Longfellow Investment Management Co. LLC held its position in shares of Alere Inc. (NYSE:ALR) during the second quarter, Holdings Channel reports. The institutional investor owned 155,000 shares of the company’s stock at the end of the second quarter. Alere accounts for about 2.3% of Longfellow Investment Management Co. LLC’s portfolio, making the stock its 23rd largest position. Longfellow Investment Management Co. LLC’s holdings in Alere were worth $6,460,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. State of Alaska Department of Revenue bought a new position in shares of Alere during the second quarter valued at $125,000. Nisa Investment Advisors LLC raised its position in shares of Alere by 6.5% in the second quarter. Nisa Investment Advisors LLC now owns 3,300 shares of the company’s stock valued at $138,000 after buying an additional 200 shares during the period. IBM Retirement Fund raised its position in shares of Alere by 1.8% in the second quarter. IBM Retirement Fund now owns 8,732 shares of the company’s stock valued at $364,000 after buying an additional 157 shares during the period. BlackRock Inc. raised its position in shares of Alere by 189.9% in the first quarter. BlackRock Inc. now owns 10,080 shares of the company’s stock valued at $510,000 after buying an additional 6,603 shares during the period. Finally, Stoneridge Investment Partners LLC bought a new position in shares of Alere during the second quarter valued at $815,000. 92.10% of the stock is owned by institutional investors.
Shares of Alere Inc. (NYSE:ALR) traded down 0.38% on Tuesday, reaching $42.40. 352,960 shares of the company were exchanged. The company has a 50-day moving average price of $42.47 and a 200 day moving average price of $42.18. Alere Inc. has a 1-year low of $31.47 and a 1-year high of $54.13. The stock’s market capitalization is $3.68 billion.
Alere (NYSE:ALR) last announced its earnings results on Tuesday, September 6th. The company reported ($0.46) earnings per share for the quarter, missing the consensus estimate of $0.58 by $1.04. Alere had a negative net margin of 2.30% and a positive return on equity of 8.40%. The firm earned $611.10 million during the quarter. During the same period last year, the firm earned $0.54 earnings per share. The company’s revenue was down 2.0% compared to the same quarter last year. On average, analysts forecast that Alere Inc. will post $2.07 EPS for the current fiscal year.
Several research analysts have weighed in on ALR shares. Leerink Swann reaffirmed a “buy” rating and set a $56.00 target price on shares of Alere in a research note on Tuesday, July 12th. Canaccord Genuity raised shares of Alere from a “hold” rating to a “buy” rating and increased their target price for the stock from $44.00 to $56.00 in a research note on Friday, July 15th. BTIG Research reaffirmed a “buy” rating and set a $48.00 target price on shares of Alere in a research note on Thursday, September 1st. Finally, Jefferies Group reaffirmed a “hold” rating on shares of Alere in a research note on Thursday, August 4th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Alere presently has an average rating of “Hold” and an average price target of $51.75.
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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