Brokerages Expect ABAXIS, Inc. (ABAX) Will Announce Earnings of $0.24 Per Share
Brokerages predict that ABAXIS, Inc. (NASDAQ:ABAX) will announce earnings per share of $0.24 for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for ABAXIS’s earnings, with the lowest EPS estimate coming in at $0.20 and the highest estimate coming in at $0.28. ABAXIS posted earnings of $0.30 per share in the same quarter last year, which indicates a negative year over year growth rate of 20%. The firm is expected to issue its next earnings report on Thursday, January 25th.
On average, analysts expect that ABAXIS will report full-year earnings of $1.11 per share for the current year, with EPS estimates ranging from $1.05 to $1.20. For the next year, analysts forecast that the company will post earnings of $1.28 per share, with EPS estimates ranging from $1.20 to $1.46. Zacks’ earnings per share averages are a mean average based on a survey of research analysts that follow ABAXIS.
ABAXIS (NASDAQ:ABAX) last released its earnings results on Tuesday, October 24th. The medical research company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.02. ABAXIS had a net margin of 11.98% and a return on equity of 10.18%. The firm had revenue of $58.90 million during the quarter, compared to the consensus estimate of $60.85 million. During the same period in the previous year, the firm earned $0.34 earnings per share. ABAXIS’s revenue was up .5% compared to the same quarter last year.
Several equities research analysts have issued reports on ABAX shares. Zacks Investment Research upgraded shares of ABAXIS from a “sell” rating to a “hold” rating in a research note on Friday. Canaccord Genuity restated a “hold” rating and issued a $47.00 target price (up from $46.00) on shares of ABAXIS in a research note on Friday, October 27th. BidaskClub cut shares of ABAXIS from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 3rd. Finally, Bank of America Corporation reaffirmed an “underperform” rating and issued a $42.00 price target on shares of ABAXIS in a report on Wednesday, August 23rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $47.63.
Hedge funds have recently bought and sold shares of the business. Stifel Financial Corp lifted its position in shares of ABAXIS by 12.2% in the third quarter. Stifel Financial Corp now owns 26,512 shares of the medical research company’s stock worth $1,183,000 after purchasing an additional 2,878 shares in the last quarter. OxFORD Asset Management LLP purchased a new stake in shares of ABAXIS in the third quarter worth approximately $357,000. Dimensional Fund Advisors LP lifted its position in shares of ABAXIS by 1.7% in the third quarter. Dimensional Fund Advisors LP now owns 683,986 shares of the medical research company’s stock worth $30,540,000 after purchasing an additional 11,757 shares in the last quarter. Wells Fargo & Company MN lifted its position in shares of ABAXIS by 1.1% in the third quarter. Wells Fargo & Company MN now owns 635,103 shares of the medical research company’s stock worth $28,357,000 after purchasing an additional 6,974 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in ABAXIS by 70.5% during the third quarter. JPMorgan Chase & Co. now owns 97,436 shares of the medical research company’s stock valued at $4,318,000 after acquiring an additional 40,292 shares in the last quarter. 98.57% of the stock is owned by institutional investors.
ABAXIS (NASDAQ ABAX) traded up $0.33 on Monday, reaching $46.46. 146,900 shares of the company’s stock traded hands, compared to its average volume of 123,672. ABAXIS has a 12 month low of $43.66 and a 12 month high of $55.95. The stock has a market capitalization of $1,054.50, a P/E ratio of 38.72 and a beta of 0.86.
ABAXIS announced that its board has approved a share repurchase plan on Tuesday, October 24th that permits the company to buyback $21.00 million in shares. This buyback authorization permits the medical research company to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, November 30th. This is a positive change from ABAXIS’s previous quarterly dividend of $0.14. This represents a $0.64 dividend on an annualized basis and a yield of 1.38%. ABAXIS’s dividend payout ratio is currently 46.67%.
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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