Principal Financial Group Inc. Acquires Shares of 30,696 Surmodics, Inc. (NASDAQ:SRDX)

Principal Financial Group Inc. acquired a new stake in shares of Surmodics, Inc. (NASDAQ:SRDX) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 30,696 shares of the company’s stock, valued at approximately $1,190,000. Principal Financial Group Inc. owned about 0.22% of Surmodics at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Olympiad Research LP bought a new stake in Surmodics in the 3rd quarter worth about $1,884,000. Inspire Investing LLC purchased a new stake in Surmodics during the third quarter valued at about $413,000. SG Americas Securities LLC bought a new position in Surmodics during the third quarter worth about $220,000. Water Island Capital LLC purchased a new position in shares of Surmodics in the second quarter worth about $1,160,000. Finally, Algert Global LLC bought a new stake in shares of Surmodics in the second quarter valued at approximately $577,000. Institutional investors and hedge funds own 96.63% of the company’s stock.

Surmodics Stock Performance

NASDAQ SRDX opened at $39.33 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 3.96 and a quick ratio of 3.22. Surmodics, Inc. has a 1 year low of $25.17 and a 1 year high of $42.44. The stock has a market capitalization of $563.44 million, a PE ratio of -48.56 and a beta of 1.20. The company’s 50 day simple moving average is $38.49 and its two-hundred day simple moving average is $39.43.

Surmodics (NASDAQ:SRDX) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.14. The company had revenue of $33.23 million for the quarter, compared to analysts’ expectations of $30.69 million. Surmodics had a negative net margin of 9.15% and a negative return on equity of 3.79%. Analysts predict that Surmodics, Inc. will post 0.17 earnings per share for the current fiscal year.

Analyst Ratings Changes

SRDX has been the subject of several analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Surmodics in a report on Thursday, November 7th. StockNews.com initiated coverage on Surmodics in a report on Saturday. They issued a “hold” rating for the company. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $50.00.

Surmodics Company Profile

Surmodics, Inc, together with its subsidiaries, provides performance coating technologies for intravascular medical devices, and chemical and biological components for in vitro diagnostic immunoassay tests and microarrays in the United States and internationally. It operates through two segments, Medical Device and In Vitro Diagnostics (IVD).