Spark Investment Management LLC Has $689,000 Stake in Surmodics, Inc. (SRDX)

Spark Investment Management LLC cut its stake in Surmodics, Inc. (NASDAQ:SRDX) by 23.2% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 24,500 shares of the company’s stock after selling 7,400 shares during the period. Spark Investment Management LLC owned about 0.18% of Surmodics worth $689,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Trellus Management Company LLC acquired a new stake in shares of Surmodics during the first quarter valued at $216,000. Wedge Capital Management L L P NC boosted its stake in shares of Surmodics by 17.0% in the first quarter. Wedge Capital Management L L P NC now owns 12,048 shares of the company’s stock valued at $290,000 after buying an additional 1,750 shares during the period. State of Tennessee Treasury Department boosted its stake 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 buying an additional 1,930 shares during the period. Comerica Bank boosted its stake 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 buying an additional 712 shares during the period. Finally, Nine Chapters Capital Management LLC acquired a new stake in shares of Surmodics during the first quarter valued at $438,000. Institutional investors and hedge funds own 84.83% of the company’s stock.

Surmodics, Inc. (NASDAQ:SRDX) opened at 24.60 on Friday. Surmodics, Inc. has a 12-month low of $21.90 and a 12-month high of $30.75. The company has a market capitalization of $322.48 million, a price-to-earnings ratio of 53.59 and a beta of 0.88. The firm has a 50-day moving average of $26.93 and a 200 day moving average of $24.78.

Surmodics (NASDAQ:SRDX) last announced its earnings results on Thursday, August 3rd. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.10. The business had revenue of $17.80 million for 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%. Surmodics’s quarterly revenue was down 11.0% on a year-over-year basis. During the same period last year, the firm posted $0.37 earnings per share. Analysts expect that Surmodics, Inc. will post $0.27 EPS for the current fiscal year.

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SRDX has been the subject of several analyst reports. Lake Street Capital initiated coverage on shares of Surmodics in a research note on Friday, July 14th. They issued a “buy” rating and a $40.00 price objective for the company. BidaskClub cut shares of Surmodics from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 12th. Aegis initiated coverage on shares of Surmodics in a research note on Tuesday, June 27th. They issued a “buy” rating for the company. ValuEngine cut shares of Surmodics from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Finally, Zacks Investment Research cut shares of Surmodics from a “hold” rating to a “sell” rating in a research note on Monday, May 1st. Three research analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. Surmodics currently has a consensus rating of “Hold” and an average target price of $34.33.

In related news, VP Joseph J. Stich sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $25.31, for a total value of $25,310.00. Following the sale, the vice president now directly owns 40,672 shares of the company’s stock, valued at $1,029,408.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gary R. Maharaj sold 2,702 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $25.09, for a total transaction of $67,793.18. Following the completion of the sale, the chief executive officer now directly owns 136,807 shares in the company, valued at $3,432,487.63. The disclosure for this sale can be found here. Insiders sold 14,928 shares of company stock worth $392,469 over the last ninety days. 6.40% of the stock is currently owned by insiders.

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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Institutional Ownership by Quarter for Surmodics (NASDAQ:SRDX)

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