Abaxis Inc. (ABAX) Sees Unusually-High Trading Volume
Abaxis Inc. (NASDAQ:ABAX) shares saw unusually-strong trading volume on Friday . Approximately 235,812 shares changed hands during mid-day trading, an increase of 85% from the previous session’s volume of 127,376 shares.The stock last traded at $50.95 and had previously closed at $48.41.
Several brokerages have weighed in on ABAX. Credit Suisse Group AG reaffirmed an “underperform” rating and set a $39.00 price target on shares of Abaxis in a research report on Friday, March 25th. Vetr downgraded Abaxis from a “strong-buy” rating to a “buy” rating and set a $49.81 price target on the stock. in a research report on Thursday, March 31st. Canaccord Genuity cut their price target on Abaxis from $47.00 to $42.00 and set a “hold” rating on the stock in a research report on Friday, April 1st. CL King began coverage on Abaxis in a research report on Friday, April 1st. They set a “neutral” rating on the stock. Finally, Zacks Investment Research downgraded Abaxis from a “hold” rating to a “sell” rating in a research report on Monday, May 2nd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $45.30.
The stock has a market cap of $1.15 billion and a price-to-earnings ratio of 36.81. The stock has a 50 day moving average of $46.22 and a 200-day moving average of $45.56.
Abaxis (NASDAQ:ABAX) last released its quarterly earnings data on Thursday, April 28th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.04. The firm had revenue of $57 million for the quarter, compared to analysts’ expectations of $56.62 million. During the same period last year, the firm posted $0.17 earnings per share. Abaxis’s revenue for the quarter was up 9.6% on a year-over-year basis. On average, equities research analysts predict that Abaxis Inc. will post $1.41 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, June 17th. Investors of record on Friday, June 3rd were given a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, June 1st. This is a positive change from Abaxis’s previous quarterly dividend of $0.11. This represents a $0.48 dividend on an annualized basis and a yield of 0.94%.
In related news, Director Henk Evenhuis sold 3,000 shares of the business’s stock in a transaction on Monday, May 9th. The shares were sold at an average price of $45.00, for a total value of $135,000.00. Following the completion of the sale, the director now directly owns 15,400 shares of the company’s stock, valued at $693,000. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Achim Henkel sold 5,000 shares of the business’s stock in a transaction on Tuesday, May 17th. The shares were sold at an average price of $44.43, for a total transaction of $222,150.00. Following the completion of the sale, the director now directly owns 53,609 shares of the company’s stock, valued at $2,381,847.87. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors have bought and sold shares of ABAX. Dimensional Fund Advisors LP raised its position in Abaxis by 7.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 381,040 shares of the company’s stock worth $21,217,000 after buying an additional 26,941 shares in the last quarter. WBI Investments Inc. acquired a new position in Abaxis during the fourth quarter worth approximately $1,051,000. US Bancorp DE raised its position in Abaxis by 6.5% in the fourth quarter. US Bancorp DE now owns 23,142 shares of the company’s stock worth $1,289,000 after buying an additional 1,421 shares in the last quarter. Deere & Co. raised its position in Abaxis by 349.9% in the fourth quarter. Deere & Co. now owns 41,045 shares of the company’s stock worth $2,285,000 after buying an additional 31,921 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in Abaxis by 4.0% in the fourth quarter. Principal Financial Group Inc. now owns 145,758 shares of the company’s stock worth $8,116,000 after buying an additional 5,638 shares in the last quarter.
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 operates through the two segments: the medical market and the veterinary market.
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