Kornitzer Capital Management Inc. KS Boosts Stake in STAAR Surgical (NASDAQ:STAA)

Kornitzer Capital Management Inc. KS grew its stake in STAAR Surgical (NASDAQ:STAA) by 1.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 164,625 shares of the medical instruments supplier’s stock after buying an additional 1,900 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in STAAR Surgical were worth $6,116,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Susquehanna Fundamental Investments LLC purchased a new position in shares of STAAR Surgical in the first quarter worth $2,731,000. Mutual of America Capital Management LLC raised its holdings in shares of STAAR Surgical by 214.7% in the second quarter. Mutual of America Capital Management LLC now owns 26,459 shares of the medical instruments supplier’s stock worth $1,260,000 after buying an additional 18,051 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of STAAR Surgical by 1.5% in the first quarter. Russell Investments Group Ltd. now owns 36,931 shares of the medical instruments supplier’s stock worth $1,406,000 after buying an additional 555 shares during the last quarter. Algert Global LLC raised its holdings in shares of STAAR Surgical by 13.5% in the second quarter. Algert Global LLC now owns 116,655 shares of the medical instruments supplier’s stock worth $5,554,000 after buying an additional 13,901 shares during the last quarter. Finally, ClariVest Asset Management LLC purchased a new position in shares of STAAR Surgical in the second quarter worth $1,223,000. Hedge funds and other institutional investors own 96.70% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Stifel Nicolaus reduced their target price on shares of STAAR Surgical from $50.00 to $44.00 and set a “buy” rating for the company in a report on Monday, August 26th. Canaccord Genuity Group reduced their target price on shares of STAAR Surgical from $41.00 to $31.00 and set a “hold” rating for the company in a report on Friday, November 1st. Morgan Stanley cut shares of STAAR Surgical from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $50.00 to $37.00 in a report on Monday, July 15th. BTIG Research raised their target price on shares of STAAR Surgical from $46.00 to $53.00 and gave the stock a “buy” rating in a report on Monday, July 15th. Finally, Needham & Company LLC reissued a “hold” rating on shares of STAAR Surgical in a report on Thursday, October 31st. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $43.33.

Insider Activity

In related news, Director Arthur C. Butcher bought 1,315 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were acquired at an average price of $37.99 per share, for a total transaction of $49,956.85. Following the completion of the transaction, the director now directly owns 4,208 shares in the company, valued at $159,861.92. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.00% of the company’s stock.

STAAR Surgical Stock Up 1.9 %

Shares of NASDAQ STAA opened at $31.46 on Friday. The company’s 50-day simple moving average is $31.71 and its 200-day simple moving average is $38.12. STAAR Surgical has a 52-week low of $26.66 and a 52-week high of $52.68. The firm has a market cap of $1.55 billion, a price-to-earnings ratio of 71.50 and a beta of 0.61.

STAAR Surgical (NASDAQ:STAA) last announced its earnings results on Wednesday, August 7th. The medical instruments supplier reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.09). STAAR Surgical had a net margin of 6.38% and a return on equity of 6.77%. The company had revenue of $99.01 million during the quarter, compared to analyst estimates of $95.22 million. During the same quarter last year, the business earned $0.23 EPS. The firm’s revenue for the quarter was up 7.3% compared to the same quarter last year. Equities research analysts anticipate that STAAR Surgical will post 0.16 EPS for the current fiscal year.

About STAAR Surgical

STAAR Surgical Company, together with its subsidiaries, designs, develops, manufactures, markets, and sells implantable lenses for the eye, and companion delivery systems to deliver the lenses into the eye. The company provides implantable Collamer lens product family (ICLs) to treat visual disorders, such as myopia, hyperopia, astigmatism, and presbyopia.