SurModics Inc. (SRDX) Issues Quarterly Earnings Results
SurModics Inc. (NASDAQ:SRDX) posted its quarterly earnings results on Wednesday. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.17. The business earned $18.20 million during the quarter, compared to the consensus estimate of $16.09 million. SurModics had a net margin of 14.45% and a return on equity of 17.11%. The firm’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.30 earnings per share.
SurModics (NASDAQ:SRDX) opened at 27.40 on Wednesday. The stock’s 50 day moving average is $27.65 and its 200 day moving average is $26.01. The company has a market capitalization of $357.43 million, a P/E ratio of 40.96 and a beta of 0.98. SurModics has a 52 week low of $17.45 and a 52 week high of $30.75.
In related news, CEO Gary R. Maharaj sold 5,000 shares of the firm’s stock in a transaction on Monday, November 7th. The shares were sold at an average price of $25.22, for a total transaction of $126,100.00. Following the completion of the transaction, the chief executive officer now directly owns 130,207 shares of the company’s stock, valued at $3,283,820.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 7.20% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Prudential Financial Inc. boosted its position in SurModics by 0.9% in the first quarter. Prudential Financial Inc. now owns 46,162 shares of the company’s stock valued at $850,000 after buying an additional 400 shares during the last quarter. Wellington Management Group LLP boosted its position in SurModics by 23.3% in the first quarter. Wellington Management Group LLP now owns 684,515 shares of the company’s stock valued at $12,601,000 after buying an additional 129,500 shares during the last quarter. Renaissance Technologies LLC boosted its position in SurModics by 10.2% in the first quarter. Renaissance Technologies LLC now owns 832,138 shares of the company’s stock valued at $15,320,000 after buying an additional 77,200 shares during the last quarter. Capstone Asset Management Co. bought a new position in SurModics during the second quarter valued at $203,000. Finally, Bank of Montreal Can bought a new position in SurModics during the second quarter valued at $190,000. 87.59% of the stock is owned by institutional investors.
Several analysts have weighed in on SRDX shares. Zacks Investment Research raised shares of SurModics from a “hold” rating to a “buy” rating and set a $32.00 price target for the company in a research note on Thursday, October 20th. Sidoti downgraded shares of SurModics from a “buy” rating to a “neutral” rating and set a $33.00 price target for the company. in a research note on Thursday, October 6th.
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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