Empowered Funds LLC lifted its position in shares of Proto Labs, Inc. (NYSE:PRLB - Free Report) by 544.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 95,359 shares of the industrial products company's stock after buying an additional 80,558 shares during the quarter. Empowered Funds LLC owned approximately 0.39% of Proto Labs worth $3,728,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the company. Tidal Investments LLC grew its holdings in shares of Proto Labs by 1.7% during the third quarter. Tidal Investments LLC now owns 30,156 shares of the industrial products company's stock worth $886,000 after buying an additional 494 shares in the last quarter. KBC Group NV boosted its position in shares of Proto Labs by 69.3% in the third quarter. KBC Group NV now owns 1,541 shares of the industrial products company's stock worth $45,000 after acquiring an additional 631 shares during the last quarter. Franklin Resources Inc. boosted its position in shares of Proto Labs by 8.2% in the third quarter. Franklin Resources Inc. now owns 12,989 shares of the industrial products company's stock worth $370,000 after acquiring an additional 980 shares during the last quarter. Diversified Trust Co boosted its position in shares of Proto Labs by 13.9% in the fourth quarter. Diversified Trust Co now owns 9,236 shares of the industrial products company's stock worth $361,000 after acquiring an additional 1,125 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its position in shares of Proto Labs by 6.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 20,164 shares of the industrial products company's stock worth $788,000 after acquiring an additional 1,147 shares during the last quarter. 84.54% of the stock is currently owned by hedge funds and other institutional investors.
Proto Labs Trading Down 1.8 %
PRLB traded down $0.83 during trading on Friday, hitting $44.20. 239,408 shares of the company's stock were exchanged, compared to its average volume of 213,183. Proto Labs, Inc. has a 1 year low of $25.75 and a 1 year high of $46.73. The stock has a 50 day moving average price of $40.90 and a 200 day moving average price of $35.10. The firm has a market cap of $1.08 billion, a P/E ratio of 47.02 and a beta of 1.45.
Proto Labs announced that its board has initiated a stock repurchase program on Friday, February 7th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the industrial products company to purchase up to 9.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its shares are undervalued.
Wall Street Analyst Weigh In
PRLB has been the topic of several research analyst reports. Needham & Company LLC reissued a "hold" rating on shares of Proto Labs in a research report on Friday, February 7th. Craig Hallum raised their target price on shares of Proto Labs from $30.00 to $36.00 and gave the stock a "hold" rating in a research report on Monday, November 4th. Finally, Cantor Fitzgerald raised their target price on shares of Proto Labs from $40.00 to $50.00 and gave the stock an "overweight" rating in a research report on Monday, February 10th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Proto Labs has a consensus rating of "Moderate Buy" and an average target price of $43.67.
View Our Latest Stock Report on Proto Labs
Proto Labs Profile
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Free Report)
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.
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