Zacks: Brokerages Anticipate Bio-Rad Laboratories, Inc. (BIO) Will Post Quarterly Sales of $617.23 Million
Equities analysts expect that Bio-Rad Laboratories, Inc. (NYSE:BIO) will announce $617.23 million in sales for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Bio-Rad Laboratories’ earnings, with the highest sales estimate coming in at $620.00 million and the lowest estimate coming in at $613.68 million. Bio-Rad Laboratories reported sales of $571.45 million during the same quarter last year, which indicates a positive year over year growth rate of 8%. The firm is expected to report its next quarterly earnings report on Thursday, February 22nd.
According to Zacks, analysts expect that Bio-Rad Laboratories will report full-year sales of $617.23 million for the current fiscal year, with estimates ranging from $2.15 billion to $2.16 billion. For the next fiscal year, analysts expect that the firm will report sales of $2.26 billion per share, with estimates ranging from $2.24 billion to $2.27 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Bio-Rad Laboratories.
Bio-Rad Laboratories (NYSE:BIO) last announced its quarterly earnings data on Thursday, November 2nd. The medical research company reported $0.91 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.37. The company had revenue of $535.00 million during the quarter, compared to the consensus estimate of $507.99 million. Bio-Rad Laboratories had a return on equity of 3.44% and a net margin of 1.15%. The firm’s revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.62 EPS.
In other news, VP James R. Stark sold 746 shares of the stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $270.51, for a total transaction of $201,800.46. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Michael Crowley sold 1,000 shares of the stock in a transaction on Monday, December 4th. The stock was sold at an average price of $258.39, for a total value of $258,390.00. Following the transaction, the executive vice president now directly owns 2,492 shares in the company, valued at approximately $643,907.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,146 shares of company stock worth $1,067,414. Insiders own 28.29% of the company’s stock.
A number of hedge funds have recently modified their holdings of BIO. Canada Pension Plan Investment Board purchased a new stake in Bio-Rad Laboratories in the second quarter valued at about $113,000. Pacad Investment Ltd. purchased a new stake in Bio-Rad Laboratories in the second quarter valued at about $113,000. First Manhattan Co. raised its stake in Bio-Rad Laboratories by 71.6% in the third quarter. First Manhattan Co. now owns 599 shares of the medical research company’s stock valued at $133,000 after buying an additional 250 shares during the last quarter. Turner Investments LLC purchased a new stake in Bio-Rad Laboratories in the second quarter valued at about $136,000. Finally, Meeder Asset Management Inc. raised its stake in shares of Bio-Rad Laboratories by 3,333.3% in the third quarter. Meeder Asset Management Inc. now owns 618 shares of the medical research company’s stock worth $137,000 after purchasing an additional 600 shares during the last quarter. 63.91% of the stock is currently owned by institutional investors.
Bio-Rad Laboratories (NYSE BIO) opened at $253.18 on Tuesday. Bio-Rad Laboratories has a 52 week low of $177.68 and a 52 week high of $273.87. The company has a quick ratio of 2.77, a current ratio of 4.06 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $7,591.95, a P/E ratio of 80.98, a price-to-earnings-growth ratio of 3.81 and a beta of 0.97.
Bio-Rad Laboratories announced that its board has authorized a share repurchase program on Tuesday, November 28th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the medical research company to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
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About Bio-Rad Laboratories
Bio-Rad Laboratories, Inc (Bio-Rad) is a manufacturer and distributor of its life science research and clinical diagnostics products. The Company operates through two segments: Life Science and Clinical Diagnostics. It manufactures and supplies the life science research, healthcare, analytical chemistry and other markets with a range of products and systems used to separate complex chemical and biological materials and to identify, analyze and purify their components.
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