Bank of New York Mellon Corp Invests $6.58 Million in STAAR Surgical Company $STAA

Key Points

• Bank of New York Mellon purchased 229,278 shares of STAAR Surgical, worth approximately $6.58 million, giving it a 0.46% stake. Institutional investors collectively own 96.70% of the company.
• Analyst sentiment remains mixed, with an overall “Hold” rating and an average price target of $28.40; recent targets range from $25 to $37.
• STAAR Surgical exceeded quarterly earnings expectations, reporting $0.39 in EPS versus a $0.22 consensus estimate, while revenue rose 111.1% year over year to $93.53 million.

Bank of New York Mellon Corp purchased a new stake in shares of STAAR Surgical Company (NASDAQ:STAA - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 229,278 shares of the medical instruments supplier's stock, valued at approximately $6,578,000. Bank of New York Mellon Corp owned about 0.46% of STAAR Surgical at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of STAA. Caitong International Asset Management Co. Ltd raised its stake in STAAR Surgical by 2,605.1% during the third quarter. Caitong International Asset Management Co. Ltd now owns 1,055 shares of the medical instruments supplier's stock worth $28,000 after purchasing an additional 1,016 shares during the period. Ascentis Independent Advisors purchased a new stake in shares of STAAR Surgical in the 1st quarter valued at approximately $77,000. Tower Research Capital LLC TRC increased its holdings in shares of STAAR Surgical by 375.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,919 shares of the medical instruments supplier's stock worth $99,000 after buying an additional 4,673 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in shares of STAAR Surgical by 9,928.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 4,513 shares of the medical instruments supplier's stock worth $121,000 after buying an additional 4,468 shares during the last quarter. Finally, Fifth Third Bancorp raised its position in shares of STAAR Surgical by 2,867.1% during the 1st quarter. Fifth Third Bancorp now owns 11,008 shares of the medical instruments supplier's stock valued at $206,000 after buying an additional 10,637 shares during the period. Hedge funds and other institutional investors own 96.70% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on STAA. Wells Fargo & Company increased their price objective on STAAR Surgical from $16.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Friday, May 15th. Weiss Ratings upgraded STAAR Surgical from a "sell (d-)" rating to a "sell (d+)" rating in a report on Thursday, August 13th. Wedbush cut their price objective on STAAR Surgical from $40.00 to $37.00 and set an "outperform" rating for the company in a research report on Thursday, August 13th. Stifel Nicolaus reduced their price objective on shares of STAAR Surgical from $31.00 to $28.00 and set a "hold" rating on the stock in a report on Monday, August 17th. Finally, UBS Group set a $28.00 price objective on shares of STAAR Surgical in a report on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $28.40.

STAAR Surgical Stock Up 2.0%

NASDAQ:STAA opened at $23.58 on Friday. The stock's fifty day moving average is $25.17 and its two-hundred day moving average is $24.72. STAAR Surgical Company has a 52 week low of $15.59 and a 52 week high of $35.87. The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of 336.91 and a beta of 1.21.

STAAR Surgical (NASDAQ:STAA - Get Free Report) last released its quarterly earnings results on Wednesday, August 12th. The medical instruments supplier reported $0.39 EPS for the quarter, topping the consensus estimate of $0.22 by $0.17. STAAR Surgical had a return on equity of 9.05% and a net margin of 1.13%.The business had revenue of $93.53 million during the quarter, compared to analyst estimates of $90.60 million. During the same period last year, the business posted ($0.34) earnings per share. The company's quarterly revenue was up 111.1% on a year-over-year basis. On average, sell-side analysts expect that STAAR Surgical Company will post 0.39 EPS for the current fiscal year.

About STAAR Surgical

STAAR Surgical Company, together with its subsidiaries, designs, develops, manufactures, markets, and sells implantable lenses for the eye, and companion delivery systems to deliver the lenses into the eye. The company provides implantable Collamer lens product family (ICLs) to treat visual disorders, such as myopia, hyperopia, astigmatism, and presbyopia. It markets its products to health care providers, including ophthalmic surgeons, vision and surgical centers, hospitals, government facilities, and distributors, as well as products are primarily used by ophthalmologists.

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