Abaxis Inc (ABAX) Trading Up 1.7%
Abaxis Inc (NASDAQ:ABAX)’s share price was up 1.7% during mid-day trading on Wednesday . The company traded as high as $53.48 and last traded at $53.43, with a volume of 79,674 shares. The stock had previously closed at $52.52.
A number of equities analysts have recently issued reports on ABAX shares. Credit Suisse Group AG reiterated an “underperform” rating and issued a $39.00 price objective on shares of Abaxis in a report on Friday, March 25th. Vetr cut Abaxis from a “strong-buy” rating to a “buy” rating and set a $49.81 price objective for the company. in a report on Thursday, March 31st. Canaccord Genuity cut their price objective on Abaxis from $47.00 to $42.00 and set a “hold” rating for the company in a report on Friday, April 1st. CL King started coverage on Abaxis in a report on Friday, April 1st. They issued a “neutral” rating for the company. Finally, Zacks Investment Research cut Abaxis from a “hold” rating to a “sell” rating in a report on Monday, May 2nd. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $45.30.
The company has a market capitalization of $1.20 billion and a P/E ratio of 38.56. The firm’s 50 day moving average is $46.69 and its 200 day moving average is $45.46.
Abaxis (NASDAQ:ABAX) last announced its earnings results on Thursday, April 28th. The company reported $0.36 EPS for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.04. The company earned $57 million during the quarter, compared to the consensus estimate of $56.62 million. Abaxis’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.17 earnings per share. On average, equities analysts predict that Abaxis Inc will post $1.41 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, June 17th. Shareholders of record on Friday, June 3rd were issued a dividend of $0.12 per share. The ex-dividend date 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 0.90%.
In other Abaxis news, Director Richard Bastiani sold 5,000 shares of the firm’s stock in a transaction dated Thursday, June 9th. The stock was sold at an average price of $46.75, for a total transaction of $233,750.00. Following the sale, the director now directly owns 54,400 shares of the company’s stock, valued at $2,543,200. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Henk Evenhuis sold 3,000 shares of the firm’s stock in a transaction dated Monday, May 9th. The shares were sold at an average price of $45.00, for a total value of $135,000.00. Following the sale, the director now directly owns 15,400 shares in the company, valued at $693,000. The disclosure for this sale can be found here.
Other large investors have bought and sold shares of the company. New York State Common Retirement Fund boosted its stake in Abaxis by 0.4% in the fourth quarter. New York State Common Retirement Fund now owns 494,365 shares of the company’s stock worth $27,526,000 after buying an additional 2,000 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake 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. Principal Financial Group Inc. boosted its stake 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. Rhumbline Advisers boosted its stake in Abaxis by 1.4% in the fourth quarter. Rhumbline Advisers now owns 45,742 shares of the company’s stock worth $2,547,000 after buying an additional 625 shares in the last quarter. Finally, Deere & Co. boosted its stake 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.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.