Millennium Management LLC Lowers Position in Proto Labs, Inc. (NYSE:PRLB)

Millennium Management LLC cut its position in shares of Proto Labs, Inc. (NYSE:PRLB) by 28.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 31,011 shares of the industrial products company’s stock after selling 12,609 shares during the quarter. Millennium Management LLC owned approximately 0.13% of Proto Labs worth $1,212,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Sterling Capital Management LLC grew its position in shares of Proto Labs by 764.1% in the 4th quarter. Sterling Capital Management LLC now owns 795 shares of the industrial products company’s stock worth $31,000 after buying an additional 703 shares during the last quarter. Quarry LP grew its holdings in shares of Proto Labs by 175.7% in the fourth quarter. Quarry LP now owns 1,585 shares of the industrial products company’s stock worth $62,000 after acquiring an additional 1,010 shares during the period. KLP Kapitalforvaltning AS bought a new stake in Proto Labs during the fourth quarter valued at about $192,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in Proto Labs during the fourth quarter valued at about $205,000. Finally, LPL Financial LLC bought a new stake in Proto Labs during the fourth quarter valued at about $210,000. 84.54% of the stock is currently owned by institutional investors.

Proto Labs Price Performance

Proto Labs stock opened at $37.83 on Thursday. The stock has a market capitalization of $899.26 million, a price-to-earnings ratio of 58.20 and a beta of 1.37. Proto Labs, Inc. has a 1-year low of $25.76 and a 1-year high of $46.73. The business has a fifty day moving average price of $36.40 and a 200-day moving average price of $38.82.

Proto Labs (NYSE:PRLB) last issued its earnings results on Friday, May 2nd. The industrial products company reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The company had revenue of $126.21 million during the quarter, compared to analyst estimates of $123.71 million. Proto Labs had a return on equity of 2.44% and a net margin of 3.31%. The firm’s quarterly revenue was down 1.3% on a year-over-year basis. During the same quarter last year, the business posted $0.40 EPS. On average, equities research analysts anticipate that Proto Labs, Inc. will post 0.81 earnings per share for the current fiscal year.

Proto Labs announced that its board has approved a share buyback plan on Friday, February 7th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the industrial products company to purchase up to 9.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on PRLB shares. Wall Street Zen upgraded Proto Labs from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, May 6th. Cantor Fitzgerald increased their price objective on Proto Labs from $40.00 to $50.00 and gave the stock an “overweight” rating in a research note on Monday, February 10th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Proto Labs in a research report on Friday, February 7th.

Proto Labs Company 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.