Principal Financial Group Inc. Invests $1.19 Million in Surmodics, Inc. (NASDAQ:SRDX)

Principal Financial Group Inc. acquired a new stake in shares of Surmodics, Inc. (NASDAQ:SRDX) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 30,696 shares of the company’s stock, valued at approximately $1,190,000. Principal Financial Group Inc. owned 0.21% of Surmodics at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp raised its position in shares of Surmodics by 16.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 58,610 shares of the company’s stock valued at $2,464,000 after acquiring an additional 8,220 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Surmodics by 13.3% in the second quarter. Rhumbline Advisers now owns 20,999 shares of the company’s stock valued at $883,000 after acquiring an additional 2,463 shares in the last quarter. Los Angeles Capital Management LLC lifted its position in shares of Surmodics by 3.5% during the 2nd quarter. Los Angeles Capital Management LLC now owns 36,425 shares of the company’s stock valued at $1,531,000 after acquiring an additional 1,221 shares during the period. Trium Capital LLP bought a new stake in Surmodics during the second quarter worth $1,406,000. Finally, Hardin Capital Partners LLC bought a new position in shares of Surmodics in the second quarter worth about $206,000. Institutional investors and hedge funds own 96.63% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on SRDX shares. Needham & Company LLC reiterated a “hold” rating on shares of Surmodics in a report on Thursday, November 7th. StockNews.com assumed coverage on Surmodics in a research note on Thursday. They set a “hold” rating on the stock. Five investment analysts have rated the stock with a hold rating, According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $50.00.

Surmodics Stock Performance

NASDAQ SRDX opened at $39.52 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 3.22 and a current ratio of 3.96. The company has a market capitalization of $564.90 million, a P/E ratio of -48.79 and a beta of 1.22. The company has a fifty day moving average of $39.17 and a 200-day moving average of $39.81. Surmodics, Inc. has a 52-week low of $25.17 and a 52-week high of $42.44.

Surmodics (NASDAQ:SRDX) last posted its quarterly earnings results 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. Surmodics had a negative net margin of 9.15% and a negative return on equity of 3.79%. The business had revenue of $33.23 million during the quarter, compared to the consensus estimate of $30.69 million. As a group, equities research analysts predict that Surmodics, Inc. will post 0.17 EPS for the current fiscal year.

Insider Activity

In related news, CFO Timothy J. Arens sold 7,009 shares of the company’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $39.44, for a total value of $276,434.96. Following the sale, the chief financial officer now directly owns 70,350 shares of the company’s stock, valued at $2,774,604. This represents a 9.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 8.90% of the company’s stock.

About Surmodics

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).