Bio-Rad Laboratories (NYSE:BIO) Releases Quarterly Earnings Results, Beats Expectations By $0.25 EPS

Bio-Rad Laboratories (NYSE:BIO) released its earnings results on Tuesday. The medical research company reported $2.29 EPS for the quarter, topping the consensus estimate of $2.04 by $0.25, Briefing.com reports. The firm had revenue of $610.82 million for the quarter, compared to the consensus estimate of $619.09 million. Bio-Rad Laboratories had a negative net margin of 23.86% and a positive return on equity of 3.90%. The company’s quarterly revenue was down 9.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.34 earnings per share.

Bio-Rad Laboratories Stock Down 4.0 %

Shares of BIO traded down $11.23 during trading hours on Wednesday, hitting $268.68. The company had a trading volume of 119,196 shares, compared to its average volume of 204,950. Bio-Rad Laboratories has a one year low of $261.59 and a one year high of $431.79. The company has a market capitalization of $7.66 billion, a PE ratio of -12.72 and a beta of 0.94. The company has a current ratio of 5.83, a quick ratio of 4.34 and a debt-to-equity ratio of 0.14. The company’s fifty day moving average price is $316.40 and its two-hundred day moving average price is $314.26.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BIO. Citigroup cut shares of Bio-Rad Laboratories from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $400.00 to $365.00 in a research note on Wednesday, April 3rd. UBS Group lowered their price objective on Bio-Rad Laboratories from $420.00 to $385.00 and set a “buy” rating for the company in a research note on Wednesday. Royal Bank of Canada lowered their price target on Bio-Rad Laboratories from $484.00 to $480.00 and set an “outperform” rating for the company in a research report on Friday, February 16th. Finally, StockNews.com upgraded shares of Bio-Rad Laboratories from a “hold” rating to a “buy” rating in a report on Thursday, April 25th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $461.00.

Insider Buying and Selling

In other Bio-Rad Laboratories news, EVP Michael Crowley sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $336.00, for a total transaction of $1,008,000.00. Following the completion of the transaction, the executive vice president now directly owns 6,942 shares of the company’s stock, valued at approximately $2,332,512. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 17.50% of the company’s stock.

About Bio-Rad Laboratories

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.