ABAXIS, Inc. (ABAX) Given Consensus Rating of “Hold” by Brokerages
Shares of ABAXIS, Inc. (NASDAQ:ABAX) have earned an average recommendation of “Hold” from the eight brokerages that are covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $48.63.
ABAX has been the subject of a number of research reports. Zacks Investment Research cut ABAXIS from a “hold” rating to a “sell” rating in a research note on Monday, May 1st. Stifel Nicolaus reaffirmed a “hold” rating and issued a $48.00 price objective on shares of ABAXIS in a research note on Friday, July 14th. Aegis initiated coverage on ABAXIS in a research note on Friday, June 9th. They issued a “hold” rating and a $56.50 price objective for the company. BidaskClub cut ABAXIS from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 3rd. Finally, Bank of America Corporation reaffirmed an “underperform” rating and issued a $42.00 price objective on shares of ABAXIS in a research note on Wednesday, August 23rd.
Shares of ABAXIS (NASDAQ:ABAX) traded up 0.70% on Tuesday, hitting $45.82. 109,074 shares of the stock traded hands. ABAXIS has a 52-week low of $44.12 and a 52-week high of $55.95. The firm has a market cap of $1.04 billion, a PE ratio of 32.36 and a beta of 0.81. The firm has a 50 day moving average price of $48.74 and a 200 day moving average price of $49.17.
ABAXIS (NASDAQ:ABAX) last issued its quarterly earnings data on Thursday, July 27th. The medical research company reported $0.28 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.33 by $0.05. ABAXIS had a net margin of 14.12% and a return on equity of 10.85%. The firm had revenue of $58.26 million during the quarter, compared to analyst estimates of $60.37 million. During the same period in the previous year, the firm posted $0.30 earnings per share. The company’s quarterly revenue was up 1.0% compared to the same quarter last year. On average, equities analysts forecast that ABAXIS will post $1.13 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be paid a $0.14 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.22%. ABAXIS’s payout ratio is presently 39.72%.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Kayne Anderson Rudnick Investment Management LLC boosted its position in ABAXIS by 5.8% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,132,117 shares of the medical research company’s stock valued at $166,065,000 after buying an additional 171,541 shares during the last quarter. BlackRock Inc. boosted its position in ABAXIS by 132,779.9% in the first quarter. BlackRock Inc. now owns 2,689,490 shares of the medical research company’s stock valued at $130,442,000 after buying an additional 2,687,466 shares during the last quarter. Vanguard Group Inc. boosted its position in ABAXIS by 0.9% in the second quarter. Vanguard Group Inc. now owns 1,963,755 shares of the medical research company’s stock valued at $104,119,000 after buying an additional 16,676 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in ABAXIS by 1.7% in the second quarter. Dimensional Fund Advisors LP now owns 672,229 shares of the medical research company’s stock valued at $35,642,000 after buying an additional 10,991 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its position in ABAXIS by 6.5% in the first quarter. Wells Fargo & Company MN now owns 632,647 shares of the medical research company’s stock valued at $30,683,000 after buying an additional 38,862 shares during the last quarter. 97.27% of the stock is owned by hedge funds and other institutional investors.
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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