According to Zacks, “We are impressed with the strong cash position of Abaxis, which is evident from management’s decision to increase the share repurchase fund, which gives us an optimistic outlook. Further, on a year-over-year basis a strong outcome has been observed, with global sales improving across all Abaxis’ segments as well as in geographical bases. In particular a specific rebound witnessed in Europe’s veterinary rotor units’ sales is encouraging as Abaxis had displayed a dreary performance in the region in the past two quarters. Moreover, Abaxis faced a challenging year over year comparison in sales of veterinary rotors in the Asia Pacific region this quarter but going ahead, for the remaining quarters of fiscal 2017 management anticipates improved outcome in this space.”
Other research analysts have also issued research reports about the stock. TheStreet raised shares of Abaxis from a hold rating to a buy rating in a research report on Thursday, June 9th. 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 shares of Abaxis from a hold rating to a sell rating in a report on Friday, July 22nd. Three 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’s stock. Abaxis presently has a consensus rating of Hold and a consensus target price of $45.30.
Abaxis (NASDAQ:ABAX) last released its earnings results on Thursday, July 21st. The company reported $0.30 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.32 by $0.02. The firm had revenue of $57.70 million for the quarter, compared to analyst estimates 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 prior year, the firm earned $0.31 EPS.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 1st were paid a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, August 30th. This represents a $0.48 dividend on an annualized basis and a yield of 0.93%. Abaxis’s payout ratio is currently 34.78%.
In related news, insider Donald Peter Wood sold 8,500 shares of the company’s stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $50.21, for a total value of $426,785.00. Following the sale, the insider now owns 52,618 shares of the company’s stock, valued at $2,641,949.78. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Prithipal Singh sold 1,000 shares of the company’s stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $49.50, for a total transaction of $49,500.00. Following the completion of the sale, the director now directly owns 42,500 shares in the company, valued at approximately $2,103,750. The disclosure for this sale can be found here. 4.10% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the stock. PineBridge Investments L.P. boosted its stake in Abaxis by 3.7% in the second quarter. PineBridge Investments L.P. now owns 2,646 shares of the company’s stock worth $125,000 after buying an additional 94 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Abaxis by 0.6% in the second quarter. Nisa Investment Advisors LLC now owns 16,800 shares of the company’s stock valued at $793,000 after buying an additional 100 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of Abaxis by 0.9% in the second quarter. Arizona State Retirement System now owns 10,934 shares of the company’s stock valued at $516,000 after buying an additional 100 shares in the last quarter. BlackRock Advisors LLC boosted its stake in shares of Abaxis by 1.0% in the second quarter. BlackRock Advisors LLC now owns 10,466 shares of the company’s stock valued at $494,000 after buying an additional 102 shares in the last quarter. Finally, Rhumbline Advisers boosted its stake in shares of Abaxis by 0.3% in the second quarter. Rhumbline Advisers now owns 44,825 shares of the company’s stock valued at $2,117,000 after buying an additional 118 shares in the last quarter. 99.03% of the stock is currently owned by institutional investors and hedge funds.
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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