Surmodics, Inc. (SRDX) Holdings Trimmed by Royal Bank of Canada
Royal Bank of Canada cut its holdings in shares of Surmodics, Inc. (NASDAQ:SRDX) by 4.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 46,360 shares of the company’s stock after selling 2,257 shares during the period. Royal Bank of Canada owned approximately 0.35% of Surmodics worth $1,305,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also bought and sold shares of the business. Texas Permanent School Fund lifted its holdings in Surmodics by 0.9% during the second quarter. Texas Permanent School Fund now owns 9,693 shares of the company’s stock worth $273,000 after acquiring an additional 88 shares in the last quarter. Murphy Pohlad Asset Management LLC lifted its holdings in Surmodics by 0.5% during the second quarter. Murphy Pohlad Asset Management LLC now owns 64,500 shares of the company’s stock worth $1,815,000 after acquiring an additional 350 shares in the last quarter. Legal & General Group Plc lifted its holdings in Surmodics by 2.3% during the first quarter. Legal & General Group Plc now owns 22,754 shares of the company’s stock worth $548,000 after acquiring an additional 506 shares in the last quarter. Teachers Advisors LLC lifted its holdings in Surmodics by 2.7% during the second quarter. Teachers Advisors LLC now owns 27,013 shares of the company’s stock worth $760,000 after acquiring an additional 708 shares in the last quarter. Finally, Parametric Portfolio Associates LLC lifted its holdings in Surmodics by 4.0% during the second quarter. Parametric Portfolio Associates LLC now owns 22,290 shares of the company’s stock worth $627,000 after acquiring an additional 852 shares in the last quarter. Hedge funds and other institutional investors own 84.55% of the company’s stock.
In other news, CEO Gary R. Maharaj sold 5,000 shares of the firm’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $25.75, for a total value of $128,750.00. Following the completion of the sale, the chief executive officer now directly owns 126,807 shares in the company, valued at approximately $3,265,280.25. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Joseph J. Stich sold 1,000 shares of the firm’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $27.28, for a total value of $27,280.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,801 shares of company stock valued at $178,338. 6.40% of the stock is currently owned by company insiders.
Surmodics (NASDAQ:SRDX) last issued its quarterly earnings results on Thursday, August 3rd. The company reported $0.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.10. The firm had revenue of $17.80 million during the quarter, compared to the consensus estimate of $15.98 million. Surmodics had a return on equity of 7.28% and a net margin of 8.66%. The business’s revenue was down 11.0% compared to the same quarter last year. During the same period last year, the business posted $0.37 EPS.
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SRDX has been the topic of several recent analyst reports. Lake Street Capital initiated coverage on Surmodics in a report on Friday, July 14th. They set a “buy” rating and a $40.00 target price on the stock. BidaskClub lowered Surmodics from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 12th. Finally, ValuEngine upgraded Surmodics from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $40.00.
Surmodics Company Profile
Surmodics, Inc is a provider of medical device and in vitro diagnostic technologies to the healthcare industry. The Company operates through two segments: Medical Device and In Vitro Diagnostics. The Company’s Medical Device segment consists of surface modification coating technologies to improve access, deliverability and predictable deployment of medical devices; international cardiology and peripheral balloon design, development and manufacturing, as well as drug delivery coating technologies to provide site-specific drug delivery from the surface of a medical device.
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