Raymond James Financial upgraded shares of Abaxis (NASDAQ:ABAX) from an underperform rating to a market perform rating in a report published on Tuesday morning, Marketbeat.com reports.
Other equities research analysts also recently issued research reports about the company. Aegis reissued a hold rating on shares of Abaxis in a report on Friday, December 1st. Canaccord Genuity reissued a hold rating and set a $47.00 target price (up previously from $46.00) on shares of Abaxis in a report on Friday, October 27th. Zacks Investment Research downgraded Abaxis from a hold rating to a sell rating in a report on Thursday, October 26th. TheStreet raised Abaxis from a c+ rating to a b- rating in a report on Wednesday, November 29th. Finally, BidaskClub downgraded Abaxis from a hold rating to a sell rating in a report on Tuesday, December 12th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $47.63.
Shares of Abaxis (NASDAQ ABAX) opened at $62.44 on Tuesday. Abaxis has a twelve month low of $43.66 and a twelve month high of $62.98. The stock has a market capitalization of $1,410.00, a price-to-earnings ratio of 52.03 and a beta of 0.86.
Abaxis (NASDAQ:ABAX) last posted its earnings results on Tuesday, October 24th. The medical research company reported $0.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.02. Abaxis had a return on equity of 9.66% and a net margin of 11.22%. The company had revenue of $58.90 million during the quarter, compared to the consensus estimate of $60.85 million. During the same quarter last year, the firm earned $0.34 earnings per share. The company’s revenue was up .5% on a year-over-year basis. equities research analysts predict that Abaxis will post 1.08 earnings per share for the current year.
Abaxis declared that its Board of Directors has approved a share buyback program 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 programs are usually a sign that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Friday, December 1st were given a $0.16 dividend. The ex-dividend date was Thursday, November 30th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.02%. This is a boost from Abaxis’s previous quarterly dividend of $0.14. Abaxis’s dividend payout ratio (DPR) is presently 53.33%.
Several hedge funds and other institutional investors have recently modified their holdings of ABAX. Kayne Anderson Rudnick Investment Management LLC increased its position in shares of Abaxis by 11.9% in the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,504,059 shares of the medical research company’s stock worth $156,457,000 after purchasing an additional 371,942 shares during the period. Russell Investments Group Ltd. increased its position in shares of Abaxis by 55.5% in the third quarter. Russell Investments Group Ltd. now owns 172,256 shares of the medical research company’s stock worth $7,692,000 after purchasing an additional 61,475 shares during the period. Eaton Vance Management bought a new position in shares of Abaxis in the second quarter worth $2,257,000. JPMorgan Chase & Co. increased its position in shares of Abaxis by 70.5% in the third quarter. JPMorgan Chase & Co. now owns 97,436 shares of the medical research company’s stock worth $4,318,000 after purchasing an additional 40,292 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of Abaxis by 0.9% in the second quarter. Vanguard Group Inc. now owns 1,963,755 shares of the medical research company’s stock worth $104,119,000 after purchasing an additional 16,676 shares during the period. Institutional investors own 97.66% of the company’s stock.
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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