Amalgamated Bank Boosts Stock Position in Penumbra, Inc. $PEN

Amalgamated Bank grew its position in shares of Penumbra, Inc. (NYSE:PEN) by 4.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,065 shares of the company’s stock after buying an additional 866 shares during the period. Amalgamated Bank’s holdings in Penumbra were worth $4,893,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Penumbra by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 3,675,349 shares of the company’s stock valued at $982,825,000 after buying an additional 24,727 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Penumbra by 437.0% during the 1st quarter. JPMorgan Chase & Co. now owns 703,634 shares of the company’s stock valued at $188,159,000 after buying an additional 572,606 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Penumbra by 0.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 322,030 shares of the company’s stock valued at $80,726,000 after buying an additional 984 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Penumbra by 4.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 283,821 shares of the company’s stock valued at $75,897,000 after buying an additional 12,247 shares during the last quarter. Finally, Lord Abbett & CO. LLC purchased a new position in shares of Penumbra during the 1st quarter valued at $63,731,000. Hedge funds and other institutional investors own 88.88% of the company’s stock.

Insider Transactions at Penumbra

In other Penumbra news, Director Thomas Wilder sold 186 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $253.93, for a total value of $47,230.98. Following the sale, the director owned 186 shares of the company’s stock, valued at $47,230.98. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Arani Bose sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $250.65, for a total value of $3,007,800.00. Following the completion of the sale, the director directly owned 558 shares in the company, valued at approximately $139,862.70. The trade was a 95.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 64,460 shares of company stock worth $16,322,614. 4.20% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on PEN. Morgan Stanley upped their price target on Penumbra from $260.00 to $266.00 and gave the company an “equal weight” rating in a research report on Thursday, July 31st. Evercore ISI dropped their price target on Penumbra from $300.00 to $285.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 7th. Wall Street Zen cut Penumbra from a “buy” rating to a “hold” rating in a report on Saturday. Wells Fargo & Company set a $290.00 price objective on Penumbra in a report on Wednesday, October 1st. Finally, Canaccord Genuity Group set a $350.00 price objective on Penumbra and gave the stock a “buy” rating in a report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $305.94.

Penumbra Stock Performance

Shares of PEN opened at $227.34 on Friday. The stock’s 50-day simple moving average is $258.44 and its 200 day simple moving average is $259.62. The stock has a market capitalization of $8.87 billion, a price-to-earnings ratio of 60.46, a price-to-earnings-growth ratio of 2.10 and a beta of 0.41. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.04 and a current ratio of 6.75. Penumbra, Inc. has a 52-week low of $207.58 and a 52-week high of $310.00.

Penumbra Company Profile

Penumbra, Inc, together with its subsidiaries, designs, develops, manufactures, and markets medical devices in the United States and internationally. The company offers peripheral products, including the Indigo System for power aspiration of thrombus in the body; Lightning Flash, a mechanical thrombectomy system; Lightning Bolt 7, an arterial thrombectomy system; and CAT RX.