Kayne Anderson Rudnick Investment Management LLC Buys 197,717 Shares of STAAR Surgical (NASDAQ:STAA)

Kayne Anderson Rudnick Investment Management LLC boosted its stake in STAAR Surgical (NASDAQ:STAA) by 50.1% in the second quarter, Holdings Channel reports. The firm owned 592,621 shares of the medical instruments supplier’s stock after purchasing an additional 197,717 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in STAAR Surgical were worth $28,215,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Susquehanna Fundamental Investments LLC acquired a new position in shares of STAAR Surgical in the 1st quarter valued at approximately $2,731,000. Broadwood Capital Inc. raised its position in STAAR Surgical by 13.7% during the fourth quarter. Broadwood Capital Inc. now owns 10,537,835 shares of the medical instruments supplier’s stock valued at $328,886,000 after purchasing an additional 1,273,408 shares in the last quarter. Seven Eight Capital LP lifted its stake in STAAR Surgical by 47.0% during the fourth quarter. Seven Eight Capital LP now owns 67,885 shares of the medical instruments supplier’s stock worth $2,119,000 after purchasing an additional 21,718 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of STAAR Surgical by 1.5% in the 1st quarter. Russell Investments Group Ltd. now owns 36,931 shares of the medical instruments supplier’s stock valued at $1,406,000 after purchasing an additional 555 shares in the last quarter. Finally, Caxton Associates LP bought a new position in shares of STAAR Surgical in the 4th quarter valued at $1,948,000. Institutional investors own 96.70% of the company’s stock.

Insider Activity

In related news, Director Arthur C. Butcher acquired 1,315 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were bought at an average cost of $37.99 per share, with a total value of $49,956.85. Following the completion of the purchase, the director now directly owns 4,208 shares in the company, valued at $159,861.92. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.00% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Needham & Company LLC restated a “hold” rating on shares of STAAR Surgical in a research report on Thursday. Morgan Stanley cut shares of STAAR Surgical from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $50.00 to $37.00 in a report on Monday, July 15th. Stifel Nicolaus lowered their price objective on shares of STAAR Surgical from $50.00 to $44.00 and set a “buy” rating for the company in a research report on Monday, August 26th. Canaccord Genuity Group dropped their price objective on shares of STAAR Surgical from $43.00 to $41.00 and set a “hold” rating for the company in a research note on Thursday, August 8th. Finally, BTIG Research boosted their target price on shares of STAAR Surgical from $46.00 to $53.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $45.57.

STAAR Surgical Stock Performance

Shares of NASDAQ STAA opened at $30.39 on Friday. The firm has a 50 day moving average price of $36.26 and a two-hundred day moving average price of $40.43. The stock has a market cap of $1.49 billion, a P/E ratio of 98.03 and a beta of 0.58. STAAR Surgical has a 52-week low of $26.66 and a 52-week high of $52.68.

STAAR Surgical (NASDAQ:STAA) last posted its quarterly earnings data on Wednesday, August 7th. The medical instruments supplier reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.09). The company had revenue of $99.01 million during the quarter, compared to analyst estimates of $95.22 million. STAAR Surgical had a net margin of 4.99% and a return on equity of 5.60%. The business’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.23 earnings per share. Analysts predict that STAAR Surgical will post 0.17 earnings per share for the current fiscal year.

STAAR Surgical Company Profile

STAAR Surgical Company, together with its subsidiaries, designs, develops, manufactures, markets, and sells implantable lenses for the eye, and companion delivery systems to deliver the lenses into the eye. The company provides implantable Collamer lens product family (ICLs) to treat visual disorders, such as myopia, hyperopia, astigmatism, and presbyopia.