Polaris Greystone Financial Group LLC Purchases New Holdings in Penumbra Inc (PEN)
Polaris Greystone Financial Group LLC purchased a new stake in shares of Penumbra Inc (NYSE:PEN) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 4,827 shares of the company’s stock, valued at approximately $723,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PEN. Advisors Preferred LLC boosted its holdings in shares of Penumbra by 40.1% in the 2nd quarter. Advisors Preferred LLC now owns 1,220 shares of the company’s stock worth $169,000 after purchasing an additional 349 shares during the period. NumerixS Investment Technologies Inc boosted its holdings in shares of Penumbra by 20.0% in the 2nd quarter. NumerixS Investment Technologies Inc now owns 2,520 shares of the company’s stock worth $354,000 after purchasing an additional 420 shares during the period. Great West Life Assurance Co. Can boosted its holdings in shares of Penumbra by 17.8% in the 2nd quarter. Great West Life Assurance Co. Can now owns 3,230 shares of the company’s stock worth $446,000 after purchasing an additional 489 shares during the period. Xact Kapitalforvaltning AB boosted its holdings in shares of Penumbra by 15.2% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 4,558 shares of the company’s stock worth $630,000 after purchasing an additional 600 shares during the period. Finally, Leavell Investment Management Inc. boosted its holdings in shares of Penumbra by 35.0% in the 2nd quarter. Leavell Investment Management Inc. now owns 2,700 shares of the company’s stock worth $373,000 after purchasing an additional 700 shares during the period. Institutional investors and hedge funds own 73.76% of the company’s stock.
In related news, insider Daniel Donen Davis sold 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, July 26th. The stock was sold at an average price of $144.43, for a total transaction of $1,083,225.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Robert D. Evans sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $150.16, for a total value of $1,501,600.00. Following the sale, the executive vice president now directly owns 15,667 shares of the company’s stock, valued at $2,352,556.72. The disclosure for this sale can be found here. Insiders have sold a total of 64,268 shares of company stock valued at $8,865,068 over the last three months. 10.70% of the stock is owned by corporate insiders.
Penumbra (NYSE:PEN) last issued its quarterly earnings results on Tuesday, August 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.12. Penumbra had a return on equity of 2.78% and a net margin of 7.19%. The firm had revenue of $109.64 million during the quarter, compared to analyst estimates of $102.24 million. On average, analysts anticipate that Penumbra Inc will post 0.27 earnings per share for the current fiscal year.
A number of brokerages have recently commented on PEN. ValuEngine cut Penumbra from a “buy” rating to a “hold” rating in a report on Wednesday, August 8th. Zacks Investment Research cut Penumbra from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 26th. TheStreet upgraded Penumbra from a “d+” rating to a “c” rating in a report on Monday, September 17th. Royal Bank of Canada began coverage on Penumbra in a report on Monday, October 8th. They issued an “outperform” rating and a $174.00 target price for the company. Finally, BMO Capital Markets lifted their target price on Penumbra from $140.00 to $150.00 and gave the stock a “market perform” rating in a report on Thursday, August 9th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $161.17.
Penumbra Company Profile
Penumbra, Inc designs, develops, manufactures, and markets medical devices in the United States, Europe, Canada, Australia, Japan, and internationally. The company offers neurovascular access systems designed to provide intracranial access for use in a range of neurovascular therapies under the Neuron, Neuron MAX, Select, BENCHMARK, DDC, and PX SLIM brands; aspiration based thrombectomy systems and accessory devices, including revascularization device for mechanical thrombectomy, such as Penumbra System under the ACE and the 3D Revascularization Device brands.
Further Reading: Closed-End Mutual Funds (CEFs)
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