Proto Labs, Inc. (NYSE:PRLB) Shares Sold by Empowered Funds LLC

Empowered Funds LLC cut its holdings in Proto Labs, Inc. (NYSE:PRLB) by 74.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 14,801 shares of the industrial products company’s stock after selling 43,856 shares during the period. Empowered Funds LLC owned 0.06% of Proto Labs worth $435,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of PRLB. Canada Pension Plan Investment Board acquired a new position in Proto Labs in the second quarter valued at about $37,000. Innealta Capital LLC purchased a new position in shares of Proto Labs during the 2nd quarter worth approximately $40,000. 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 purchasing an additional 631 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in Proto Labs in the second quarter valued at approximately $80,000. Finally, Shell Asset Management Co. acquired a new position in Proto Labs during the first quarter worth $132,000. 84.54% of the stock is currently owned by hedge funds and other institutional investors.

Proto Labs Stock Performance

PRLB stock opened at $41.50 on Monday. The company’s 50 day moving average price is $31.60 and its 200 day moving average price is $31.17. The firm has a market capitalization of $1.02 billion, a price-to-earnings ratio of 44.15 and a beta of 1.32. Proto Labs, Inc. has a fifty-two week low of $25.75 and a fifty-two week high of $41.87.

Proto Labs (NYSE:PRLB) last announced its quarterly earnings data on Friday, November 1st. The industrial products company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.15. The company had revenue of $125.60 million for the quarter, compared to the consensus estimate of $121.38 million. Proto Labs had a net margin of 4.76% and a return on equity of 3.49%. The company’s quarterly revenue was down 3.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.31 EPS. Equities analysts forecast that Proto Labs, Inc. will post 0.84 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

PRLB has been the subject of a number of research analyst reports. Needham & Company LLC restated a “hold” rating on shares of Proto Labs in a report on Friday, November 1st. StockNews.com cut shares of Proto Labs from a “strong-buy” rating to a “buy” rating in a report on Monday, August 5th. Cantor Fitzgerald reiterated an “overweight” rating and set a $40.00 target price on shares of Proto Labs in a report on Monday, November 4th. Finally, Craig Hallum raised their price target on shares of Proto Labs from $30.00 to $36.00 and gave the company a “hold” rating in a research report on Monday, November 4th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $40.33.

Insiders Place Their Bets

In related news, CEO Robert Bodor purchased 3,480 shares of the company’s stock in a transaction on Friday, September 6th. The shares were bought at an average cost of $28.68 per share, for a total transaction of $99,806.40. Following the completion of the purchase, the chief executive officer now directly owns 80,878 shares of the company’s stock, valued at approximately $2,319,581.04. This trade represents a 4.50 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.20% of the stock is owned by company insiders.

About Proto Labs

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.