Abaxis Inc. (ABAX) Sees Strong Trading Volume
Shares of Abaxis Inc. (NASDAQ:ABAX) saw unusually-strong trading volume on Friday . Approximately 235,812 shares were traded during 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.
A number of equities analysts have weighed in on ABAX shares. Vetr lowered shares of Abaxis from a “strong-buy” rating to a “buy” rating and set a $49.81 target price for the company. in a research report on Thursday, March 31st. TheStreet upgraded shares of Abaxis from a “hold” rating to a “buy” rating in a research report on Thursday, June 9th. Zacks Investment Research upgraded shares of Abaxis from a “sell” rating to a “hold” rating in a research report on Monday, July 4th. Canaccord Genuity cut their price objective on shares of Abaxis from $47.00 to $42.00 and set a “hold” rating for the company in a research report on Friday, April 1st. Finally, CL King began coverage on shares of Abaxis in a research report on Friday, April 1st. They issued a “neutral” rating for the company. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $45.30.
The company has a market capitalization of $1.15 billion and a price-to-earnings ratio of 36.81. The stock’s 50 day moving average is $46.22 and its 200 day moving average is $45.56.
Abaxis (NASDAQ:ABAX) last posted its earnings results on Thursday, April 28th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.04. During the same quarter in the prior year, the company posted $0.17 EPS. The company had revenue of $57 million for the quarter, compared to the consensus estimate of $56.62 million. Abaxis’s revenue was up 9.6% on a year-over-year basis. Equities research analysts anticipate that Abaxis Inc. will post $1.41 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, June 17th. Shareholders of record on Friday, June 3rd were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.94%. The ex-dividend date of this dividend was Wednesday, June 1st. This is a boost from Abaxis’s previous quarterly dividend of $0.11.
In other Abaxis news, Director Richard Bastiani sold 5,000 shares of the company’s stock in a transaction dated Thursday, June 9th. The shares were sold at an average price of $46.75, for a total transaction of $233,750.00. Following the transaction, the director now owns 54,400 shares in the company, valued at approximately $2,543,200. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Henk Evenhuis sold 3,000 shares of the company’s stock in a transaction dated Monday, May 9th. The shares were sold at an average price of $45.00, for a total transaction of $135,000.00. Following the transaction, the director now owns 15,400 shares in the company, valued at approximately $693,000. The disclosure for this sale can be found here.
Several large investors have added to or reduced their stakes in ABAX. Deere & Co. raised its stake in Abaxis by 349.9% in the fourth quarter. Deere & Co. now owns 41,045 shares of the company’s stock valued at $2,285,000 after buying an additional 31,921 shares during the last quarter. Dimensional Fund Advisors LP raised 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 valued at $21,217,000 after buying an additional 26,941 shares during the last quarter. Paradigm Asset Management Co. LLC acquired a new stake in Abaxis during the fourth quarter valued at approximately $1,264,000. WBI Investments Inc. acquired a new stake in Abaxis during the fourth quarter valued at approximately $1,051,000. Finally, Numeric Investors LLC raised its stake in Abaxis by 69.6% in the fourth quarter. Numeric Investors LLC now owns 21,200 shares of the company’s stock valued at $1,180,000 after buying an additional 8,700 shares during 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.