Advisors Asset Management Inc. lowered its stake in Abaxis Inc. (NASDAQ:ABAX) by 6.6% during the second quarter, Holdings Channel reports. The fund owned 8,288 shares of the company’s stock after selling 588 shares during the period. Advisors Asset Management Inc.’s holdings in Abaxis were worth $391,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Institutional Trust Company N.A. increased its position in Abaxis by 3.9% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 571,945 shares of the company’s stock valued at $25,961,000 after buying an additional 21,550 shares during the last quarter. Invictus RG purchased a new position in Abaxis during the first quarter valued at approximately $302,000. Pacific Global Investment Management CO purchased a new position in Abaxis during the first quarter valued at approximately $2,116,000. JPMorgan Chase & Co. increased its position in Abaxis by 10,732.9% in the first quarter. JPMorgan Chase & Co. now owns 243,957 shares of the company’s stock valued at $11,073,000 after buying an additional 241,705 shares during the last quarter. Finally, Emerald Acquisition Ltd. purchased a new position in Abaxis during the second quarter valued at approximately $4,689,000. Institutional investors own 99.03% of the company’s stock.
Abaxis Inc. (NASDAQ:ABAX) traded up 1.68% during mid-day trading on Friday, hitting $51.35. The stock had a trading volume of 33,414 shares. Abaxis Inc. has a 52-week low of $37.71 and a 52-week high of $58.15. The firm has a 50-day moving average of $49.90 and a 200-day moving average of $47.20. The stock has a market cap of $1.16 billion, a P/E ratio of 37.35 and a beta of 1.02.
Abaxis (NASDAQ:ABAX) last released its quarterly earnings data on Thursday, July 21st. The company reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by $0.02. Abaxis had a net margin of 14.10% and a return on equity of 13.03%. The business earned $57.70 million during the quarter, compared to analyst estimates of $58.70 million. During the same quarter in the prior year, the company posted $0.31 earnings per share. On average, analysts forecast that Abaxis Inc. will post $1.36 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 1st were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date of this dividend was Tuesday, August 30th. Abaxis’s dividend payout ratio is presently 34.78%.
ABAX has been the topic of several research reports. TheStreet upgraded Abaxis from a “hold” rating to a “buy” rating in a report on Thursday, June 9th. Zacks Investment Research upgraded Abaxis from a “sell” rating to a “hold” rating in a report on Monday, July 4th. Credit Suisse Group AG restated a “sell” rating and set a $39.00 price objective on shares of Abaxis in a report on Tuesday, August 16th. Finally, Feltl & Co. downgraded Abaxis from a “hold” rating to a “sell” rating in a report on Friday, July 22nd. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $45.30.
In related news, Director Prithipal Singh sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $50.30, for a total value of $75,450.00. Following the transaction, the director now directly owns 43,500 shares in the company, valued at $2,188,050. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Donald Peter Wood sold 8,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $50.21, for a total value of $426,785.00. Following the completion of the transaction, the insider now owns 52,618 shares in the company, valued at $2,641,949.78. The disclosure for this sale can be found here. 4.10% of the stock is owned by corporate insiders.
Abaxis Company Profile
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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