Principal Financial Group Inc. Invests $1.19 Million in Surmodics, Inc. (NASDAQ:SRDX)

Principal Financial Group Inc. bought a new stake in Surmodics, Inc. (NASDAQ:SRDX - Free Report) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 30,696 shares of the company's stock, valued at approximately $1,190,000. Principal Financial Group Inc. owned about 0.21% of Surmodics at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of SRDX. Gabelli Funds LLC increased its holdings in 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 acquiring an additional 207,500 shares during the last quarter. Gardner Lewis Asset Management L P bought a new stake in Surmodics in the second quarter valued at $8,531,000. Oddo BHF Asset Management Sas purchased a new position in shares of Surmodics during the 3rd quarter worth approximately $6,593,000. Phocas Financial Corp. bought a new position in shares of Surmodics in the 3rd quarter worth about $3,430,000. Finally, State Street Corp boosted its holdings in Surmodics by 19.2% in the third quarter. State Street Corp now owns 374,068 shares of the company's stock worth $14,506,000 after acquiring an additional 60,240 shares in the last quarter. Institutional investors own 96.63% of the company's stock.

Insiders Place Their Bets

In related 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 transaction of $276,434.96. Following the transaction, the chief financial officer now directly owns 70,350 shares of the company's stock, valued at approximately $2,774,604. The trade was a 9.06 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 8.90% of the company's stock.

Surmodics Stock Down 0.4 %

Shares of SRDX stock traded down $0.16 during trading on Friday, reaching $39.52. The company's stock had a trading volume of 167,494 shares, compared to its average volume of 233,397. The company has a market capitalization of $564.90 million, a price-to-earnings ratio of -48.79 and a beta of 1.22. The stock's 50-day moving average price is $39.17 and its 200 day moving average price is $39.80. Surmodics, Inc. has a 1-year low of $25.17 and a 1-year high of $42.44. The company has a debt-to-equity ratio of 0.25, a current ratio of 3.96 and a quick ratio of 3.22.

Surmodics (NASDAQ:SRDX - Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.13) earnings per share for the quarter, topping analysts' consensus estimates of ($0.27) by $0.14. Surmodics had a negative net margin of 9.15% and a negative return on equity of 3.79%. The company had revenue of $33.23 million for the quarter, compared to analysts' expectations of $30.69 million. On average, research analysts anticipate that Surmodics, Inc. will post 0.17 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. StockNews.com assumed coverage on Surmodics in a research note on Thursday. They set a "hold" rating for the company. Needham & Company LLC reiterated a "hold" rating on shares of Surmodics in a research report on Thursday, November 7th. Five investment analysts have rated the stock with a hold rating, According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $50.00.

About Surmodics

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).