Abaxis (NASDAQ:ABAX) had its price target increased by Stifel Nicolaus from $48.00 to $57.00 in a report released on Friday, January 26th, MarketBeat reports. They currently have a hold rating on the medical research company’s stock.
Several other equities analysts have also issued reports on ABAX. UBS Group raised Abaxis from an underperform rating to a market perform rating in a report on Tuesday, January 9th. BidaskClub raised Abaxis from a sell rating to a hold rating in a report on Thursday, December 21st. 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 price objective on Abaxis from $42.00 to $39.00 and set an underperform rating for the company in a report on Wednesday, October 25th. Finally, Raymond James Financial upgraded Abaxis from an underperform rating to a market perform rating in a research report on Tuesday, January 9th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of Hold and an average target price of $62.30.
Abaxis (ABAX) opened at $65.54 on Friday. Abaxis has a 52 week low of $43.66 and a 52 week high of $78.53. The firm has a market capitalization of $1,466.06, a P/E ratio of 60.69, a P/E/G ratio of 11.02 and a beta of 1.26.
Abaxis (NASDAQ:ABAX) last issued its quarterly earnings data on Thursday, January 25th. The medical research company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.05. The firm had revenue of $59.70 million during the quarter, compared to analyst estimates of $59.37 million. Abaxis had a return on equity of 10.09% and a net margin of 10.51%. The company’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.30 EPS. equities research analysts predict that Abaxis will post 1.16 EPS for the current year.
Abaxis announced that its board has authorized a share buyback plan on Tuesday, October 24th that permits the company to buyback $21.00 million in outstanding shares. This buyback authorization permits the medical research company to reacquire shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Thursday, March 1st will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Wednesday, February 28th. This represents a $0.64 dividend on an annualized basis and a yield of 0.98%. Abaxis’s payout ratio is 59.26%.
In other news, Director Prithipal Singh sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $74.63, for a total transaction of $149,260.00. Following the transaction, the director now directly owns 44,000 shares of the company’s stock, valued at $3,283,720. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Craig Tockman sold 1,650 shares of the firm’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $74.33, for a total value of $122,644.50. Following the transaction, the vice president now directly owns 10,866 shares in the company, valued at $807,669.78. The disclosure for this sale can be found here. Company insiders own 4.30% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. UBS Asset Management Americas Inc. purchased a new stake in Abaxis in the fourth quarter worth about $217,000. BlackRock Inc. lifted its holdings in Abaxis by 2.7% in the fourth quarter. BlackRock Inc. now owns 2,828,850 shares of the medical research company’s stock worth $140,086,000 after buying an additional 74,468 shares during the period. Bank of New York Mellon Corp lifted its holdings in Abaxis by 2.1% in the fourth quarter. Bank of New York Mellon Corp now owns 318,943 shares of the medical research company’s stock worth $15,794,000 after buying an additional 6,465 shares during the period. Rhumbline Advisers lifted its holdings in Abaxis by 7.6% in the fourth quarter. Rhumbline Advisers now owns 72,639 shares of the medical research company’s stock worth $3,597,000 after buying an additional 5,107 shares during the period. Finally, Arizona State Retirement System lifted its holdings in Abaxis by 225.1% in the fourth quarter. Arizona State Retirement System now owns 38,148 shares of the medical research company’s stock worth $1,889,000 after buying an additional 26,414 shares during the period. 97.19% of the stock is currently owned by institutional investors.
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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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