Water Island Capital LLC Acquires Shares of 27,592 Surmodics, Inc. (NASDAQ:SRDX)

Water Island Capital LLC bought a new stake in Surmodics, Inc. (NASDAQ:SRDX - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The fund bought 27,592 shares of the company's stock, valued at approximately $1,160,000. Water Island Capital LLC owned 0.19% of Surmodics at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Algert Global LLC purchased a new stake in shares of Surmodics in the second quarter valued at approximately $577,000. Susquehanna Fundamental Investments LLC purchased a new stake in Surmodics in the 2nd quarter worth $273,000. Mackenzie Financial Corp acquired a new position in Surmodics during the second quarter worth $267,000. The Manufacturers Life Insurance Company acquired a new position in Surmodics during the second quarter worth $229,000. Finally, Squarepoint Ops LLC lifted its holdings in Surmodics by 29.3% during the second quarter. Squarepoint Ops LLC now owns 12,875 shares of the company's stock valued at $541,000 after purchasing an additional 2,920 shares in the last quarter. 96.63% of the stock is owned by hedge funds and other institutional investors.

Surmodics Trading Up 0.8 %

Shares of SRDX traded up $0.29 during mid-day trading on Monday, reaching $38.78. The stock had a trading volume of 106,273 shares, compared to its average volume of 231,714. The company has a debt-to-equity ratio of 0.25, a current ratio of 3.98 and a quick ratio of 3.22. The business's fifty day moving average is $40.03 and its 200 day moving average is $36.60. Surmodics, Inc. has a 52-week low of $25.17 and a 52-week high of $42.44. The firm has a market cap of $553.00 million, a price-to-earnings ratio of 40.52 and a beta of 1.20.

Surmodics (NASDAQ:SRDX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 31st. The company reported ($0.27) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.31) by $0.04. The firm had revenue of $30.34 million during the quarter, compared to the consensus estimate of $30.32 million. Surmodics had a positive return on equity of 3.88% and a negative net margin of 1.16%. On average, sell-side analysts predict that Surmodics, Inc. will post -0.47 EPS for the current fiscal year.

Analyst Ratings Changes

SRDX has been the subject of several research analyst reports. Needham & Company LLC restated a "hold" rating on shares of Surmodics in a research report on Monday, August 5th. StockNews.com started coverage on Surmodics in a research report on Saturday. They issued a "hold" rating on the stock. Five research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $50.00.

Surmodics 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).