Bank of New York Mellon Corp Decreases Holdings in Proto Labs, Inc. (NYSE:PRLB)

Bank of New York Mellon Corp trimmed its stake in shares of Proto Labs, Inc. (NYSE:PRLB) by 3.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 164,255 shares of the industrial products company’s stock after selling 6,597 shares during the period. Bank of New York Mellon Corp’s holdings in Proto Labs were worth $6,421,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Principal Financial Group Inc. increased its position in Proto Labs by 0.3% during the fourth 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 during the last quarter. Rhumbline Advisers lifted its stake in Proto Labs by 0.4% in the fourth quarter. Rhumbline Advisers now owns 78,783 shares of the industrial products company’s stock worth $3,080,000 after acquiring an additional 303 shares during the last quarter. Tidal Investments LLC lifted its stake in Proto Labs by 1.7% in the third quarter. Tidal Investments LLC now owns 30,156 shares of the industrial products company’s stock worth $886,000 after acquiring an additional 494 shares during the last quarter. KBC Group NV raised its holdings in Proto Labs by 69.3% during the third quarter. KBC Group NV now owns 1,541 shares of the industrial products company’s stock worth $45,000 after purchasing an additional 631 shares in the last quarter. Finally, Franklin Resources Inc. raised its holdings in Proto Labs by 8.2% during the third quarter. Franklin Resources Inc. now owns 12,989 shares of the industrial products company’s stock worth $370,000 after purchasing an additional 980 shares in the last quarter. 84.54% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on PRLB shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Proto Labs in a report on Friday, February 7th. Cantor Fitzgerald boosted their price objective 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. Finally, StockNews.com upgraded shares of Proto Labs from a “buy” rating to a “strong-buy” rating in a report on Friday, March 7th. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Proto Labs presently has a consensus rating of “Moderate Buy” and an average price target of $43.67.

Proto Labs Price Performance

Shares of NYSE:PRLB opened at $36.53 on Monday. The firm has a market capitalization of $885.28 million, a PE ratio of 56.20 and a beta of 1.45. The business has a 50-day moving average of $40.13 and a two-hundred day moving average of $36.48. Proto Labs, Inc. has a 12 month low of $25.76 and a 12 month high of $46.73.

Proto Labs announced that its Board of Directors has approved a stock buyback program on Friday, February 7th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the industrial products company to repurchase up to 9.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors 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.