Abaxis Inc (NASDAQ:ABAX) has been assigned an average rating of “Hold” from the nine ratings firms that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $44.67.
Several brokerages have weighed in on ABAX. Zacks Investment Research cut Abaxis from a “hold” rating to a “sell” rating in a research note on Thursday, October 26th. BidaskClub cut Abaxis from a “hold” rating to a “sell” rating in a research note on Tuesday, December 12th. Northcoast Research upgraded Abaxis from a “neutral” rating to a “buy” rating in a research note on Friday. Bank of America dropped their price objective on Abaxis from $42.00 to $39.00 and set an “underperform” rating on the stock in a research note on Wednesday, October 25th. Finally, Canaccord Genuity restated a “hold” rating and set a $47.00 price objective (up from $46.00) on shares of Abaxis in a research note on Friday, October 27th.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. raised its stake in shares of Abaxis by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 2,574 shares of the medical research company’s stock worth $136,000 after purchasing an additional 386 shares during the period. Oppenheimer & Co. Inc. bought a new stake in shares of Abaxis during the 2nd quarter worth $239,000. Dynamic Technology Lab Private Ltd purchased a new stake in Abaxis in the 3rd quarter worth about $257,000. Piedmont Investment Advisors LLC purchased a new stake in Abaxis in the 2nd quarter worth about $260,000. Finally, Cetera Investment Advisers purchased a new stake in Abaxis in the 3rd quarter worth about $263,000. Institutional investors own 97.66% of the company’s stock.
Shares of Abaxis (NASDAQ:ABAX) traded up $5.55 during trading hours on Monday, reaching $55.06. The company’s stock had a trading volume of 419,461 shares, compared to its average volume of 133,205. Abaxis has a fifty-two week low of $43.66 and a fifty-two week high of $55.52. The company has a market cap of $1,390.00, a PE ratio of 45.88 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 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.02. Abaxis had a return on equity of 10.18% and a net margin of 11.98%. The business had revenue of $58.90 million for the quarter, compared to analysts’ expectations of $60.85 million. During the same period last year, the business earned $0.34 EPS. The business’s revenue was up .5% on a year-over-year basis. sell-side analysts anticipate that Abaxis will post 1.08 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Friday, December 1st were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.16%. This is a boost from Abaxis’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend was Thursday, November 30th. Abaxis’s payout ratio is presently 53.33%.
Abaxis announced that its board has approved a share buyback program on Tuesday, October 24th that allows the company to buyback $21.00 million in outstanding shares. This buyback authorization allows the medical research company to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
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Abaxis Company Profile
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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