AMI Asset Management Corp Trims Stake in Abaxis Inc (ABAX)

AMI Asset Management Corp reduced its position in Abaxis Inc (NASDAQ:ABAX) by 1.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 179,870 shares of the medical research company’s stock after selling 2,291 shares during the period. AMI Asset Management Corp owned 0.79% of Abaxis worth $8,907,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in shares of Abaxis by 11.9% in the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,504,059 shares of the medical research company’s stock valued at $156,457,000 after purchasing an additional 371,942 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Abaxis by 0.9% in the 2nd quarter. Vanguard Group Inc. now owns 1,963,755 shares of the medical research company’s stock valued at $104,119,000 after purchasing an additional 16,676 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Abaxis by 1.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 683,986 shares of the medical research company’s stock valued at $30,540,000 after purchasing an additional 11,757 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Abaxis by 1.1% in the 3rd quarter. Wells Fargo & Company MN now owns 635,103 shares of the medical research company’s stock valued at $28,357,000 after purchasing an additional 6,974 shares during the last quarter. Finally, State Street Corp lifted its holdings in shares of Abaxis by 1.0% in the 2nd quarter. State Street Corp now owns 569,671 shares of the medical research company’s stock valued at $30,203,000 after purchasing an additional 5,672 shares during the last quarter. 97.66% of the stock is owned by institutional investors and hedge funds.

Several analysts have recently weighed in on ABAX shares. Canaccord Genuity reissued a “hold” rating and issued a $47.00 target price (up from $46.00) on shares of Abaxis in a report on Friday, October 27th. Zacks Investment Research raised Abaxis from a “sell” rating to a “hold” rating in a report on Friday, November 10th. Bank of America reduced their target price on Abaxis from $42.00 to $39.00 and set an “underperform” rating for the company in a report on Wednesday, October 25th. Northcoast Research raised Abaxis from a “neutral” rating to a “buy” rating in a report on Friday, January 5th. Finally, BidaskClub raised Abaxis from a “sell” rating to a “hold” rating in a report on Thursday, December 21st. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. Abaxis presently has a consensus rating of “Hold” and a consensus price target of $49.63.

Abaxis Inc (ABAX) opened at $62.21 on Wednesday. The stock has a market capitalization of $1,410.00, a PE ratio of 51.84 and a beta of 0.86. Abaxis Inc has a 52-week low of $43.66 and a 52-week high of $63.18.

Abaxis (NASDAQ:ABAX) last issued its quarterly earnings results on Tuesday, October 24th. The medical research company reported $0.29 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.02. The firm had revenue of $58.90 million for the quarter, compared to analysts’ expectations of $60.85 million. Abaxis had a return on equity of 10.18% and a net margin of 11.98%. The firm’s revenue for the quarter was up .5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.34 EPS. research analysts forecast that Abaxis Inc will post 1.11 earnings per share for the current year.

Abaxis declared that its Board of Directors has initiated a stock buyback plan on Tuesday, October 24th that authorizes the company to repurchase $21.00 million in outstanding shares. This repurchase authorization authorizes the medical research company to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

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Abaxis 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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Institutional Ownership by Quarter for Abaxis (NASDAQ:ABAX)

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