Bio-Rad Laboratories (NYSE:BIO) Issues Earnings Results, Beats Expectations By $0.87 EPS

Bio-Rad Laboratories (NYSE:BIO) posted its earnings results on Tuesday. The medical research company reported $2.62 earnings per share for the quarter, beating the consensus estimate of $1.75 by $0.87, FiscalAI reports. Bio-Rad Laboratories had a net margin of 6.52% and a return on equity of 3.56%. The firm had revenue of $651.00 million during the quarter, compared to the consensus estimate of $623.99 million.

Bio-Rad Laboratories Trading Down 0.5%

BIO stock traded down $1.84 during midday trading on Tuesday, hitting $332.87. The stock had a trading volume of 263,909 shares, compared to its average volume of 329,369. The company’s 50-day moving average price is $300.29 and its 200 day moving average price is $287.70. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.21 and a quick ratio of 2.37. The firm has a market cap of $8.91 billion, a PE ratio of 54.84 and a beta of 1.06. Bio-Rad Laboratories has a 12-month low of $236.73 and a 12-month high of $343.12.

Institutional Investors Weigh In On Bio-Rad Laboratories

Several hedge funds have recently made changes to their positions in BIO. Meeder Advisory Services Inc. increased its stake in shares of Bio-Rad Laboratories by 9.0% in the fourth quarter. Meeder Advisory Services Inc. now owns 813 shares of the medical research company’s stock worth $246,000 after acquiring an additional 67 shares during the last quarter. Itau Unibanco Holding S.A. raised its holdings in shares of Bio-Rad Laboratories by 57.6% during the fourth quarter. Itau Unibanco Holding S.A. now owns 197 shares of the medical research company’s stock worth $60,000 after acquiring an additional 72 shares in the last quarter. Geneos Wealth Management Inc. boosted its position in Bio-Rad Laboratories by 115.2% during the second quarter. Geneos Wealth Management Inc. now owns 142 shares of the medical research company’s stock valued at $34,000 after purchasing an additional 76 shares during the last quarter. Empowered Funds LLC grew its stake in Bio-Rad Laboratories by 5.2% in the fourth quarter. Empowered Funds LLC now owns 1,571 shares of the medical research company’s stock valued at $476,000 after purchasing an additional 78 shares in the last quarter. Finally, Stifel Financial Corp grew its stake in Bio-Rad Laboratories by 1.9% in the fourth quarter. Stifel Financial Corp now owns 4,355 shares of the medical research company’s stock valued at $1,320,000 after purchasing an additional 83 shares in the last quarter. Institutional investors and hedge funds own 65.24% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on BIO shares. Royal Bank Of Canada initiated coverage on shares of Bio-Rad Laboratories in a research report on Friday, May 15th. They issued an “outperform” rating and a $320.00 price target on the stock. Zacks Research cut Bio-Rad Laboratories from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Wells Fargo & Company dropped their price target on Bio-Rad Laboratories from $320.00 to $290.00 and set an “equal weight” rating for the company in a research report on Friday, May 1st. Citigroup downgraded Bio-Rad Laboratories from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $375.00 to $300.00 in a research report on Tuesday, April 7th. Finally, Weiss Ratings lowered Bio-Rad Laboratories from a “sell (d+)” rating to a “sell (d)” rating in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $303.33.

Bio-Rad Laboratories Company Profile

Bio-Rad Laboratories, Inc is a global provider of life science research and clinical diagnostic products. The company operates through two primary business segments: Life Science and Clinical Diagnostics. Within the Life Science segment, Bio-Rad offers instruments, reagents and consumables for protein analysis, cell biology, gene expression and other molecular biology applications. The Clinical Diagnostics segment supplies quality control products, blood-typing reagents and instruments, and molecular diagnostic assays used in blood screening, infectious disease testing and routine clinical laboratories.

Founded in 1952 by David and Alice Schwartz and headquartered in Hercules, California, Bio-Rad has grown its footprint across the Americas, Europe, Asia-Pacific and other regions.