StockNews.com Lowers Bio-Rad Laboratories (NYSE:BIO) to Hold

Bio-Rad Laboratories (NYSE:BIO) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Thursday.

BIO has been the subject of several other research reports. Jefferies Financial Group reaffirmed a “hold” rating and set a $315.00 price objective (down previously from $440.00) on shares of Bio-Rad Laboratories in a report on Monday, June 3rd. Citigroup cut Bio-Rad Laboratories from a “buy” rating to a “neutral” rating and dropped their price target for the company from $400.00 to $365.00 in a report on Wednesday, April 3rd. Finally, UBS Group reduced their price objective on Bio-Rad Laboratories from $420.00 to $385.00 and set a “buy” rating on the stock in a research note on Wednesday, May 8th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Bio-Rad Laboratories currently has an average rating of “Moderate Buy” and a consensus target price of $436.67.

Bio-Rad Laboratories Price Performance

Shares of BIO stock traded up $2.89 during trading hours on Thursday, hitting $341.25. The company had a trading volume of 290,240 shares, compared to its average volume of 227,224. The company has a debt-to-equity ratio of 0.13, a quick ratio of 4.89 and a current ratio of 6.57. The firm has a market capitalization of $9.73 billion, a price-to-earnings ratio of -32.94 and a beta of 0.93. Bio-Rad Laboratories has a 12 month low of $261.59 and a 12 month high of $419.00. The firm’s fifty day moving average is $292.24 and its 200 day moving average is $307.60.

Bio-Rad Laboratories (NYSE:BIO) last released its quarterly earnings data on Tuesday, May 7th. The medical research company reported $2.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.25. Bio-Rad Laboratories had a positive return on equity of 3.59% and a negative net margin of 12.37%. The firm had revenue of $610.82 million during the quarter, compared to analyst estimates of $619.09 million. During the same period in the prior year, the company posted $3.34 earnings per share. The business’s revenue for the quarter was down 9.8% compared to the same quarter last year. On average, sell-side analysts predict that Bio-Rad Laboratories will post 10.8 EPS for the current fiscal year.

Insider Activity

In related news, EVP Michael Crowley sold 369 shares of the firm’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $281.91, for a total value of $104,024.79. Following the transaction, the executive vice president now owns 6,573 shares in the company, valued at $1,852,994.43. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 17.06% of the company’s stock.

Institutional Trading of Bio-Rad Laboratories

A number of institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC acquired a new stake in shares of Bio-Rad Laboratories during the fourth quarter worth $563,000. Oak Thistle LLC raised its position in shares of Bio-Rad Laboratories by 51.2% in the 4th quarter. Oak Thistle LLC now owns 1,913 shares of the medical research company’s stock valued at $618,000 after acquiring an additional 648 shares during the period. GAM Holding AG acquired a new stake in shares of Bio-Rad Laboratories in the 4th quarter valued at approximately $323,000. New York State Teachers Retirement System boosted its stake in Bio-Rad Laboratories by 0.6% during the 4th quarter. New York State Teachers Retirement System now owns 16,053 shares of the medical research company’s stock worth $5,183,000 after acquiring an additional 101 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. grew its holdings in Bio-Rad Laboratories by 6.0% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 4,540 shares of the medical research company’s stock valued at $1,466,000 after purchasing an additional 255 shares during the period. Institutional investors and hedge funds own 65.24% of the company’s stock.

About Bio-Rad Laboratories

Bio-Rad Laboratories, Inc manufactures and distributes life science research and clinical diagnostic products in the United States, Europe, Asia, Canada, and Latin America. It operates through two segments, Life Science and Clinical Diagnostics. The company develops, manufactures, and markets instruments, systems, reagents, and consumables to separate, purify, characterize, and quantitate biological materials such as cells, proteins, and nucleic acids for proteomics, genomics, biopharmaceutical production, cellular biology, and food safety markets.