State Street Corp raised its stake in shares of ABAXIS, Inc. (NASDAQ:ABAX) by 8.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 563,999 shares of the medical research company’s stock after buying an additional 46,118 shares during the period. State Street Corp owned 2.50% of ABAXIS worth $27,351,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Kayne Anderson Rudnick Investment Management LLC increased its stake in shares of ABAXIS by 10.3% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,960,576 shares of the medical research company’s stock valued at $143,588,000 after buying an additional 276,724 shares in the last quarter. BlackRock Inc. boosted its position in ABAXIS by 132,779.9% in the first quarter. BlackRock Inc. now owns 2,689,490 shares of the medical research company’s stock valued at $130,442,000 after buying an additional 2,687,466 shares during the last quarter. Vanguard Group Inc. boosted its position in ABAXIS by 1.5% in the first quarter. Vanguard Group Inc. now owns 1,947,079 shares of the medical research company’s stock valued at $94,433,000 after buying an additional 28,990 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in ABAXIS by 4.1% in the first quarter. Dimensional Fund Advisors LP now owns 661,238 shares of the medical research company’s stock valued at $32,070,000 after buying an additional 25,847 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its position in shares of ABAXIS by 6.5% in the first quarter. Wells Fargo & Company MN now owns 632,647 shares of the medical research company’s stock worth $30,683,000 after buying an additional 38,862 shares in the last quarter. Institutional investors and hedge funds own 98.60% of the company’s stock.

Shares of ABAXIS, Inc. (ABAX) traded up 1.23% on Thursday, hitting $47.84. The company’s stock had a trading volume of 60,533 shares. The stock has a 50-day moving average price of $49.92 and a 200 day moving average price of $49.37. The firm has a market cap of $1.09 billion, a price-to-earnings ratio of 33.79 and a beta of 0.81. ABAXIS, Inc. has a one year low of $44.12 and a one year high of $55.95.

ABAXIS (NASDAQ:ABAX) last issued its quarterly earnings data on Thursday, July 27th. The medical research company reported $0.28 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.33 by $0.05. ABAXIS had a net margin of 14.12% and a return on equity of 10.85%. The business had revenue of $58.26 million during the quarter, compared to analyst estimates of $60.37 million. During the same quarter in the prior year, the firm posted $0.30 earnings per share. ABAXIS’s revenue for the quarter was up 1.0% compared to the same quarter last year. Equities research analysts predict that ABAXIS, Inc. will post $1.13 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be given a $0.14 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.56 annualized dividend and a dividend yield of 1.18%. ABAXIS’s dividend payout ratio is presently 39.72%.

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A number of equities analysts recently commented on ABAX shares. Zacks Investment Research cut ABAXIS from a “hold” rating to a “sell” rating in a report on Monday, May 1st. Aegis began coverage on ABAXIS in a report on Friday, June 9th. They set a “hold” rating and a $56.50 price target on the stock. Stifel Nicolaus reissued a “hold” rating and set a $48.00 price target on shares of ABAXIS in a report on Friday, July 14th. Finally, BidaskClub lowered ABAXIS from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 3rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. ABAXIS presently has a consensus rating of “Hold” and a consensus target price of $50.83.

In related news, insider Achim Henkel sold 650 shares of the business’s stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $48.87, for a total value of $31,765.50. Following the completion of the transaction, the insider now directly owns 58,950 shares in the company, valued at approximately $2,880,886.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.10% of the stock is currently owned by insiders.

About ABAXIS

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.

Institutional Ownership by Quarter for ABAXIS (NASDAQ:ABAX)

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