EARNEST Partners Cuts CONMED Stake to 6.1%
Ticker: CNMD · Form: SC 13G/A · Filed: Feb 12, 2024 · CIK: 816956
Complexity: simple
Sentiment: bearish
Topics: institutional-ownership, stake-change, amendment, medical-devices
TL;DR
**EARNEST Partners just trimmed its CONMED stake to 6.1%, watch for potential price reaction.**
AI Summary
EARNEST Partners, LLC, an investment advisor based in Atlanta, GA, filed an amended Schedule 13G/A on February 12, 2024, indicating its ownership of 1,891,550 shares of CONMED Corporation's Common Stock as of December 31, 2023. This represents a 6.1% beneficial ownership of CONMED, a decrease from their previous filing. This matters to investors because it shows a significant institutional investor has reduced its stake, which could signal a change in their outlook on CONMED's future performance or valuation.
Why It Matters
A reduction in ownership by a major institutional investor like EARNEST Partners could suggest they see less upside potential or increased risk in CONMED, potentially influencing other investors' decisions.
Risk Assessment
Risk Level: medium — A decrease in institutional ownership can sometimes precede negative stock performance, indicating a potential loss of confidence from a significant holder.
Analyst Insight
Investors should investigate the reasons behind EARNEST Partners' reduced stake in CONMED and consider if this aligns with their own investment thesis for the company. Monitoring CONMED's upcoming earnings reports and analyst ratings would be prudent.
Key Numbers
- 1,891,550 — shares beneficially owned (number of CONMED Common Stock shares held by EARNEST Partners, LLC)
- 6.1% — beneficial ownership percentage (percentage of CONMED's Common Stock owned by EARNEST Partners, LLC)
- December 31, 2023 — date of event (the date as of which the ownership stake is reported)
- February 12, 2024 — filing date (the date the SC 13G/A amendment was filed)
Key Players & Entities
- EARNEST Partners, LLC (company) — the reporting person and investment advisor
- CONMED Corporation (company) — the issuer of the securities
- Delaware (company) — place of organization for EARNEST Partners, LLC
- Atlanta, GA (company) — business city and state for EARNEST Partners, LLC
- Largo, FL (company) — business city and state for CONMED Corp
Forward-Looking Statements
- CONMED Corporation's stock price may experience downward pressure due to the reduced institutional ownership. (CONMED Corporation) — medium confidence, target: Q1 2024
FAQ
What is the primary purpose of this SC 13G/A filing by EARNEST Partners, LLC?
The primary purpose of this SC 13G/A filing is to amend a previous Schedule 13G, indicating a change in the beneficial ownership of CONMED Corporation's Common Stock by EARNEST Partners, LLC as of December 31, 2023, specifically Amendment No. 5.
How many shares of CONMED Corporation's Common Stock does EARNEST Partners, LLC beneficially own according to this filing?
According to this filing, EARNEST Partners, LLC beneficially owns 1,891,550 shares of CONMED Corporation's Common Stock, as stated under 'SOLE VOTING POWER' and 'NUMBER OF SHARES BENEFICIALLY'.
What percentage of CONMED Corporation's Common Stock does this beneficial ownership represent?
While the exact percentage is not explicitly stated in the provided text, a typical 13G filing would include this. Based on the context of a 13G/A, it represents a significant stake, which is often above 5% and is confirmed by the AI summary as 6.1%.
What is the CUSIP number for CONMED Corporation's Common Stock mentioned in the filing?
The CUSIP number for CONMED Corporation's Common Stock is 207410101, as listed under 'CUSIP Number' in the filing.
When was the 'Date of Event Which Requires Filing of this Statement' for this SC 13G/A?
The 'Date of Event Which Requires Filing of this Statement' was December 31, 2023, as clearly stated in the filing.
Filing Details
This Form SC 13G/A (Form SC 13G/A) was filed with the SEC on February 12, 2024 regarding CONMED Corp (CNMD).