Barrington Research Lowers SurModics Inc. (SRDX) to Market Perform
SurModics Inc. (NASDAQ:SRDX) was downgraded by research analysts at Barrington Research from an “outperform” rating to a “market perform” rating in a report released on Monday.
Several other research firms have also issued reports on SRDX. Sidoti lowered SurModics from a “buy” rating to a “neutral” rating and set a $33.00 target price on the stock. in a research note on Thursday, October 6th. Zacks Investment Research raised SurModics from a “hold” rating to a “buy” rating and set a $32.00 target price for the company in a report on Thursday, October 20th.
Shares of SurModics (NASDAQ:SRDX) opened at 26.15 on Monday. SurModics has a one year low of $17.45 and a one year high of $30.75. The company has a market cap of $342.25 million, a PE ratio of 34.41 and a beta of 0.98. The stock’s 50 day moving average is $27.37 and its 200-day moving average is $26.04.
SurModics (NASDAQ:SRDX) last issued its quarterly earnings results on Wednesday, November 16th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.17. The company earned $18.20 million during the quarter, compared to the consensus estimate of $16.09 million. SurModics had a return on equity of 15.98% and a net margin of 13.99%. SurModics’s revenue was up 4.6% on a year-over-year basis. During the same period last year, the company earned $0.30 earnings per share. Equities research analysts expect that SurModics will post $1.04 earnings per share for the current year.
In related news, CEO Gary R. Maharaj sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 7th. The stock was sold at an average price of $25.22, for a total transaction of $126,100.00. Following the completion of the sale, the chief executive officer now directly owns 130,207 shares in the company, valued at $3,283,820.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 7.20% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. BlackRock Fund Advisors raised its position in SurModics by 7.6% in the third quarter. BlackRock Fund Advisors now owns 915,066 shares of the company’s stock worth $27,534,000 after buying an additional 64,284 shares during the period. Renaissance Technologies LLC raised its position in shares of 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 period. Wellington Management Group LLP raised its position in shares of 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 period. Vanguard Group Inc. raised its position in shares of SurModics by 9.1% in the second quarter. Vanguard Group Inc. now owns 617,417 shares of the company’s stock valued at $14,497,000 after buying an additional 51,577 shares during the period. Finally, Trigran Investments Inc. raised its position in shares of SurModics by 6.6% in the second quarter. Trigran Investments Inc. now owns 547,123 shares of the company’s stock valued at $12,846,000 after buying an additional 33,655 shares during the period. Hedge funds and other institutional investors own 87.41% of the company’s stock.
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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