ABAXIS, Inc. (ABAX) Shares Bought by Parametric Portfolio Associates LLC
Parametric Portfolio Associates LLC grew its holdings in shares of ABAXIS, Inc. (NASDAQ:ABAX) by 5.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 25,386 shares of the medical research company’s stock after acquiring an additional 1,424 shares during the quarter. Parametric Portfolio Associates LLC owned 0.11% of ABAXIS worth $1,346,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of ABAX. BlackRock Inc. raised its stake in ABAXIS by 132,779.9% during the first quarter. BlackRock Inc. now owns 2,689,490 shares of the medical research company’s stock worth $130,442,000 after acquiring an additional 2,687,466 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its stake in ABAXIS by 5.8% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,132,117 shares of the medical research company’s stock worth $166,065,000 after acquiring an additional 171,541 shares in the last quarter. Copeland Capital Management LLC raised its stake in ABAXIS by 20.6% during the second quarter. Copeland Capital Management LLC now owns 327,380 shares of the medical research company’s stock worth $17,358,000 after acquiring an additional 55,929 shares in the last quarter. State Street Corp raised its stake in ABAXIS by 8.9% during the first quarter. State Street Corp now owns 563,999 shares of the medical research company’s stock worth $27,351,000 after acquiring an additional 46,118 shares in the last quarter. Finally, Eaton Vance Management acquired a new position in ABAXIS during the second quarter worth about $2,257,000. 98.57% of the stock is owned by hedge funds and other institutional investors.
ABAXIS, Inc. (NASDAQ ABAX) opened at $46.16 on Wednesday. ABAXIS, Inc. has a 52 week low of $43.66 and a 52 week high of $55.95. The stock has a market capitalization of $1,040.66, a P/E ratio of 38.21 and a beta of 0.86.
ABAXIS (NASDAQ:ABAX) last released its quarterly earnings data on Tuesday, October 24th. The medical research company reported $0.29 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.02. ABAXIS had a return on equity of 10.18% and a net margin of 11.98%. The company had revenue of $58.90 million during the quarter, compared to the consensus estimate of $60.85 million. During the same quarter in the prior year, the firm posted $0.34 earnings per share. The firm’s revenue was up .5% compared to the same quarter last year. equities research analysts predict that ABAXIS, Inc. will post 1.11 earnings per share for the current fiscal year.
ABAXIS declared that its board has initiated a stock buyback plan on Tuesday, October 24th that permits the company to repurchase $21.00 million in shares. This repurchase authorization permits the medical research company to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be paid a $0.16 dividend. The ex-dividend date is Thursday, November 30th. This represents a $0.64 annualized dividend and a dividend yield of 1.39%. This is an increase from ABAXIS’s previous quarterly dividend of $0.14. ABAXIS’s dividend payout ratio is currently 46.67%.
Several brokerages have commented on ABAX. Zacks Investment Research downgraded ABAXIS from a “hold” rating to a “sell” rating in a research note on Thursday, October 26th. Canaccord Genuity reissued a “hold” rating and set a $47.00 target price (up previously from $46.00) on shares of ABAXIS in a research note on Friday, October 27th. Bank of America Corporation reissued an “underperform” rating and set a $42.00 target price on shares of ABAXIS in a research note on Wednesday, August 23rd. Finally, BidaskClub downgraded ABAXIS from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 3rd. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $47.63.
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ABAXIS Company Profile
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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