Zacks Investment Research lowered shares of Bio-Rad Laboratories (NYSE:BIO) from a hold rating to a strong sell rating in a research report report published on Monday morning.
According to Zacks, “Bio-Rad’s third-quarter earnings missed the consensus mark. Declining gross margin is a concern too. Challenges associated with successful implementation of the global ERP system remain an overhang. Further, Bio-Rad is exposed to risks associated with a weaker global economy and lower reimbursement rates. However, constant currency sales growth at the Clinical Diagnostics segment was impressive. The company also saw strong growth in the Life Sciences segment and cell biology, Digital PCR and food safety product lines. In addition, solid revenue growth in geographies like North America, China and Asia Pacific buoys optimism. We are also upbeat about the company’s recent 510(k) clearance from the FDA for the IH-Reader 24. Bio-Rad has been outperforming its industry over the past year.”
Other equities research analysts have also issued research reports about the stock. Goldman Sachs Group initiated coverage on shares of Bio-Rad Laboratories in a report on Wednesday, October 17th. They set a buy rating and a $350.00 price target on the stock. Jefferies Financial Group restated a buy rating and set a $420.00 price target on shares of Bio-Rad Laboratories in a report on Monday, September 24th. Barclays cut their price target on shares of Bio-Rad Laboratories from $345.00 to $315.00 and set an equal weight rating on the stock in a report on Friday, November 2nd. Finally, Morgan Stanley initiated coverage on shares of Bio-Rad Laboratories in a report on Thursday, September 20th. They set an equal weight rating and a $335.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. Bio-Rad Laboratories currently has an average rating of Hold and a consensus target price of $338.43.
Bio-Rad Laboratories (NYSE:BIO) last released its quarterly earnings results on Thursday, November 1st. The medical research company reported $0.91 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.16 by ($0.25). Bio-Rad Laboratories had a net margin of 55.13% and a return on equity of 3.72%. The firm had revenue of $545.10 million for the quarter, compared to analyst estimates of $541.23 million. During the same quarter in the prior year, the firm earned $0.91 EPS. The firm’s revenue was up 2.1% compared to the same quarter last year. Sell-side analysts predict that Bio-Rad Laboratories will post 5.47 EPS for the current fiscal year.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Security National Trust Co. purchased a new position in Bio-Rad Laboratories during the third quarter valued at approximately $125,000. Boussard & Gavaudan Investment Management LLP purchased a new position in Bio-Rad Laboratories during the third quarter valued at approximately $202,000. First Republic Investment Management Inc. purchased a new position in Bio-Rad Laboratories during the third quarter valued at approximately $208,000. Raymond James Trust N.A. purchased a new position in Bio-Rad Laboratories during the second quarter valued at approximately $212,000. Finally, World Asset Management Inc purchased a new position in Bio-Rad Laboratories during the second quarter valued at approximately $213,000. 63.87% of the stock is currently owned by hedge funds and other institutional investors.
About Bio-Rad Laboratories
Bio-Rad Laboratories, Inc develops, manufactures, and markets products and solutions for the life science research and clinical diagnostic markets in Europe, the Pacific Rim, the United States, and internationally. The company offers products and systems to separate complex chemical and biological materials, as well as to identify, analyze, and purify components.
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