Salem Investment Counselors Inc. Cuts Holdings in Surmodics, Inc. (NASDAQ:SRDX)

Salem Investment Counselors Inc. decreased its position in Surmodics, Inc. (NASDAQ:SRDX) by 6.9% in the first quarter, Holdings Channel reports. The institutional investor owned 121,000 shares of the company’s stock after selling 8,940 shares during the period. Salem Investment Counselors Inc.’s holdings in Surmodics were worth $3,550,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new position in Surmodics in the fourth quarter valued at $163,000. Hillsdale Investment Management Inc. increased its holdings in Surmodics by 15.7% in the fourth quarter. Hillsdale Investment Management Inc. now owns 4,570 shares of the company’s stock valued at $166,000 after buying an additional 620 shares in the last quarter. Strs Ohio increased its holdings in Surmodics by 97.2% in the fourth quarter. Strs Ohio now owns 7,100 shares of the company’s stock valued at $258,000 after buying an additional 3,500 shares in the last quarter. Summit Global Investments purchased a new position in Surmodics in the fourth quarter valued at $360,000. Finally, Moody National Bank Trust Division increased its holdings in Surmodics by 14.8% in the fourth quarter. Moody National Bank Trust Division now owns 10,341 shares of the company’s stock valued at $376,000 after buying an additional 1,331 shares in the last quarter. Hedge funds and other institutional investors own 96.63% of the company’s stock.

Surmodics Stock Performance

SRDX opened at $41.95 on Monday. The firm has a market capitalization of $598.21 million, a PE ratio of 44.16 and a beta of 1.18. Surmodics, Inc. has a twelve month low of $25.17 and a twelve month high of $42.36. The firm’s 50-day moving average price is $34.84 and its 200 day moving average price is $33.16. The company has a current ratio of 4.39, a quick ratio of 3.59 and a debt-to-equity ratio of 0.24.

Surmodics (NASDAQ:SRDX) last posted its quarterly earnings results on Wednesday, May 1st. The company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.43. The firm had revenue of $31.96 million for the quarter, compared to analyst estimates of $28.79 million. Surmodics had a net margin of 9.44% and a return on equity of 13.30%. During the same period in the previous year, the business posted ($0.40) earnings per share. As a group, sell-side analysts expect that Surmodics, Inc. will post -0.51 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Barrington Research reiterated a “market perform” rating on shares of Surmodics in a research report on Thursday, May 30th. Lake Street Capital reiterated a “hold” rating and issued a $43.00 target price on shares of Surmodics in a research report on Wednesday, May 29th. StockNews.com assumed coverage on shares of Surmodics in a research report on Monday. They issued a “hold” rating on the stock. Sidoti reiterated a “neutral” rating and issued a $43.00 target price on shares of Surmodics in a research report on Wednesday, May 29th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Surmodics in a research report on Wednesday, May 29th. Five investment analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Surmodics currently has an average rating of “Hold” and an average target price 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).