDX) to Neutral
SurModics Inc. (NASDAQ:SRDX) was downgraded by equities research analysts at Sidoti from a “buy” rating to a “neutral” rating in a research report issued on Thursday.
Separately, Zacks Investment Research lowered shares of SurModics from a “buy” rating to a “hold” rating in a research report on Tuesday, July 5th.
SurModics (NASDAQ:SRDX) traded down 3.88% on Thursday, hitting $29.24. The stock had a trading volume of 34,857 shares. The stock’s 50-day moving average is $29.02 and its 200-day moving average is $24.44. SurModics has a 52-week low of $17.45 and a 52-week high of $30.75. The company has a market cap of $381.44 million, a P/E ratio of 43.71 and a beta of 0.97.
SurModics (NASDAQ:SRDX) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.25. SurModics had a net margin of 14.45% and a return on equity of 17.11%. The business earned $19.97 million during the quarter, compared to analyst estimates of $16.31 million. During the same period in the prior year, the business posted $0.30 earnings per share. The company’s revenue was up 25.6% on a year-over-year basis. Analysts expect that SurModics will post $1.04 earnings per share for the current year.
In other news, VP Charles W. Olson sold 9,936 shares of the stock in a transaction that occurred on Wednesday, August 17th. The shares were sold at an average price of $28.98, for a total transaction of $287,945.28. Following the sale, the vice president now owns 33,098 shares in the company, valued at $959,180.04. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Charles W. Olson sold 12,500 shares of the stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $27.08, for a total transaction of $338,500.00. Following the sale, the vice president now owns 35,531 shares in the company, valued at approximately $962,179.48. The disclosure for this sale can be found here. Company insiders own 7.20% of the company’s stock.
Several large investors have recently bought and sold shares of the stock. Calvert Investment Management Inc. boosted its stake in SurModics by 19.0% in the second quarter. Calvert Investment Management Inc. now owns 177,094 shares of the company’s stock worth $4,158,000 after buying an additional 28,307 shares during the last quarter. Emerald Acquisition Ltd. purchased a new stake in SurModics during the second quarter worth approximately $4,581,000. Wedge Capital Management L L P NC boosted its stake in SurModics by 300.5% in the second quarter. Wedge Capital Management L L P NC now owns 53,237 shares of the company’s stock worth $251,000 after buying an additional 39,943 shares during the last quarter. Bank of Montreal Can purchased a new stake in SurModics during the second quarter worth approximately $190,000. Finally, Capstone Asset Management Co. purchased a new stake in SurModics during the second quarter worth approximately $203,000. Hedge funds and other institutional investors own 86.42% of the company’s stock.
SurModics Company Profile
SurModics, Inc is a provider of surface modification and in vitro diagnostic technologies to the healthcare industry. The Company operates through two segments: Medical Device and In Vitro Diagnostics. The Company is focused on to transform its medical device business from being a provider of coating technologies to offering whole product solutions to medical device customers.
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