3D Systems gets added to S&P MidCap 400 Index
Shares of 3D Systems Corporation were up nearly 10 percent in trading Monday after Standard & Poor’s announced the 3D printer maker would be added to its MidCap 400 Index.
Headquartered in Rock Hill, S.C., 3D Systems (NYSE: DDD) manufactures and markets commercial and consumer 3D printers, printing materials and software services as well as CAD modeling, reverse engineering and inspection software tools.
The company will be added to the S&P MidCap 400 GICS Computer Hardware Sub-Industry index after the closing bell Wednesday, and will most likely attract interest from mutual funds and institutional investors.
3D Systems’ stock closed Monday at $43.17, up 8.3 percent. The 52-week stock price ranges from $17.04 to $47.99. The company has a market capitalization of $4 billion and a P/E ratio of 94.78.
The 3D printer maker is replacing real estate investment trust Macerich, which is being upgraded to the S&P 500, where it will replace Coventry Health Care, which is being acquired by Aetna. 3D Systems will be replaced in the S&P SmallCap 600 by CoreSite Realty.
Late last month, 3D Systems reported record quarterly revenue of $102.1 million, up 31 percent, on 81 percent higher printer sales.
The company reported first quarter net income dropped to $5.9 million, or 6 cents per share, but excluding one-time items, the company earned 21 cents per share meeting analysts’ expectations.
“We expect 2013 to be our most exciting and most productive new product introduction year in the history of the company,” said 3D Systems CEO Avi Reichental.
