Trigran Investments Inc. Reduces Stock Position in Surmodics, Inc. (NASDAQ:SRDX)

Trigran Investments Inc. lessened its stake in shares of Surmodics, Inc. (NASDAQ:SRDX - Free Report) by 32.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 368,215 shares of the company's stock after selling 175,127 shares during the quarter. Surmodics comprises approximately 1.7% of Trigran Investments Inc.'s portfolio, making the stock its 17th biggest position. Trigran Investments Inc. owned about 2.57% of Surmodics worth $14,581,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. State Street Corp raised its stake in shares of Surmodics by 19.2% during the 3rd quarter. State Street Corp now owns 374,068 shares of the company's stock worth $14,506,000 after buying an additional 60,240 shares in the last quarter. Gabelli Funds LLC grew its holdings in Surmodics by 3.7% during the fourth quarter. Gabelli Funds LLC now owns 339,959 shares of the company's stock worth $13,462,000 after acquiring an additional 12,250 shares during the period. Gardner Lewis Asset Management L P raised its position in Surmodics by 23.5% in the fourth quarter. Gardner Lewis Asset Management L P now owns 262,878 shares of the company's stock worth $10,410,000 after acquiring an additional 49,944 shares in the last quarter. Oddo BHF Asset Management Sas purchased a new position in Surmodics in the third quarter worth $6,593,000. Finally, GABELLI & Co INVESTMENT ADVISERS INC. lifted its holdings in Surmodics by 6.4% in the fourth quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 129,237 shares of the company's stock valued at $5,118,000 after acquiring an additional 7,800 shares during the period. 96.63% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on SRDX shares. Needham & Company LLC reaffirmed a "hold" rating on shares of Surmodics in a research note on Thursday, January 30th. StockNews.com assumed coverage on shares of Surmodics in a research report on Monday, February 3rd. They set a "hold" rating on the stock. Finally, Lake Street Capital upgraded shares of Surmodics from a "hold" rating to a "buy" rating and set a $43.00 price target for the company in a research report on Friday, March 7th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat, Surmodics currently has a consensus rating of "Hold" and a consensus target price of $50.00.

Surmodics Price Performance

Shares of NASDAQ:SRDX traded up $0.04 during midday trading on Friday, hitting $29.44. 22,985 shares of the stock were exchanged, compared to its average volume of 277,136. Surmodics, Inc. has a twelve month low of $25.17 and a twelve month high of $42.44. The company has a current ratio of 5.45, a quick ratio of 4.29 and a debt-to-equity ratio of 0.26. The company has a 50 day moving average price of $30.09 and a 200-day moving average price of $35.30. The stock has a market cap of $420.80 million, a P/E ratio of -29.14 and a beta of 1.30.

Surmodics (NASDAQ:SRDX - Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.04. Surmodics had a negative net margin of 11.48% and a negative return on equity of 4.39%. On average, research analysts forecast that Surmodics, Inc. will post 0.2 earnings per share for the current year.

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).