Alere Inc. (NYSE:ALR) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Alere Inc., formerly known as Inverness Medical Innovations, Inc., provides products and services, which focus on infectious disease, cardiology, oncology, drugs of abuse and women’s health. Alere is headquartered in Waltham, Massachusetts. “
A number of other research firms have also weighed in on ALR. Canaccord Genuity decreased their target price on Alere from $56.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, September 29th. BTIG Research reissued a “buy” rating and set a $48.00 target price on shares of Alere in a report on Thursday, August 18th. Jefferies Group reissued a “hold” rating on shares of Alere in a report on Tuesday, July 12th. Finally, Leerink Swann reissued a “buy” rating and set a $56.00 target price on shares of Alere in a report on Tuesday, July 12th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $51.75.
Shares of Alere (NYSE:ALR) traded up 1.93% on Wednesday, hitting $43.22. The company’s stock had a trading volume of 1,172,352 shares. The stock’s 50-day moving average price is $42.56 and its 200-day moving average price is $42.12. Alere has a 52 week low of $31.47 and a 52 week high of $54.13. The firm’s market cap is $3.75 billion.
Alere (NYSE:ALR) last posted its earnings results on Tuesday, September 6th. The company reported ($0.46) earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by $1.04. The business had revenue of $611.10 million for the quarter. Alere had a positive return on equity of 8.40% and a negative net margin of 2.30%. The company’s revenue was down 2.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.54 earnings per share. Equities analysts expect that Alere will post $2.07 earnings per share for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in ALR. Vanguard Group Inc. increased its stake in Alere by 3.7% in the second quarter. Vanguard Group Inc. now owns 6,236,043 shares of the company’s stock worth $259,918,000 after buying an additional 220,207 shares during the last quarter. Iridian Asset Management LLC CT increased its stake in Alere by 14.4% in the second quarter. Iridian Asset Management LLC CT now owns 3,383,943 shares of the company’s stock worth $141,043,000 after buying an additional 425,662 shares during the last quarter. CNH Partners LLC increased its stake in Alere by 10.4% in the second quarter. CNH Partners LLC now owns 3,182,963 shares of the company’s stock worth $132,666,000 after buying an additional 298,954 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in shares of Alere by 1.4% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,127,691 shares of the company’s stock valued at $88,682,000 after buying an additional 30,089 shares in the last quarter. Finally, Lord Abbett & CO. LLC acquired a new stake in shares of Alere during the second quarter valued at $68,306,000. Hedge funds and other institutional investors own 92.10% of the company’s stock.
Alere Inc is a provider of health information through diagnostic tests. The Company operates through professional diagnostics, patient self-testing, consumer diagnostics and, corporate and other segments. The professional diagnostics segment includes an array of diagnostic test products and other in vitro diagnostic tests marketed to medical professionals and laboratories for detection of diseases and conditions within its areas of focus.
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