Invesco Ltd. Decreases Stock Position in SurModics, Inc. (NASDAQ:SRDX)

Invesco Ltd. lessened its stake in SurModics, Inc. (NASDAQ:SRDX) by 28.9% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 111,772 shares of the company’s stock after selling 45,391 shares during the quarter. Invesco Ltd.’s holdings in SurModics were worth $4,825,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SRDX. Trigran Investments Inc. boosted its holdings in SurModics by 15.1% in the 2nd quarter. Trigran Investments Inc. now owns 927,168 shares of the company’s stock worth $40,023,000 after acquiring an additional 121,910 shares during the period. SG Americas Securities LLC boosted its holdings in SurModics by 1,185.2% in the 2nd quarter. SG Americas Securities LLC now owns 65,852 shares of the company’s stock worth $2,843,000 after acquiring an additional 60,728 shares during the period. Panagora Asset Management Inc. boosted its holdings in SurModics by 112.9% in the 2nd quarter. Panagora Asset Management Inc. now owns 92,942 shares of the company’s stock worth $4,012,000 after acquiring an additional 49,290 shares during the period. Vanguard Group Inc. boosted its holdings in SurModics by 4.5% in the 2nd quarter. Vanguard Group Inc. now owns 899,737 shares of the company’s stock worth $38,842,000 after acquiring an additional 38,811 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in shares of SurModics by 23.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 51,898 shares of the company’s stock valued at $2,071,000 after buying an additional 9,769 shares during the last quarter. Hedge funds and other institutional investors own 89.46% of the company’s stock.

In other news, VP Joseph J. Stich sold 2,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $47.00, for a total transaction of $94,000.00. Following the completion of the transaction, the vice president now directly owns 50,637 shares in the company, valued at approximately $2,379,939. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Gary R. Maharaj sold 5,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $46.50, for a total value of $232,500.00. Following the transaction, the chief executive officer now owns 144,975 shares of the company’s stock, valued at $6,741,337.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,000 shares of company stock valued at $876,390. Company insiders own 7.70% of the company’s stock.

SRDX has been the subject of several research analyst reports. ValuEngine upgraded SurModics from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 1st. Zacks Investment Research cut SurModics from a “buy” rating to a “hold” rating and set a $41.00 target price for the company. in a research note on Tuesday, July 23rd. Needham & Company LLC reiterated a “buy” rating and set a $68.00 target price (up from $65.00) on shares of SurModics in a research note on Thursday, August 1st. Finally, BidaskClub cut SurModics from a “hold” rating to a “sell” rating in a research note on Monday, September 9th. One analyst has rated the stock with a sell rating, one has issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $62.00.

SurModics stock opened at $42.51 on Friday. The stock has a market cap of $573.50 million, a P/E ratio of 86.76, a price-to-earnings-growth ratio of 7.44 and a beta of 1.08. The stock has a 50 day moving average of $45.13 and a 200-day moving average of $42.88. SurModics, Inc. has a 52 week low of $38.06 and a 52 week high of $68.84.

SurModics (NASDAQ:SRDX) last released its earnings results on Wednesday, July 31st. The company reported $0.15 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.10. The company had revenue of $24.34 million during the quarter, compared to analysts’ expectations of $22.76 million. SurModics had a return on equity of 4.87% and a net margin of 2.48%. Equities analysts forecast that SurModics, Inc. will post 0.69 EPS for the current year.

SurModics Company Profile

Surmodics, Inc, together with its subsidiaries, provides medical devices and in vitro diagnostic technologies to the healthcare industry in the United States and internationally. The company operates through two segments, Medical Device and In Vitro Diagnostics. The Medical Device segment designs, develops, and manufactures interventional medical devices primarily for the peripheral vascular market; and offers surface modification coating technologies to enhance access, deliverability, and predictable deployment of medical devices, as well as drug delivery coating technologies to provide site-specific drug delivery from the surface of a medical device for the coronary, peripheral, neuro-vascular, urology, and other markets.

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Institutional Ownership by Quarter for SurModics (NASDAQ:SRDX)

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