Bio-Rad Laboratories (NYSE:BIO) Raised to Buy at StockNews.com

StockNews.com upgraded shares of Bio-Rad Laboratories (NYSE:BIO) from a hold rating to a buy rating in a research note published on Monday morning.

Several other research firms have also recently issued reports on BIO. Citigroup cut Bio-Rad Laboratories from a buy rating to a neutral rating and cut their target price for the stock from $400.00 to $365.00 in a research note on Wednesday, April 3rd. UBS Group cut their target price on Bio-Rad Laboratories from $420.00 to $385.00 and set a buy rating on the stock in a research note on Wednesday, May 8th. Finally, Jefferies Financial Group reaffirmed a hold rating and set a $315.00 price objective (down from $440.00) on shares of Bio-Rad Laboratories in a research report on Monday, June 3rd. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $436.67.

Bio-Rad Laboratories Stock Up 1.7 %

NYSE BIO opened at $315.17 on Monday. The company has a debt-to-equity ratio of 0.13, a current ratio of 6.57 and a quick ratio of 4.89. The stock has a market capitalization of $8.99 billion, a PE ratio of -30.42 and a beta of 0.93. Bio-Rad Laboratories has a 1 year low of $261.59 and a 1 year high of $431.79. The business’s 50-day moving average is $288.08 and its 200 day moving average is $307.15.

Bio-Rad Laboratories (NYSE:BIO) last posted its earnings results on Tuesday, May 7th. The medical research company reported $2.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.25. The company had revenue of $610.82 million for the quarter, compared to analysts’ expectations of $619.09 million. Bio-Rad Laboratories had a positive return on equity of 3.59% and a negative net margin of 12.37%. Bio-Rad Laboratories’s quarterly revenue was down 9.8% on a year-over-year basis. During the same period last year, the firm earned $3.34 earnings per share. Sell-side analysts forecast that Bio-Rad Laboratories will post 10.8 earnings per share for the current year.

Insider Activity

In other news, EVP Michael Crowley sold 369 shares of Bio-Rad Laboratories stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $281.91, for a total transaction of $104,024.79. Following the completion of the transaction, the executive vice president now directly owns 6,573 shares in the company, valued at $1,852,994.43. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 17.06% of the company’s stock.

Hedge Funds Weigh In On Bio-Rad Laboratories

Several large investors have recently made changes to their positions in BIO. SG Americas Securities LLC purchased a new position in shares of Bio-Rad Laboratories during the fourth quarter valued at approximately $563,000. Assenagon Asset Management S.A. raised its holdings in Bio-Rad Laboratories by 104.1% in the 4th quarter. Assenagon Asset Management S.A. now owns 12,605 shares of the medical research company’s stock worth $4,070,000 after acquiring an additional 6,429 shares during the last quarter. Blue Trust Inc. raised its holdings in Bio-Rad Laboratories by 42.0% in the 4th quarter. Blue Trust Inc. now owns 480 shares of the medical research company’s stock worth $172,000 after acquiring an additional 142 shares during the last quarter. Oak Thistle LLC raised its holdings in Bio-Rad Laboratories by 51.2% in the 4th quarter. Oak Thistle LLC now owns 1,913 shares of the medical research company’s stock worth $618,000 after acquiring an additional 648 shares during the last quarter. Finally, GAM Holding AG purchased a new position in Bio-Rad Laboratories in the 4th quarter worth approximately $323,000. 65.24% of the stock is currently owned by hedge funds and other institutional investors.

Bio-Rad Laboratories Company Profile

Bio-Rad Laboratories, Inc manufactures and distributes life science research and clinical diagnostic products in the United States, Europe, Asia, Canada, and Latin America. It operates through two segments, Life Science and Clinical Diagnostics. The company develops, manufactures, and markets instruments, systems, reagents, and consumables to separate, purify, characterize, and quantitate biological materials such as cells, proteins, and nucleic acids for proteomics, genomics, biopharmaceutical production, cellular biology, and food safety markets.