Wellington Shields buys $13.8 Million stake in Spectranetics Corp (SPNC)

Spectranetics Corp (SPNC) : Wellington Shields scooped up 3,756 additional shares in Spectranetics Corp during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 26, 2016. The investment management firm now holds a total of 747,984 shares of Spectranetics Corp which is valued at $13.8 Million.Spectranetics Corp makes up approximately 8.98% of Wellington Shields’s portfolio.

Other Hedge Funds, Including , Iguana Healthcare Management boosted its stake in SPNC in the latest quarter, The investment management firm added 56,640 additional shares and now holds a total of 106,640 shares of Spectranetics Corp which is valued at $1.8 Million. Spectranetics Corp makes up approx 0.80% of Iguana Healthcare Management’s portfolio.Boston Private Wealth boosted its stake in SPNC in the latest quarter, The investment management firm added 1,100 additional shares and now holds a total of 24,725 shares of Spectranetics Corp which is valued at $432,440. Spectranetics Corp makes up approx 0.02% of Boston Private Wealth’s portfolio.Penn Capital Management Co Inc reduced its stake in SPNC by selling 5,066 shares or 2.01% in the most recent quarter. The Hedge Fund company now holds 247,355 shares of SPNC which is valued at $4.3 Million. Spectranetics Corp makes up approx 0.25% of Penn Capital Management Co Inc’s portfolio.Ubs Asset Management Americas Inc reduced its stake in SPNC by selling 1,200 shares or 5.66% in the most recent quarter. The Hedge Fund company now holds 19,999 shares of SPNC which is valued at $349,783. Sg Americas Securities added SPNC to its portfolio by purchasing 10,224 company shares during the most recent quarter which is valued at $178,818.

Spectranetics Corp opened for trading at $18.33 and hit $18.92 on the upside on Wednesday, eventually ending the session at $18.91, with a gain of 3.22% or 0.59 points. The heightened volatility saw the trading volume jump to 3,91,874 shares. Company has a market cap of $810 M.

On the company’s financial health, Spectranetics Corp reported $-0.32 EPS for the quarter, missing the analyst consensus estimate by $ -0.03 based on the information available during the earnings call on Apr 28, 2016. Analyst had a consensus of $-0.29. The company had revenue of $62.90 million for the quarter, compared to analysts expectations of $60.41 million. The company’s revenue was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.30 EPS.

Many Wall Street Analysts have commented on Spectranetics Corp. Spectranetics Corp was Downgraded by Craig Hallum to ” Hold” on Apr 26, 2016.

The Spectranetics Corporation develops manufactures markets and distributes single-use medical devices used in minimally invasive procedures within the cardiovascular system. The Company’s products are used to treat arterial blockages in the heart and legs and to remove pacemaker and defibrillator cardiac leads. The Company offers excimer laser system known as the CVX-300. Its Vascular Intervention business unit includes a range of peripheral and cardiac laser catheters for ablation of blockages in arteries above and below the knee (peripheral atherectomy) and within coronary arteries (coronary atherectomy); support catheters to facilitate crossing of coronary and peripheral arterial blockages (crossing solutions); and thrombectomy catheters for the removal of thrombus (thrombus management). The Company’s Lead Management business unit includes excimer laser sheaths non-laser sheaths and cardiac lead management accessories.

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