Abaxis Inc. (ABAX) Upgraded to “Hold” by Zacks Investment Research
According to Zacks, “We are impressed with the strong cash position of Abaxis, which is evident from management’s decision to increase the share repurchase fund, which gives us an optimistic outlook. Further, on a year-over-year basis a strong outcome has been observed, with global sales improving across all Abaxis’ segments as well as in geographical bases. In particular a specific rebound witnessed in Europe’s veterinary rotor units’ sales is encouraging as Abaxis had displayed a dreary performance in the region in the past two quarters. Moreover, Abaxis faced a challenging year over year comparison in sales of veterinary rotors in the Asia Pacific region this quarter but going ahead, for the remaining quarters of fiscal 2017 management anticipates improved outcome in this space.”
ABAX has been the subject of several other reports. Feltl & Co. downgraded Abaxis from a hold rating to a sell rating in a report on Friday, July 22nd. TheStreet raised Abaxis from a hold rating to a buy rating in a report on Thursday, June 9th. Finally, Credit Suisse Group AG reissued a sell rating and issued a $39.00 price objective on shares of Abaxis in a report on Tuesday, August 16th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. Abaxis has an average rating of Hold and a consensus target price of $45.30.
Abaxis (NASDAQ:ABAX) traded up 0.08% during trading on Tuesday, reaching $50.88. 18,166 shares of the company’s stock traded hands. The company has a 50-day moving average price of $49.85 and a 200 day moving average price of $47.14. The firm has a market capitalization of $1.15 billion, a PE ratio of 37.00 and a beta of 1.02. Abaxis has a one year low of $37.71 and a one year high of $58.15.
Abaxis (NASDAQ:ABAX) last posted its quarterly earnings data on Thursday, July 21st. The company reported $0.30 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by $0.02. The firm earned $57.70 million during the quarter, compared to analyst estimates of $58.70 million. Abaxis had a net margin of 14.10% and a return on equity of 13.03%. During the same period in the previous year, the company posted $0.31 earnings per share. On average, analysts anticipate that Abaxis will post $1.36 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.94%. The ex-dividend date was Tuesday, August 30th. Abaxis’s payout ratio is 34.78%.
In other news, insider Donald Peter Wood sold 8,500 shares of the firm’s stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $50.21, for a total value of $426,785.00. Following the completion of the transaction, the insider now owns 52,618 shares in the company, valued at $2,641,949.78. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Prithipal Singh sold 1,500 shares of the firm’s stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $50.30, for a total value of $75,450.00. Following the completion of the transaction, the director now owns 43,500 shares of the company’s stock, valued at approximately $2,188,050. The disclosure for this sale can be found here. 4.10% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Kayne Anderson Rudnick Investment Management LLC boosted its position in shares of Abaxis by 32.2% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,447,555 shares of the company’s stock worth $115,598,000 after buying an additional 596,156 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Abaxis by 10,732.9% in the first quarter. JPMorgan Chase & Co. now owns 243,957 shares of the company’s stock worth $11,073,000 after buying an additional 241,705 shares in the last quarter. Champlain Investment Partners LLC purchased a new position in shares of Abaxis during the first quarter worth $8,190,000. Copeland Capital Management LLC boosted its position in shares of Abaxis by 48.1% in the second quarter. Copeland Capital Management LLC now owns 357,070 shares of the company’s stock worth $16,864,000 after buying an additional 115,896 shares in the last quarter. Finally, Emerald Acquisition Ltd. purchased a new position in shares of Abaxis during the second quarter worth $4,689,000. Institutional investors and hedge funds own 99.03% of the company’s stock.
Abaxis, Inc is a developer, manufacturer and marketer of portable blood analysis systems that are used in medical specialties in human or veterinary patient care to provide clinicians with blood constituent measurements. The Company markets and sells its products around the world through independent distributors and direct sales force.
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