Seaward Management Limited Partnership Has $1,562,000 Stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX)
Seaward Management Limited Partnership maintained its position in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX) during the second quarter, Holdings Channel reports. The fund owned 9,680 shares of the company’s stock at the end of the second quarter. Seaward Management Limited Partnership’s holdings in IDEXX Laboratories were worth $1,562,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. raised its position in shares of IDEXX Laboratories by 1,967.1% in the first quarter. BlackRock Inc. now owns 6,427,027 shares of the company’s stock worth $993,680,000 after buying an additional 6,116,102 shares in the last quarter. Vanguard Group Inc. raised its position in shares of IDEXX Laboratories by 24.3% in the first quarter. Vanguard Group Inc. now owns 8,910,555 shares of the company’s stock worth $1,377,660,000 after buying an additional 1,740,446 shares in the last quarter. State Street Corp raised its position in shares of IDEXX Laboratories by 38.6% in the first quarter. State Street Corp now owns 3,911,739 shares of the company’s stock worth $604,793,000 after buying an additional 1,089,880 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of IDEXX Laboratories by 59.1% in the first quarter. Renaissance Technologies LLC now owns 975,600 shares of the company’s stock worth $150,838,000 after buying an additional 362,400 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of IDEXX Laboratories by 64.9% in the first quarter. Goldman Sachs Group Inc. now owns 887,703 shares of the company’s stock worth $137,248,000 after buying an additional 349,344 shares in the last quarter. 89.80% of the stock is currently owned by hedge funds and other institutional investors.
Shares of IDEXX Laboratories, Inc. (IDXX) opened at 155.49 on Tuesday. The stock’s 50 day moving average price is $163.95 and its 200 day moving average price is $154.43. The firm has a market capitalization of $13.57 billion, a price-to-earnings ratio of 53.49 and a beta of 0.49. IDEXX Laboratories, Inc. has a 12-month low of $102.45 and a 12-month high of $173.01.
IDEXX Laboratories (NASDAQ:IDXX) last announced its quarterly earnings results on Tuesday, August 1st. The company reported $0.95 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.85 by $0.10. The company had revenue of $508.90 million during the quarter, compared to analysts’ expectations of $502.44 million. IDEXX Laboratories had a negative return on equity of 473.46% and a net margin of 14.13%. The firm’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.74 earnings per share. Equities research analysts expect that IDEXX Laboratories, Inc. will post $3.17 earnings per share for the current year.
IDEXX Laboratories declared that its board has approved a stock buyback program on Wednesday, May 3rd that allows the company to buyback 3,000,000 shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
Several analysts have recently issued reports on IDXX shares. Zacks Investment Research lowered IDEXX Laboratories from a “buy” rating to a “hold” rating in a report on Monday, June 12th. BidaskClub raised IDEXX Laboratories from a “buy” rating to a “strong-buy” rating in a report on Friday, June 23rd. Stifel Nicolaus increased their target price on IDEXX Laboratories from $150.00 to $185.00 and gave the stock a “buy” rating in a report on Monday, May 1st. Canaccord Genuity reissued a “buy” rating and set a $180.00 target price (up from $165.00) on shares of IDEXX Laboratories in a report on Friday, April 28th. Finally, Aegis started coverage on IDEXX Laboratories in a report on Wednesday, May 31st. They set a “sell” rating and a $118.00 target price on the stock. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $173.80.
In related news, Director Lawrence D. Kingsley purchased 2,000 shares of IDEXX Laboratories stock in a transaction dated Thursday, August 3rd. The stock was bought at an average cost of $151.76 per share, for a total transaction of $303,520.00. Following the completion of the transaction, the director now owns 3,344 shares in the company, valued at $507,485.44. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Jonathan W. Ayers sold 27,000 shares of IDEXX Laboratories stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $162.69, for a total value of $4,392,630.00. Following the completion of the transaction, the chairman now owns 1,024,994 shares of the company’s stock, valued at $166,756,273.86. The disclosure for this sale can be found here. Over the last quarter, insiders sold 47,572 shares of company stock valued at $7,816,307. 2.77% of the stock is owned by company insiders.
IDEXX Laboratories Company Profile
IDEXX Laboratories, Inc develops, manufactures and distributes products and provides services for the companion animal veterinary, livestock and poultry, dairy and water testing markets. The Company also sells a line of portable electrolytes and blood gas analyzers for the human point-of-care medical diagnostics market.
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