Meeder Asset Management Inc. Increases Holdings in Proto Labs, Inc. (NYSE:PRLB)

Meeder Asset Management Inc. boosted its position in Proto Labs, Inc. (NYSE:PRLB) by 192.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,036 shares of the industrial products company’s stock after buying an additional 8,571 shares during the quarter. Meeder Asset Management Inc. owned approximately 0.05% of Proto Labs worth $510,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Arrowstreet Capital Limited Partnership boosted its stake in shares of Proto Labs by 348.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 212,914 shares of the industrial products company’s stock valued at $8,323,000 after purchasing an additional 165,396 shares in the last quarter. Norges Bank bought a new position in shares of Proto Labs during the fourth quarter valued at about $1,947,000. LPL Financial LLC purchased a new position in shares of Proto Labs in the fourth quarter worth about $210,000. KLP Kapitalforvaltning AS bought a new stake in shares of Proto Labs in the 4th quarter valued at about $192,000. Finally, Hillsdale Investment Management Inc. boosted its holdings in Proto Labs by 0.8% during the 4th quarter. Hillsdale Investment Management Inc. now owns 115,724 shares of the industrial products company’s stock valued at $4,524,000 after acquiring an additional 900 shares during the period. 84.54% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on the company. StockNews.com upgraded Proto Labs from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 7th. Needham & Company LLC reissued a “hold” rating on shares of Proto Labs in a research report on Friday, February 7th. Finally, Cantor Fitzgerald boosted their price objective on shares of Proto Labs from $40.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, February 10th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.67.

Proto Labs Stock Down 1.9 %

Shares of PRLB stock opened at $35.06 on Tuesday. The firm has a market capitalization of $849.71 million, a price-to-earnings ratio of 53.95 and a beta of 1.45. The stock has a fifty day moving average of $39.82 and a 200 day moving average of $37.03. Proto Labs, Inc. has a 52 week low of $25.76 and a 52 week high of $46.73.

Proto Labs announced that its Board of Directors has authorized a share repurchase plan on Friday, February 7th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to reacquire up to 9.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management 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.