Abaxis Inc (NASDAQ:ABAX) has been given an average recommendation of “Hold” by the ten brokerages that are currently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $56.67.
A number of research analysts have commented on the stock. Canaccord Genuity reissued a “hold” rating and set a $65.00 target price on shares of Abaxis in a research report on Monday, January 29th. BidaskClub raised shares of Abaxis from a “sell” rating to a “hold” rating in a research report on Tuesday, January 30th. Zacks Investment Research raised shares of Abaxis from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a research report on Tuesday, January 30th. Stifel Nicolaus raised their target price on shares of Abaxis from $48.00 to $57.00 and gave the company a “hold” rating in a research report on Friday, January 26th. Finally, Bank of America raised their target price on shares of Abaxis from $46.00 to $48.00 and gave the company a “sell” rating in a research report on Thursday, February 8th.
Abaxis (NASDAQ:ABAX) traded down $1.63 during midday trading on Tuesday, reaching $67.43. 113,034 shares of the company’s stock were exchanged, compared to its average volume of 276,110. The stock has a market cap of $1,567.52, a P/E ratio of 62.44, a price-to-earnings-growth ratio of 11.34 and a beta of 1.26. Abaxis has a 1-year low of $43.66 and a 1-year high of $78.53.
Abaxis (NASDAQ:ABAX) last posted its earnings results on Thursday, January 25th. The medical research company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.05. The business had revenue of $59.70 million for the quarter, compared to the consensus estimate of $59.37 million. Abaxis had a net margin of 10.51% and a return on equity of 10.09%. The company’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.30 EPS. analysts expect that Abaxis will post 1.2 earnings per share for the current year.
Abaxis declared that its Board of Directors has initiated a share repurchase program on Tuesday, October 24th that permits the company to repurchase $21.00 million in outstanding shares. This repurchase authorization permits the medical research company to reacquire shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Thursday, March 1st will be given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date is Wednesday, February 28th. Abaxis’s payout ratio is currently 59.26%.
In other news, Director Prithipal Singh sold 2,000 shares of Abaxis stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $74.63, for a total value of $149,260.00. Following the transaction, the director now owns 44,000 shares of the company’s stock, valued at approximately $3,283,720. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Craig Tockman sold 1,650 shares of Abaxis stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $74.33, for a total transaction of $122,644.50. Following the completion of the transaction, the vice president now directly owns 10,866 shares in the company, valued at approximately $807,669.78. The disclosure for this sale can be found here. 4.30% of the stock is owned by insiders.
Several institutional investors have recently modified their holdings of ABAX. Kayne Anderson Rudnick Investment Management LLC grew its position in shares of Abaxis by 11.9% in the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,504,059 shares of the medical research company’s stock worth $156,457,000 after buying an additional 371,942 shares during the last quarter. Nuance Investments LLC acquired a new stake in Abaxis in the 4th quarter worth approximately $7,856,000. BlackRock Inc. boosted its stake in Abaxis by 2.7% in the 4th quarter. BlackRock Inc. now owns 2,828,850 shares of the medical research company’s stock worth $140,086,000 after purchasing an additional 74,468 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in Abaxis by 55.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 172,256 shares of the medical research company’s stock worth $7,692,000 after purchasing an additional 61,475 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in Abaxis by 33.3% in the 4th quarter. Renaissance Technologies LLC now owns 162,971 shares of the medical research company’s stock worth $8,070,000 after purchasing an additional 40,700 shares in the last quarter. 99.34% of the stock is currently owned by hedge funds and other institutional investors.
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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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