Los Angeles Capital Management & Equity Research Inc. cut its holdings in Bio-Rad Laboratories, Inc. (NYSE:BIO) by 3.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,418 shares of the medical research company’s stock after selling 1,076 shares during the period. Los Angeles Capital Management & Equity Research Inc. owned approximately 0.11% of Bio-Rad Laboratories worth $7,204,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also bought and sold shares of BIO. Canada Pension Plan Investment Board acquired a new stake in shares of Bio-Rad Laboratories in the 2nd quarter valued at about $113,000. Pacad Investment Ltd. acquired a new stake in shares of Bio-Rad Laboratories in the 2nd quarter valued at about $113,000. First Manhattan Co. grew its stake in shares of Bio-Rad Laboratories by 71.6% in the 3rd 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 period. Turner Investments LLC acquired a new stake in shares of Bio-Rad Laboratories in the 2nd quarter valued at about $136,000. Finally, Meeder Asset Management Inc. grew its stake in shares of Bio-Rad Laboratories by 3,333.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 618 shares of the medical research company’s stock valued at $137,000 after buying an additional 600 shares during the period. 63.87% of the stock is owned by hedge funds and other institutional investors.
Bio-Rad Laboratories, Inc. (NYSE BIO) traded down $11.31 during mid-day trading on Monday, reaching $257.49. The company’s stock had a trading volume of 180,031 shares, compared to its average volume of 179,926. The firm has a market cap of $8,000.29, a P/E ratio of 85.33, a P/E/G ratio of 4.01 and a beta of 0.97. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.06 and a quick ratio of 2.77. Bio-Rad Laboratories, Inc. has a fifty-two week low of $175.55 and a fifty-two week high of $273.87.
Bio-Rad Laboratories (NYSE:BIO) last announced its earnings results on Thursday, November 2nd. The medical research company reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.37. Bio-Rad Laboratories had a return on equity of 3.44% and a net margin of 1.15%. The firm had revenue of $535.00 million for the quarter, compared to the consensus estimate of $507.99 million. During the same quarter in the previous year, the business earned $0.62 EPS. The company’s revenue was up 5.2% compared to the same quarter last year. equities research analysts expect that Bio-Rad Laboratories, Inc. will post 2.68 earnings per share for the current year.
Bio-Rad Laboratories announced that its board has approved a share repurchase program on Tuesday, November 28th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the medical research company to buy shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
Several analysts have recently commented on BIO shares. Zacks Investment Research downgraded Bio-Rad Laboratories from a “hold” rating to a “sell” rating in a research note on Thursday, August 10th. Deutsche Bank restated a “buy” rating and issued a $255.00 target price on shares of Bio-Rad Laboratories in a research note on Monday, September 18th. TheStreet upgraded Bio-Rad Laboratories from a “c+” rating to a “b-” rating in a research note on Monday, November 13th. Finally, Wells Fargo & Company reiterated an “outperform” rating and set a $290.00 price target (up previously from $250.00) on shares of Bio-Rad Laboratories in a research note on Wednesday, November 29th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Bio-Rad Laboratories has a consensus rating of “Buy” and a consensus price target of $273.33.
In related news, EVP Giovanni Magni sold 2,400 shares of Bio-Rad Laboratories stock in a transaction that occurred on Tuesday, November 14th. The shares were sold at an average price of $253.01, for a total value of $607,224.00. Following the sale, the executive vice president now owns 9,251 shares of the company’s stock, valued at approximately $2,340,595.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael Crowley sold 1,000 shares of Bio-Rad Laboratories stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $258.39, for a total transaction of $258,390.00. Following the completion of the sale, 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. Insiders sold a total of 4,146 shares of company stock worth $1,067,414 in the last 90 days. Company insiders own 28.29% of the company’s stock.
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Bio-Rad Laboratories Company Profile
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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