State Street Corp Purchases 60,240 Shares of Surmodics, Inc. (NASDAQ:SRDX)

State Street Corp boosted its stake in Surmodics, Inc. (NASDAQ:SRDX) by 19.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 374,068 shares of the company’s stock after purchasing an additional 60,240 shares during the quarter. State Street Corp’s holdings in Surmodics were worth $14,506,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Renaissance Technologies LLC raised its holdings in Surmodics by 5.0% during the 2nd quarter. Renaissance Technologies LLC now owns 606,538 shares of the company’s stock valued at $25,499,000 after buying an additional 28,990 shares during the last quarter. Gabelli Funds LLC grew its position in shares of Surmodics by 393.7% in the 2nd quarter. Gabelli Funds LLC now owns 260,200 shares of the company’s stock worth $10,939,000 after buying an additional 207,500 shares during the period. Gardner Lewis Asset Management L P purchased a new position in shares of Surmodics during the second quarter valued at approximately $8,531,000. Charles Schwab Investment Management Inc. increased its position in Surmodics by 1.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 116,311 shares of the company’s stock valued at $4,511,000 after buying an additional 1,491 shares in the last quarter. Finally, Phocas Financial Corp. bought a new position in Surmodics in the 3rd quarter worth about $3,430,000. 96.63% of the stock is owned by institutional investors.

Surmodics Price Performance

Shares of SRDX opened at $39.68 on Wednesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 3.22 and a current ratio of 3.96. Surmodics, Inc. has a fifty-two week low of $25.17 and a fifty-two week high of $42.44. The business’s 50-day moving average is $38.96 and its two-hundred day moving average is $39.93. The company has a market capitalization of $568.46 million, a P/E ratio of -48.99 and a beta of 1.22.

Surmodics (NASDAQ:SRDX) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.14. The company had revenue of $33.23 million for the quarter, compared to analyst estimates of $30.69 million. Surmodics had a negative return on equity of 3.79% and a negative net margin of 9.15%. Research analysts predict that Surmodics, Inc. will post 0.17 earnings per share for the current year.

Analyst Ratings Changes

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

Insider Buying and Selling

In other Surmodics news, CFO Timothy J. Arens sold 7,009 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 70,350 shares in the company, valued at approximately $2,774,604. The trade was a 9.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.90% of the stock is owned by insiders.

Surmodics Company Profile

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).