Bank of New York Mellon Corp Lowers Position in Surmodics, Inc. (SRDX)
Bank of New York Mellon Corp lowered its stake in Surmodics, Inc. (NASDAQ:SRDX) by 1.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 188,320 shares of the company’s stock after selling 3,368 shares during the period. Bank of New York Mellon Corp owned 1.42% of Surmodics worth $5,301,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. Texas Permanent School Fund increased its holdings in shares of Surmodics by 0.9% in the second quarter. Texas Permanent School Fund now owns 9,693 shares of the company’s stock valued at $273,000 after purchasing an additional 88 shares in the last quarter. State of Tennessee Treasury Department increased its holdings in shares of Surmodics by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 12,786 shares of the company’s stock valued at $308,000 after purchasing an additional 1,930 shares in the last quarter. Wedge Capital Management L L P NC increased its holdings in shares of Surmodics by 12.0% in the second quarter. Wedge Capital Management L L P NC now owns 13,497 shares of the company’s stock valued at $380,000 after purchasing an additional 1,449 shares in the last quarter. Comerica Bank increased its holdings in shares of Surmodics by 5.1% in the first quarter. Comerica Bank now owns 14,586 shares of the company’s stock valued at $343,000 after purchasing an additional 712 shares in the last quarter. Finally, Great West Life Assurance Co. Can increased its holdings in shares of Surmodics by 12.9% in the second quarter. Great West Life Assurance Co. Can now owns 21,908 shares of the company’s stock valued at $615,000 after purchasing an additional 2,500 shares in the last quarter. 84.85% of the stock is owned by institutional investors and hedge funds.
Shares of Surmodics, Inc. (SRDX) opened at 31.95 on Thursday. The firm’s 50-day moving average is $27.98 and its 200-day moving average is $25.67. Surmodics, Inc. has a 12-month low of $21.90 and a 12-month high of $32.80. The firm has a market cap of $418.83 million, a price-to-earnings ratio of 69.61 and a beta of 0.86.
Surmodics (NASDAQ:SRDX) last released its quarterly earnings results on Thursday, August 3rd. The company reported $0.09 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.10. The firm had revenue of $17.80 million during the quarter, compared to the consensus estimate of $15.98 million. Surmodics had a net margin of 8.66% and a return on equity of 7.28%. The company’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.37 earnings per share. Analysts predict that Surmodics, Inc. will post $0.31 earnings per share for the current fiscal year.
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A number of brokerages recently weighed in on SRDX. ValuEngine lowered shares of Surmodics from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Lake Street Capital began coverage on shares of Surmodics in a report on Friday, July 14th. They issued a “buy” rating and a $40.00 price target for the company. BidaskClub lowered shares of Surmodics from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 12th. Finally, Aegis began coverage on shares of Surmodics in a report on Tuesday, June 27th. They issued a “buy” rating for the company. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $36.50.
In other news, VP Joseph J. Stich sold 1,000 shares of the firm’s stock in a transaction on Monday, September 11th. The shares were sold at an average price of $27.28, for a total transaction of $27,280.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Gary R. Maharaj sold 5,000 shares of the firm’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 transaction, the chief executive officer now directly owns 126,807 shares of the company’s stock, valued at approximately $3,265,280.25. The disclosure for this sale can be found here. Insiders have sold 6,801 shares of company stock valued at $178,338 in the last ninety days. Insiders own 6.40% of the company’s stock.
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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