Vanguard Group Inc. grew its holdings in ABAXIS, Inc. (NASDAQ:ABAX) by 0.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,963,755 shares of the medical research company’s stock after purchasing an additional 16,676 shares during the period. Vanguard Group Inc. owned approximately 8.68% of ABAXIS worth $104,119,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Victory Capital Management Inc. raised its position in shares of ABAXIS by 31.5% in the first quarter. Victory Capital Management Inc. now owns 2,188 shares of the medical research company’s stock valued at $106,000 after purchasing an additional 524 shares during the period. SG Americas Securities LLC raised its position in shares of 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 purchasing an additional 228 shares during the period. Invictus RG bought a new stake in ABAXIS during the 1st quarter worth approximately $112,000. UBS Asset Management Americas Inc. increased its holdings in ABAXIS by 8.7% during the 1st quarter. UBS Asset Management Americas Inc. now owns 4,129 shares of the medical research company’s stock worth $200,000 after acquiring an additional 330 shares during the period. Finally, State of Alaska Department of Revenue increased its holdings in ABAXIS by 79.8% during the 2nd quarter. State of Alaska Department of Revenue now owns 4,477 shares of the medical research company’s stock worth $237,000 after acquiring an additional 1,987 shares during the period. 97.01% of the stock is currently owned by institutional investors.
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A number of analysts recently weighed in on ABAX shares. Stifel Nicolaus reaffirmed a “hold” rating and set a $48.00 target price on shares of ABAXIS in a report on Friday, July 14th. Zacks Investment Research lowered shares of ABAXIS from a “hold” rating to a “sell” rating in a report on Monday, July 31st. BidaskClub lowered shares of ABAXIS from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 3rd. Bank of America Corporation reissued an “underperform” rating and issued a $42.00 price target on shares of ABAXIS in a report on Wednesday, August 23rd. Finally, Canaccord Genuity reaffirmed a “hold” rating and issued a $47.00 price objective (up previously from $46.00) on shares of ABAXIS in a research note on Friday, October 27th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. ABAXIS presently has a consensus rating of “Hold” and an average target price of $47.63.
Shares of ABAXIS, Inc. (ABAX) traded up $0.33 during midday trading on Friday, reaching $46.46. 146,900 shares of the company’s stock traded hands, compared to its average volume of 123,672. ABAXIS, Inc. has a 1-year low of $43.66 and a 1-year high of $55.95. The company has a market cap of $1,047.01, a price-to-earnings ratio of 38.44 and a beta of 0.86.
ABAXIS (NASDAQ:ABAX) last issued its quarterly earnings data on Tuesday, October 24th. The medical research company reported $0.29 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.02. The business had revenue of $58.90 million during the quarter, compared to analyst estimates of $60.85 million. ABAXIS had a net margin of 11.98% and a return on equity of 10.18%. The company’s revenue for the quarter was up .5% on a year-over-year basis. During the same period in the prior year, the business earned $0.34 EPS. analysts predict that ABAXIS, Inc. will post 1.11 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be paid a dividend of $0.16 per share. This is a positive change from ABAXIS’s previous quarterly dividend of $0.14. This represents a $0.64 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date is Thursday, November 30th. ABAXIS’s dividend payout ratio (DPR) is currently 46.67%.
ABAXIS announced that its board has authorized a share repurchase plan on Tuesday, October 24th that permits the company to buyback $21.00 million in shares. This buyback authorization permits the medical research company to purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.
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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