Luminex Corp. (LMNX) Downgraded by Zacks Investment Research to Hold
Luminex Corp. (NASDAQ:LMNX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “In the past six months, Luminex’s share price over performed the broader industry trend. However, in the last 30 days, earnings estimates have been moved downwards reflecting sluggish third quarter performance. We note that, Luminex reported dismal third quarter 2016 results, missing the Zacks Consensus Estimates on both lines. However, the company raised its revenue guidance for the full-year of 2016. We believe that Luminex's Assay business will be its key growth driver over the long term. We are also optimistic with regard to the company’s products – ARIES and NxTAG RPP, which represent a major revenue opportunity for Luminex. These products will considerably expand the company’s addressable market in the long run. Moreover, the recently completed Nanosphere acquisition expands Luminex's product portfolio. We are also bullish on the company’s promising financial position, which is with no debt, at the end of the”
LMNX has been the subject of a number of other research reports. JPMorgan Chase & Co. upgraded Luminex Corp. from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $18.00 to $22.00 in a research note on Thursday, August 18th. Avondale Partners began coverage on Luminex Corp. in a research note on Wednesday, October 12th. They issued an “outperform” rating and a $27.00 price objective for the company. Finally, William Blair reiterated a “market perform” rating on shares of Luminex Corp. in a research note on Tuesday, November 1st. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $23.00.
Shares of Luminex Corp. (NASDAQ:LMNX) traded up 2.11% on Tuesday, hitting $20.78. The stock had a trading volume of 62,327 shares. The stock has a market cap of $905.68 million, a P/E ratio of 23.97 and a beta of 0.57. Luminex Corp. has a 12 month low of $17.29 and a 12 month high of $23.75. The firm has a 50 day moving average of $20.93 and a 200 day moving average of $21.17.
Luminex Corp. (NASDAQ:LMNX) last posted its earnings results on Monday, October 31st. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.09. The firm earned $71.20 million during the quarter, compared to analysts’ expectations of $68.90 million. Luminex Corp. had a return on equity of 11.95% and a net margin of 14.51%. The firm’s revenue was up 17.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.22 earnings per share. On average, equities analysts forecast that Luminex Corp. will post $0.52 earnings per share for the current fiscal year.
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In related news, Director Kevin M. Mcnamara sold 12,000 shares of the company’s stock in a transaction on Tuesday, November 15th. The stock was sold at an average price of $21.03, for a total transaction of $252,360.00. Following the transaction, the director now owns 67,274 shares of the company’s stock, valued at $1,414,772.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Nachum Shamir acquired 6,000 shares of the company’s stock in a transaction that occurred on Thursday, November 3rd. The shares were acquired at an average cost of $18.22 per share, for a total transaction of $109,320.00. Following the acquisition, the chief executive officer now directly owns 105,010 shares of the company’s stock, valued at $1,913,282.20. The disclosure for this purchase can be found here. 6.90% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in LMNX. Numeric Investors LLC raised its position in shares of Luminex Corp. by 1,251.0% in the second quarter. Numeric Investors LLC now owns 309,192 shares of the company’s stock worth $6,255,000 after buying an additional 286,306 shares in the last quarter. Neuberger Berman Group LLC raised its stake in Luminex Corp. by 50.4% in the third quarter. Neuberger Berman Group LLC now owns 799,898 shares of the company’s stock valued at $18,174,000 after buying an additional 268,073 shares during the period. BlackRock Fund Advisors raised its stake in Luminex Corp. by 8.9% in the third quarter. BlackRock Fund Advisors now owns 3,282,948 shares of the company’s stock valued at $74,589,000 after buying an additional 267,998 shares during the period. Emerald Acquisition Ltd. purchased a new stake in Luminex Corp. during the second quarter valued at $4,729,000. Finally, Acadian Asset Management LLC raised its stake in Luminex Corp. by 16.5% in the second quarter. Acadian Asset Management LLC now owns 1,622,291 shares of the company’s stock valued at $32,819,000 after buying an additional 229,781 shares during the period. 78.99% of the stock is currently owned by hedge funds and other institutional investors.
About Luminex Corp.
Luminex Corporation develops, manufactures and sells biological testing technologies with applications throughout the diagnostics, pharmaceutical and life sciences industries. The Company has a range of instruments using its xMAP technology, including its LUMINEX 100/200 systems offer 100-plex testing; the Company’s FLEXMAP 3D system is its high-throughput, 500-plex testing system, and its MAGPIX system provides 50-plex testing using imaging rather than flow cytometry.
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