Connor Clark & Lunn Investment Management Ltd. grew its holdings in Proto Labs, Inc. (NYSE:PRLB - Free Report) by 95.3% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 133,601 shares of the industrial products company's stock after acquiring an additional 65,198 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.55% of Proto Labs worth $5,222,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of PRLB. Principal Financial Group Inc. lifted its holdings in Proto Labs by 0.3% in the 4th quarter. Principal Financial Group Inc. now owns 118,889 shares of the industrial products company's stock worth $4,647,000 after purchasing an additional 299 shares during the last quarter. Rhumbline Advisers boosted its holdings in shares of Proto Labs by 0.4% during the 4th quarter. Rhumbline Advisers now owns 78,783 shares of the industrial products company's stock worth $3,080,000 after buying an additional 303 shares during the period. Tidal Investments LLC grew its stake in Proto Labs by 1.7% in the 3rd quarter. Tidal Investments LLC now owns 30,156 shares of the industrial products company's stock valued at $886,000 after buying an additional 494 shares during the last quarter. KBC Group NV raised its holdings in Proto Labs by 69.3% in the 3rd 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 period. Finally, Franklin Resources Inc. lifted its position in Proto Labs by 8.2% during the 3rd 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. Institutional investors and hedge funds own 84.54% of the company's stock.
Proto Labs Stock Down 0.3 %
Shares of PRLB stock traded down $0.11 during mid-day trading on Thursday, reaching $36.48. The stock had a trading volume of 124,735 shares, compared to its average volume of 229,596. Proto Labs, Inc. has a one year low of $25.75 and a one year high of $46.73. The firm has a market cap of $883.95 million, a PE ratio of 56.12 and a beta of 1.45. The firm's 50 day simple moving average is $40.02 and its 200 day simple moving average is $36.56.
Proto Labs announced that its board has authorized a stock repurchase plan on Friday, February 7th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to purchase up to 9.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's management believes its stock is undervalued.
Wall Street Analyst Weigh In
A number of research firms have recently commented on PRLB. StockNews.com upgraded Proto Labs from a "buy" rating to a "strong-buy" rating in a research note on Friday, March 7th. Cantor Fitzgerald lifted their price target on Proto Labs from $40.00 to $50.00 and gave the stock an "overweight" rating in a research report on Monday, February 10th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Proto Labs in a research report on Friday, February 7th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Proto Labs presently has a consensus rating of "Moderate Buy" and an average target price of $43.67.
Read Our Latest Stock Analysis on PRLB
Proto Labs Profile
(
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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