State of Michigan Retirement System Trims Stake in Bruker Co. (NASDAQ:BRKR)

Posted by Defense World Staff on Jul 23rd, 2023

State of Michigan Retirement System reduced its position in Bruker Co. (NASDAQ:BRKR – Free Report) by 0.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,293 shares of the medical research company’s stock after selling 200 shares during the quarter. State of Michigan Retirement System’s holdings in Bruker were worth $1,994,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Citigroup Inc. grew its stake in Bruker by 86.7% in the 1st quarter. Citigroup Inc. now owns 63,071 shares of the medical research company’s stock worth $4,056,000 after acquiring an additional 29,298 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in Bruker by 8.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,904 shares of the medical research company’s stock worth $187,000 after acquiring an additional 217 shares in the last quarter. Rhumbline Advisers grew its stake in Bruker by 0.4% in the 1st quarter. Rhumbline Advisers now owns 272,946 shares of the medical research company’s stock worth $17,550,000 after acquiring an additional 989 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in Bruker by 10.5% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 37,239 shares of the medical research company’s stock worth $2,394,000 after acquiring an additional 3,551 shares in the last quarter. Finally, BlackRock Inc. grew its stake in Bruker by 2.7% in the 1st quarter. BlackRock Inc. now owns 11,135,940 shares of the medical research company’s stock worth $716,042,000 after acquiring an additional 291,386 shares in the last quarter. 69.63% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CFO Gerald N. Herman sold 14,242 shares of the firm’s stock in a transaction on Friday, June 16th. The shares were sold at an average price of $75.42, for a total transaction of $1,074,131.64. Following the completion of the transaction, the chief financial officer now owns 36,462 shares of the company’s stock, valued at $2,749,964.04. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Frank H. Laukien sold 82,795 shares of the firm’s stock in a transaction on Monday, May 1st. The shares were sold at an average price of $78.75, for a total transaction of $6,520,106.25. Following the completion of the transaction, the chief executive officer now owns 38,262,287 shares of the company’s stock, valued at $3,013,155,101.25. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Gerald N. Herman sold 14,242 shares of Bruker stock in a transaction on Friday, June 16th. The shares were sold at an average price of $75.42, for a total transaction of $1,074,131.64. Following the completion of the transaction, the chief financial officer now directly owns 36,462 shares of the company’s stock, valued at approximately $2,749,964.04. The disclosure for this sale can be found here. Over the last quarter, insiders sold 350,720 shares of company stock valued at $27,764,486. Insiders own 28.20% of the company’s stock.

Bruker Trading Down 0.5 %

NASDAQ BRKR opened at $75.37 on Friday. The company has a fifty day simple moving average of $73.67 and a two-hundred day simple moving average of $74.20. The stock has a market cap of $11.06 billion, a P/E ratio of 35.89, a P/E/G ratio of 1.58 and a beta of 1.15. Bruker Co. has a 12-month low of $48.42 and a 12-month high of $84.84. The company has a current ratio of 2.03, a quick ratio of 1.22 and a debt-to-equity ratio of 0.93.

Bruker (NASDAQ:BRKR – Get Free Report) last posted its quarterly earnings results on Thursday, May 4th. The medical research company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.09. The business had revenue of $685.30 million during the quarter, compared to analysts’ expectations of $639.63 million. Bruker had a net margin of 11.89% and a return on equity of 34.71%. The business’s quarterly revenue was up 15.2% on a year-over-year basis. During the same quarter last year, the company posted $0.49 earnings per share. On average, analysts forecast that Bruker Co. will post 2.58 earnings per share for the current year.

Bruker Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 16th. Shareholders of record on Thursday, June 1st were issued a $0.05 dividend. The ex-dividend date of this dividend was Wednesday, May 31st. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.27%. Bruker’s dividend payout ratio is currently 9.52%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on BRKR shares. UBS Group upped their target price on shares of Bruker from $92.00 to $98.00 in a research note on Friday, May 5th. The Goldman Sachs Group raised their target price on shares of Bruker from $63.00 to $70.00 and gave the company a “sell” rating in a research note on Wednesday, April 19th. Citigroup raised their target price on shares of Bruker from $90.00 to $95.00 in a research note on Friday, May 5th. Finally, StockNews.com upgraded shares of Bruker from a “buy” rating to a “strong-buy” rating in a research note on Friday, July 14th. One analyst has rated the stock with a sell rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $84.50.

About Bruker

(Free Report)

Bruker Corporation, together with its subsidiaries, develops, manufactures, and distributes scientific instruments, and analytical and diagnostic solutions in the United States and internationally. The company operates through four segments: Bruker Scientific Instruments (BSI) BioSpin, BSI CALID, BSI NANO, and Bruker Energy & Supercon Technologies.