Bank of New York Mellon Corp Reduces Stock Position in Proto Labs, Inc. (NYSE:PRLB)

Bank of New York Mellon Corp lowered its stake in Proto Labs, Inc. (NYSE:PRLB) by 3.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 164,255 shares of the industrial products company’s stock after selling 6,597 shares during the quarter. Bank of New York Mellon Corp owned 0.67% of Proto Labs worth $6,421,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. GSA Capital Partners LLP bought a new stake in shares of Proto Labs during the 3rd quarter valued at $524,000. KBC Group NV increased its holdings in Proto Labs by 69.3% in the 3rd quarter. KBC Group NV now owns 1,541 shares of the industrial products company’s stock valued at $45,000 after acquiring an additional 631 shares during the last quarter. Meeder Asset Management Inc. increased its holdings in Proto Labs by 72.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 4,465 shares of the industrial products company’s stock valued at $131,000 after acquiring an additional 1,873 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Proto Labs by 217.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 68,403 shares of the industrial products company’s stock worth $2,009,000 after buying an additional 46,866 shares during the last quarter. Finally, Intech Investment Management LLC bought a new stake in shares of Proto Labs in the 3rd quarter worth about $232,000. Hedge funds and other institutional investors own 84.54% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Proto Labs in a research note on Friday, February 7th. Cantor Fitzgerald boosted their price target on shares of Proto Labs from $40.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, February 10th. Finally, StockNews.com upgraded shares of Proto Labs from a “buy” rating to a “strong-buy” rating in a research note on Friday, March 7th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $43.67.

Proto Labs Price Performance

PRLB stock opened at $36.53 on Monday. The firm’s fifty day simple moving average is $40.13 and its 200-day simple moving average is $36.48. The company has a market capitalization of $885.28 million, a P/E ratio of 56.20 and a beta of 1.45. Proto Labs, Inc. has a 12 month low of $25.76 and a 12 month high of $46.73.

Proto Labs announced that its Board of Directors has initiated a share buyback program on Friday, February 7th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the industrial products company to repurchase up to 9.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Proto Labs Company 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.