Amalgamated Bank Cuts Stock Position in Proto Labs, Inc. (NYSE:PRLB)

Amalgamated Bank lowered its position in Proto Labs, Inc. (NYSE:PRLB) by 4.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,107 shares of the industrial products company’s stock after selling 357 shares during the period. Amalgamated Bank’s holdings in Proto Labs were worth $278,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. KBC Group NV grew its position in Proto Labs by 69.3% during the 3rd quarter. KBC Group NV now owns 1,541 shares of the industrial products company’s stock worth $45,000 after purchasing an additional 631 shares during the last quarter. Modus Advisors LLC purchased a new stake in Proto Labs during the 4th quarter worth approximately $87,000. Point72 Asia Singapore Pte. Ltd. grew its position in Proto Labs by 40.6% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,108 shares of the industrial products company’s stock worth $121,000 after purchasing an additional 1,186 shares during the last quarter. Meeder Asset Management Inc. grew its position in Proto Labs by 72.3% during the 3rd quarter. Meeder Asset Management Inc. now owns 4,465 shares of the industrial products company’s stock worth $131,000 after purchasing an additional 1,873 shares during the last quarter. Finally, Paloma Partners Management Co purchased a new stake in Proto Labs during the 3rd quarter worth approximately $201,000. Hedge funds and other institutional investors own 84.54% of the company’s stock.

Proto Labs Trading Down 1.1 %

Shares of NYSE PRLB opened at $37.86 on Wednesday. Proto Labs, Inc. has a 12 month low of $25.75 and a 12 month high of $46.73. The company has a 50 day simple moving average of $40.52 and a two-hundred day simple moving average of $36.02. The stock has a market cap of $917.36 million, a price-to-earnings ratio of 58.24 and a beta of 1.45.

Proto Labs announced that its Board of Directors has approved a stock repurchase plan on Friday, February 7th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the industrial products company to purchase up to 9.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

PRLB has been the topic of several research analyst reports. Needham & Company LLC reissued a “hold” rating on shares of Proto Labs in a research report on Friday, February 7th. Cantor Fitzgerald boosted their target price on shares of Proto Labs from $40.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, February 10th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $43.67.

Proto Labs Profile

Proto Labs, Inc, together with its subsidiaries, operates as a digital manufacturer of custom parts in the United States and Europe. The company offers injection molding; computer numerical control machining; three-dimensional printing; and sheet metal fabrication products. It serves developers and engineers, who use 3D computer-aided design software to design products across a range of end-markets.