Sidoti Downgrades SurModics Inc. (SRDX) to Neutral
SurModics Inc. (NASDAQ:SRDX) was downgraded by analysts at Sidoti from a “buy” rating to a “neutral” rating in a report released on Thursday, The Fly reports.
Separately, Zacks Investment Research lowered shares of SurModics from a “buy” rating to a “hold” rating in a research note on Tuesday, July 5th.
SurModics (NASDAQ:SRDX) traded down 3.88% during midday trading on Thursday, hitting $29.24. 34,857 shares of the stock were exchanged. SurModics has a 12 month low of $17.45 and a 12 month high of $30.75. The company has a market cap of $381.44 million, a PE ratio of 43.71 and a beta of 0.97. The firm’s 50 day moving average price is $29.02 and its 200 day moving average price is $24.44.
SurModics (NASDAQ:SRDX) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.25. The company earned $19.97 million during the quarter, compared to analysts’ expectations of $16.31 million. SurModics had a net margin of 14.45% and a return on equity of 17.11%. The firm’s quarterly revenue was up 25.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.30 EPS. On average, equities research analysts forecast that SurModics will post $1.04 earnings per share for the current fiscal year.
In related news, VP Charles W. Olson sold 12,500 shares of the stock in a transaction on Monday, August 1st. The shares were sold at an average price of $27.08, for a total transaction of $338,500.00. Following the sale, the vice president now directly owns 35,531 shares of the company’s stock, valued at $962,179.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gary R. Maharaj sold 5,000 shares of the stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $29.55, for a total transaction of $147,750.00. The disclosure for this sale can be found here. Corporate insiders own 7.20% of the company’s stock.
A number of hedge funds have recently made changes to their positions in SRDX. Prudential Financial Inc. increased its stake in shares of SurModics by 0.9% in the first quarter. Prudential Financial Inc. now owns 46,162 shares of the company’s stock worth $850,000 after buying an additional 400 shares during the period. Algert Global LLC bought a new position in SurModics during the first quarter valued at about $668,000. Acrospire Investment Management LLC bought a new position in SurModics during the first quarter valued at about $247,000. Royce & Associates LP increased its position in SurModics by 10.2% in the first quarter. Royce & Associates LP now owns 576,600 shares of the company’s stock valued at $10,615,000 after buying an additional 53,400 shares during the last quarter. Finally, Picton Mahoney Asset Management bought a new position in SurModics during the first quarter valued at about $101,000. 86.42% of the stock is currently owned by hedge funds and other institutional investors.
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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