Luminex Co. (LMNX) Upgraded at Zacks Investment Research
According to Zacks, “Luminex reported dismal fourth-quarter 2016 results, missing the Zacks Consensus Estimates on both lines. Furthermore, over the past one year, the company underperformed the broader industry in terms of price performance. However, we believe that Luminex's Assay business will be its key growth driver over the long term. We are also optimistic about the company’s products – ARIES and NxTAG RPP – which represent a major revenue opportunity. These products will considerably expand the company’s addressable market over the long haul. Moreover, the Nanosphere acquisition expands Luminex's product portfolio. We are also bullish about the company’s promising financial position, which has no debt at the moment. However, Luminex operates in a highly competitive life sciences industry, which is likely to mar its growth trajectory in the coming quarters.”
A number of other equities analysts have also recently issued reports on LMNX. William Blair reissued a market perform rating on shares of Luminex in a report on Tuesday, February 7th. TheStreet lowered shares of Luminex from a b- rating to a c+ rating in a research note on Wednesday, March 8th. Jefferies Group LLC restated a hold rating and issued a $20.00 price target on shares of Luminex in a research note on Tuesday, February 14th. Piper Jaffray Companies dropped their price target on shares of Luminex from $20.00 to $19.00 and set a neutral rating on the stock in a research note on Tuesday, February 7th. Finally, Deutsche Bank AG restated a sell rating and issued a $18.00 price target on shares of Luminex in a research note on Wednesday, January 18th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $21.71.
Luminex (NASDAQ:LMNX) opened at 18.45 on Tuesday. The company has a market capitalization of $755.47 million, a price-to-earnings ratio of 57.66 and a beta of 0.59. The stock has a 50 day moving average price of $18.17 and a 200 day moving average price of $19.78. Luminex has a 52-week low of $17.64 and a 52-week high of $23.75.
Luminex (NASDAQ:LMNX) last issued its earnings results on Monday, February 6th. The medical instruments supplier reported $0.11 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.02. Luminex had a net margin of 5.10% and a return on equity of 5.53%. The firm had revenue of $72.30 million for the quarter, compared to analysts’ expectations of $70.92 million. During the same quarter last year, the company posted $0.56 earnings per share. Luminex’s revenue was up 19.6% on a year-over-year basis. On average, equities analysts expect that Luminex will post $0.32 earnings per share for the current year.
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The firm also recently announced a special dividend, which was paid on Friday, April 14th. Investors of record on Friday, March 24th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Wednesday, March 22nd.
In related news, Director G Walter Loewenbaum II sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 26th. The shares were sold at an average price of $19.75, for a total transaction of $395,000.00. Following the completion of the sale, the director now directly owns 766,240 shares in the company, valued at $15,133,240. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 6.90% of the company’s stock.
Hedge funds have recently modified their holdings of the company. ClariVest Asset Management LLC raised its position in Luminex by 33,173.3% in the third quarter. ClariVest Asset Management LLC now owns 4,991 shares of the medical instruments supplier’s stock worth $113,000 after buying an additional 4,976 shares in the last quarter. Victory Capital Management Inc. raised its position in Luminex by 37.7% in the third quarter. Victory Capital Management Inc. now owns 5,120 shares of the medical instruments supplier’s stock worth $116,000 after buying an additional 1,401 shares in the last quarter. Creative Planning raised its position in Luminex by 5.4% in the first quarter. Creative Planning now owns 9,256 shares of the medical instruments supplier’s stock worth $170,000 after buying an additional 474 shares in the last quarter. Municipal Employees Retirement System of Michigan raised its position in Luminex by 1.7% in the third quarter. Municipal Employees Retirement System of Michigan now owns 8,560 shares of the medical instruments supplier’s stock worth $194,000 after buying an additional 140 shares in the last quarter. Finally, Trexquant Investment LP purchased a new position in Luminex during the fourth quarter worth approximately $247,000. Hedge funds and other institutional investors own 79.45% of the company’s stock.
Luminex Corporation develops, manufactures and sells biological testing technologies with applications throughout the diagnostics, pharmaceutical and life sciences industries. The Company’s products are focused on the molecular diagnostic testing market, which includes human genetics, personalized medicine and infectious disease segments.
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