Shares of Abaxis Inc. (NASDAQ:ABAX) rose 2.7% during trading on Monday . The company traded as high as $50.65 and last traded at $50.50, with a volume of 72,193 shares trading hands. The stock had previously closed at $49.17.
ABAX has been the subject of a number of recent analyst reports. TheStreet upgraded shares of Abaxis from a “hold” rating to a “buy” rating in a research report on Thursday, June 9th. Zacks Investment Research upgraded shares of Abaxis from a “sell” rating to a “hold” rating in a research report on Monday, July 4th. Credit Suisse Group AG restated a “sell” rating and issued a $39.00 price objective on shares of Abaxis in a research report on Tuesday, August 16th. Finally, Feltl & Co. cut shares of Abaxis from a “hold” rating to a “sell” rating in a research report on Friday, July 22nd. Four analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $45.30.
The stock has a 50-day moving average price of $49.41 and a 200-day moving average price of $46.72. The stock has a market capitalization of $1.14 billion, a PE ratio of 36.91 and a beta of 1.02.
Abaxis (NASDAQ:ABAX) last posted its earnings results on Thursday, July 21st. The company reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by $0.02. The company had revenue of $57.70 million for the quarter, compared to the consensus estimate of $58.70 million. Abaxis had a return on equity of 13.03% and a net margin of 14.10%. During the same period in the previous year, the firm posted $0.31 EPS. On average, equities analysts forecast that Abaxis Inc. will post $1.36 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were issued a dividend of $0.12 per share. The ex-dividend date was Tuesday, August 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.95%. Abaxis’s dividend payout ratio (DPR) is presently 34.78%.
In other news, insider Donald Peter Wood sold 8,500 shares of Abaxis stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $50.21, for a total transaction of $426,785.00. Following the transaction, the insider now owns 52,618 shares in the company, valued at $2,641,949.78. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Prithipal Singh sold 1,000 shares of Abaxis stock in a transaction on Thursday, September 8th. The stock was sold at an average price of $49.50, for a total transaction of $49,500.00. Following the transaction, the director now owns 42,500 shares in the company, valued at approximately $2,103,750. The disclosure for this sale can be found here. Insiders own 4.30% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Norges Bank acquired a new position in shares of Abaxis during the fourth quarter worth approximately $22,735,000. Glenmede Trust Co. NA raised its position in shares of Abaxis by 636.0% in the first quarter. Glenmede Trust Co. NA now owns 6,153 shares of the company’s stock worth $278,000 after buying an additional 5,317 shares during the period. Nisa Investment Advisors L.L.C. raised its position in shares of Abaxis by 7.1% in the first quarter. Nisa Investment Advisors L.L.C. now owns 16,700 shares of the company’s stock worth $758,000 after buying an additional 1,100 shares during the period. BlackRock Group LTD raised its position in shares of Abaxis by 32.8% in the first quarter. BlackRock Group LTD now owns 40,055 shares of the company’s stock worth $1,819,000 after buying an additional 9,904 shares during the period. Finally, BlackRock Institutional Trust Company N.A. raised its position in shares of Abaxis by 3.9% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 571,945 shares of the company’s stock worth $25,961,000 after buying an additional 21,550 shares during the period. Institutional investors own 99.03% 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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