TIAA CREF Investment Management LLC increased its position in shares of Surmodics, Inc. (NASDAQ:SRDX) by 10.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 58,929 shares of the company’s stock after buying an additional 5,678 shares during the period. TIAA CREF Investment Management LLC owned about 0.44% of Surmodics worth $1,659,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. BNP Paribas Arbitrage SA grew its stake in Surmodics by 66.1% in the second quarter. BNP Paribas Arbitrage SA now owns 4,270 shares of the company’s stock valued at $120,000 after purchasing an additional 1,700 shares during the last quarter. Texas Permanent School Fund grew its stake in 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 during the last quarter. Wedge Capital Management L L P NC grew its stake in 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 during the last quarter. Great West Life Assurance Co. Can grew its stake in 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 during the last quarter. Finally, Bank of America Corp DE grew its stake in Surmodics by 94.0% in the first quarter. Bank of America Corp DE now owns 22,256 shares of the company’s stock valued at $535,000 after purchasing an additional 10,784 shares during the last quarter. Hedge funds and other institutional investors own 84.55% of the company’s stock.
SRDX has been the subject of several recent analyst reports. BidaskClub downgraded Surmodics from a “hold” rating to a “sell” rating in a report on Friday, August 11th. ValuEngine downgraded Surmodics from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Finally, Lake Street Capital initiated coverage on Surmodics in a report on Friday, July 14th. They issued a “buy” rating and a $40.00 price target for the company. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $40.00.
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Shares of Surmodics, Inc. (SRDX) opened at $28.60 on Friday. Surmodics, Inc. has a twelve month low of $21.90 and a twelve month high of $32.80. The company has a market capitalization of $379.44, a PE ratio of 48.47 and a beta of 0.78.
Surmodics (NASDAQ:SRDX) last released its earnings results on Thursday, August 3rd. The company reported $0.09 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.10. Surmodics had a return on equity of 7.28% and a net margin of 8.66%. The firm had revenue of $17.80 million during the quarter, compared to the consensus estimate of $15.98 million. During the same quarter in the previous year, the company posted $0.37 earnings per share. The company’s revenue was down 11.0% compared to the same quarter last year. research analysts predict that Surmodics, Inc. will post 0.32 earnings per share for the current fiscal year.
In other Surmodics news, CEO Gary R. Maharaj sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $25.75, for a total value of $128,750.00. Following the completion of the transaction, the chief executive officer now directly owns 126,807 shares of the company’s stock, valued at $3,265,280.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Joseph J. Stich sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $27.28, for a total value of $27,280.00. 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. Corporate 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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