Zacks: Brokerages Anticipate ABAXIS, Inc. (ABAX) Will Post Quarterly Sales of $60.62 Million
Wall Street analysts predict that ABAXIS, Inc. (NASDAQ:ABAX) will post $60.62 million in sales for the current quarter, Zacks reports. Three analysts have issued estimates for ABAXIS’s earnings. The lowest sales estimate is $59.15 million and the highest is $61.70 million. ABAXIS posted sales of $57.70 million during the same quarter last year, which suggests a positive year over year growth rate of 5.1%. The company is scheduled to announce its next quarterly earnings results on Thursday, July 20th.
On average, analysts expect that ABAXIS will report full year sales of $60.62 million for the current year, with estimates ranging from $242.59 million to $246.80 million. For the next financial year, analysts expect that the business will post sales of $264.60 million per share, with estimates ranging from $263.00 million to $266.20 million. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover ABAXIS.
ABAXIS (NASDAQ:ABAX) last announced its quarterly earnings data on Thursday, April 27th. The medical research company reported $0.33 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.33. The company had revenue of $58.20 million during the quarter, compared to the consensus estimate of $58.04 million. ABAXIS had a return on equity of 11.37% and a net margin of 14.40%. The firm’s revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.36 EPS.
A number of equities analysts recently weighed in on ABAX shares. Zacks Investment Research raised ABAXIS from a “strong sell” rating to a “hold” rating in a report on Wednesday. Aegis assumed coverage on ABAXIS in a research report on Friday, June 9th. They set a “hold” rating and a $56.50 price target on the stock. Two analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $47.88.
In other news, insider Achim Henkel sold 650 shares of ABAXIS stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $48.87, for a total value of $31,765.50. Following the sale, the insider now owns 58,950 shares in the company, valued at $2,880,886.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 4.10% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue increased its position in ABAXIS by 2.0% in the first quarter. State of Alaska Department of Revenue now owns 2,490 shares of the medical research company’s stock valued at $120,000 after buying an additional 50 shares during the period. Louisiana State Employees Retirement System raised its position in shares of ABAXIS by 1.1% in the first quarter. Louisiana State Employees Retirement System now owns 9,200 shares of the medical research company’s stock worth $446,000 after buying an additional 100 shares in the last quarter. Arizona State Retirement System boosted its stake in ABAXIS by 0.9% in the first quarter. Arizona State Retirement System now owns 11,734 shares of the medical research company’s stock valued at $569,000 after buying an additional 100 shares during the last quarter. Prudential Financial Inc. boosted its stake in ABAXIS by 0.4% in the first quarter. Prudential Financial Inc. now owns 38,609 shares of the medical research company’s stock valued at $1,873,000 after buying an additional 150 shares during the last quarter. Finally, SG Americas Securities LLC boosted its stake in ABAXIS by 11.2% in the first quarter. SG Americas Securities LLC now owns 2,256 shares of the medical research company’s stock valued at $109,000 after buying an additional 228 shares during the last quarter. 98.11% of the stock is owned by institutional investors and hedge funds.
ABAXIS (NASDAQ:ABAX) traded down 1.36% during mid-day trading on Thursday, hitting $53.00. The company had a trading volume of 36,305 shares. The firm has a market capitalization of $1.20 billion, a P/E ratio of 36.88 and a beta of 0.91. ABAXIS has a 12 month low of $43.57 and a 12 month high of $55.95. The company has a 50-day moving average price of $49.21 and a 200 day moving average price of $49.69.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Thursday, June 1st were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.04%. The ex-dividend date of this dividend was Tuesday, May 30th. ABAXIS’s payout ratio is 39.16%.
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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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