Zacks Investment Research Upgrades Bio-Rad Laboratories Inc. (BIO) to “Hold”
Bio-Rad Laboratories Inc. (NYSE:BIO) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “Bio-Rad Laboratories, Inc., together with its subsidiaries, engages in the manufacture and supply of products and systems for the life science research, healthcare, analytical chemistry, and other markets worldwide. The company’s products are used to separate complex chemical and biological materials, and to identify, analyze, and purify their components. It operates in two segments, Life Science and Clinical Diagnostics. The Life Science segment offers electrophoresis, image analysis, molecular detection, chromatography, gene transfer, sample preparation, and amplification products and services. The Clinical Diagnostics segment provides control, autoimmune, diabetes, and blood virus testing products. Bio-Rad is renowned worldwide among hospitals, universities, major research institutions, as well as biotechnology and pharmaceutical companies for its commitment to quality and customer service. The company is headquartered in Hercules, California. “
Several other research firms have also recently weighed in on BIO. CL King assumed coverage on Bio-Rad Laboratories in a research note on Wednesday, October 12th. They set a “buy” rating and a $180.00 target price on the stock. Jefferies Group lifted their target price on Bio-Rad Laboratories from $200.00 to $225.00 and gave the company a “buy” rating in a research note on Wednesday, September 7th.
Shares of Bio-Rad Laboratories (NYSE:BIO) opened at 170.85 on Tuesday. The stock’s 50 day moving average is $162.39 and its 200-day moving average is $151.24. The stock has a market cap of $5.05 billion, a price-to-earnings ratio of 51.40 and a beta of 0.88. Bio-Rad Laboratories has a 1-year low of $122.03 and a 1-year high of $174.02.
Bio-Rad Laboratories (NYSE:BIO) last released its earnings results on Tuesday, November 1st. The company reported $0.62 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.11. Bio-Rad Laboratories had a return on equity of 3.79% and a net margin of 4.75%. The company had revenue of $508.75 million for the quarter, compared to analysts’ expectations of $480.60 million. During the same quarter in the previous year, the business posted $0.59 EPS. The business’s revenue for the quarter was up 8.3% on a year-over-year basis. On average, analysts anticipate that Bio-Rad Laboratories will post $2.94 EPS for the current year.
In related news, VP James R. Stark sold 1,299 shares of the business’s stock in a transaction that occurred on Wednesday, November 9th. The stock was sold at an average price of $171.42, for a total value of $222,674.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 28.38% of the stock is owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. Advisors Asset Management Inc. boosted its stake in shares of Bio-Rad Laboratories by 22.3% in the second quarter. Advisors Asset Management Inc. now owns 734 shares of the company’s stock valued at $105,000 after buying an additional 134 shares during the last quarter. Advisor Group Inc. purchased a new stake in shares of Bio-Rad Laboratories during the second quarter valued at approximately $108,000. Tower Research Capital LLC TRC boosted its stake in shares of Bio-Rad Laboratories by 1,328.3% in the third quarter. Tower Research Capital LLC TRC now owns 657 shares of the company’s stock valued at $108,000 after buying an additional 611 shares during the last quarter. Barclays PLC boosted its stake in shares of Bio-Rad Laboratories by 48.8% in the second quarter. Barclays PLC now owns 1,052 shares of the company’s stock valued at $149,000 after buying an additional 345 shares during the last quarter. Finally, Meeder Asset Management Inc. boosted its stake in shares of Bio-Rad Laboratories by 10,254.5% in the first quarter. Meeder Asset Management Inc. now owns 1,139 shares of the company’s stock valued at $156,000 after buying an additional 1,128 shares during the last quarter. 62.69% of the stock is owned by institutional investors and hedge funds.
About Bio-Rad Laboratories
Bio-Rad Laboratories, Inc (Bio-Rad) is a manufacturer and distributor of life science research and clinical diagnostics products. The Company manufactures and supplies the life science research, healthcare, analytical chemistry and other markets with a range of products and systems used to separate complex chemical and biological materials and to identify, analyze and purify their components.
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