Proto Labs, Inc. (NYSE:PRLB) Position Increased by Bank of America Corp DE

Bank of America Corp DE lifted its stake in shares of Proto Labs, Inc. (NYSE:PRLB - Free Report) by 109.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 54,447 shares of the industrial products company's stock after acquiring an additional 28,407 shares during the period. Bank of America Corp DE owned 0.22% of Proto Labs worth $2,128,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Janney Montgomery Scott LLC increased its position in Proto Labs by 6.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 20,164 shares of the industrial products company's stock worth $788,000 after purchasing an additional 1,147 shares in the last quarter. Empowered Funds LLC increased its position in Proto Labs by 544.3% during the 4th quarter. Empowered Funds LLC now owns 95,359 shares of the industrial products company's stock worth $3,728,000 after purchasing an additional 80,558 shares in the last quarter. Rhumbline Advisers increased its position in 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 purchasing an additional 303 shares in the last quarter. Principal Financial Group Inc. increased its position in Proto Labs by 0.3% during 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 in the last quarter. Finally, Rice Hall James & Associates LLC acquired a new stake in Proto Labs during the 4th quarter worth approximately $5,972,000. 84.54% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PRLB has been the subject of a number of research analyst reports. Cantor Fitzgerald increased their target price on shares of Proto Labs from $40.00 to $50.00 and gave the stock an "overweight" rating in a research report on Monday, February 10th. Wall Street Zen raised shares of Proto Labs from a "buy" rating to a "strong-buy" rating in a research report on Tuesday, May 6th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Proto Labs in a research report on Friday, February 7th.

Proto Labs Trading Up 2.6%

NYSE:PRLB traded up $0.97 during trading hours on Friday, hitting $38.28. The stock had a trading volume of 235,552 shares, compared to its average volume of 240,259. Proto Labs, Inc. has a 1-year low of $25.76 and a 1-year high of $46.73. The business has a 50 day simple moving average of $36.51 and a two-hundred day simple moving average of $38.83. The company has a market cap of $909.95 million, a PE ratio of 58.89 and a beta of 1.31.

Proto Labs (NYSE:PRLB - Get Free Report) last issued its quarterly earnings data on Friday, May 2nd. The industrial products company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.04. Proto Labs had a net margin of 3.31% and a return on equity of 2.44%. The company had revenue of $126.21 million during the quarter, compared to the consensus estimate of $123.71 million. During the same quarter last year, the company earned $0.40 earnings per share. Proto Labs's revenue for the quarter was down 1.3% on a year-over-year basis. Research analysts expect that Proto Labs, Inc. will post 0.81 EPS for the current fiscal year.

Proto Labs declared that its board has approved a stock buyback plan on Friday, February 7th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the industrial products company to repurchase up to 9.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is 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.