Penumbra Inc (PEN) Stake Lessened by Rhumbline Advisers
Rhumbline Advisers trimmed its position in shares of Penumbra Inc (NYSE:PEN) by 18.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 33,500 shares of the company’s stock after selling 7,683 shares during the quarter. Rhumbline Advisers owned 0.10% of Penumbra worth $5,015,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of the company. Picton Mahoney Asset Management acquired a new stake in shares of Penumbra in the third quarter worth $1,931,000. Los Angeles Capital Management & Equity Research Inc. increased its position in shares of Penumbra by 330.1% in the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 187,767 shares of the company’s stock worth $28,109,000 after acquiring an additional 144,111 shares in the last quarter. Virginia Retirement Systems ET AL acquired a new stake in shares of Penumbra in the third quarter worth $1,602,000. American Century Companies Inc. increased its position in shares of Penumbra by 6.6% in the third quarter. American Century Companies Inc. now owns 340,240 shares of the company’s stock worth $50,934,000 after acquiring an additional 21,064 shares in the last quarter. Finally, Wells Fargo & Company MN increased its position in shares of Penumbra by 16.3% in the third quarter. Wells Fargo & Company MN now owns 34,160 shares of the company’s stock worth $5,115,000 after acquiring an additional 4,794 shares in the last quarter. Institutional investors and hedge funds own 72.37% of the company’s stock.
PEN has been the subject of several recent research reports. Zacks Investment Research lowered shares of Penumbra from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 10th. Bank of America reissued a “buy” rating and issued a $36.00 price objective on shares of Penumbra in a research report on Monday, October 29th. ValuEngine raised shares of Penumbra from a “hold” rating to a “buy” rating in a research report on Wednesday, September 12th. BMO Capital Markets increased their price objective on shares of Penumbra from $150.00 to $152.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 6th. Finally, Royal Bank of Canada initiated coverage on shares of Penumbra in a research report on Monday, October 8th. They issued an “outperform” rating and a $174.00 price objective for the company. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $145.57.
Penumbra (NYSE:PEN) last announced its earnings results on Monday, November 5th. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.14. The business had revenue of $111.80 million during the quarter, compared to the consensus estimate of $103.59 million. Penumbra had a net margin of 2.15% and a return on equity of 4.21%. The business’s quarterly revenue was up 33.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.01 earnings per share. As a group, analysts anticipate that Penumbra Inc will post 0.47 EPS for the current fiscal year.
In other news, Director Harpreet Grewal sold 665 shares of the company’s stock in a transaction on Tuesday, October 2nd. The shares were sold at an average price of $148.58, for a total value of $98,805.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Bridget O’rourke sold 1,200 shares of the company’s stock in a transaction on Monday, December 3rd. The shares were sold at an average price of $142.19, for a total transaction of $170,628.00. The disclosure for this sale can be found here. Insiders sold 2,865 shares of company stock valued at $419,434 over the last 90 days. Insiders own 10.70% of the company’s stock.
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Penumbra, Inc designs, develops, manufactures, and markets medical devices in the United States, Europe, Canada, Australia, Japan, and internationally. The company offers neurovascular access systems designed to provide intracranial access for use in a range of neurovascular therapies under the Neuron, Neuron MAX, Select, BENCHMARK, DDC, and PX SLIM brands; aspiration based thrombectomy systems and accessory devices, including revascularization device for mechanical thrombectomy, such as Penumbra System under the ACE and the 3D Revascularization Device brands.
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