National Bank of Canada FI Reduces Stake in Proto Labs, Inc. (NYSE:PRLB)

National Bank of Canada FI reduced its stake in Proto Labs, Inc. (NYSE:PRLB - Free Report) by 47.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,348 shares of the industrial products company's stock after selling 10,228 shares during the period. National Bank of Canada FI's holdings in Proto Labs were worth $444,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. increased its holdings in Proto Labs by 0.3% in the fourth quarter. Principal Financial Group Inc. now owns 118,889 shares of the industrial products company's stock valued at $4,647,000 after purchasing an additional 299 shares during the period. Rhumbline Advisers increased its stake in shares of Proto Labs by 0.4% in the fourth quarter. Rhumbline Advisers now owns 78,783 shares of the industrial products company's stock valued at $3,080,000 after buying an additional 303 shares during the period. American Century Companies Inc. raised its position in shares of Proto Labs by 0.8% during the fourth quarter. American Century Companies Inc. now owns 52,579 shares of the industrial products company's stock worth $2,055,000 after acquiring an additional 404 shares during the last quarter. Tidal Investments LLC lifted its stake in shares of Proto Labs by 1.7% in the third quarter. Tidal Investments LLC now owns 30,156 shares of the industrial products company's stock worth $886,000 after acquiring an additional 494 shares during the period. Finally, Hillsdale Investment Management Inc. increased its position in Proto Labs by 0.8% during the 4th quarter. Hillsdale Investment Management Inc. now owns 115,724 shares of the industrial products company's stock valued at $4,524,000 after purchasing an additional 900 shares during the period. 84.54% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PRLB has been the topic of a number of recent analyst reports. Needham & Company LLC restated a "hold" rating on shares of Proto Labs in a research report on Friday, February 7th. StockNews.com downgraded Proto Labs from a "strong-buy" rating to a "buy" rating in a report on Tuesday, April 8th. Finally, Cantor Fitzgerald boosted their price objective on Proto Labs from $40.00 to $50.00 and gave the company an "overweight" rating in a research note on Monday, February 10th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $43.67.

Proto Labs Stock Performance

Shares of NYSE PRLB traded up $0.09 during midday trading on Tuesday, hitting $34.19. 16,597 shares of the stock traded hands, compared to its average volume of 225,042. The company has a market cap of $828.48 million, a PE ratio of 52.59 and a beta of 1.52. The business has a 50 day moving average price of $37.94 and a two-hundred day moving average price of $37.33. Proto Labs, Inc. has a one year low of $25.76 and a one year high of $46.73.

Proto Labs declared that its board has initiated a share buyback program on Friday, February 7th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the industrial products company to repurchase up to 9.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Proto Labs Profile

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.