Smith Asset Management Group LP Reduces Position in IDEXX Laboratories, Inc. (NASDAQ:IDXX)
Smith Asset Management Group LP cut its position in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 22.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 245,694 shares of the company’s stock after selling 69,350 shares during the period. IDEXX Laboratories makes up approximately 1.2% of Smith Asset Management Group LP’s holdings, making the stock its 23rd largest position. Smith Asset Management Group LP’s holdings in IDEXX Laboratories were worth $39,660,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bronfman E.L. Rothschild L.P. raised its position in shares of IDEXX Laboratories by 2.3% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 770 shares of the company’s stock worth $119,000 after buying an additional 17 shares in the last quarter. Lourd Capital LLC raised its stake in IDEXX Laboratories by 1.1% in the first quarter. Lourd Capital LLC now owns 3,277 shares of the company’s stock valued at $507,000 after buying an additional 36 shares during the period. CAPROCK Group Inc. raised its stake in IDEXX Laboratories by 2.2% in the second quarter. CAPROCK Group Inc. now owns 1,830 shares of the company’s stock valued at $295,000 after buying an additional 40 shares during the period. Strs Ohio raised its stake in IDEXX Laboratories by 0.7% in the second quarter. Strs Ohio now owns 5,929 shares of the company’s stock valued at $957,000 after buying an additional 41 shares during the period. Finally, Fayez Sarofim & Co raised its stake in IDEXX Laboratories by 1.4% in the first quarter. Fayez Sarofim & Co now owns 3,500 shares of the company’s stock valued at $541,000 after buying an additional 50 shares during the period. 89.80% of the stock is currently owned by institutional investors and hedge funds.
Shares of IDEXX Laboratories, Inc. (IDXX) opened at 151.06 on Friday. The firm has a market capitalization of $13.18 billion, a price-to-earnings ratio of 51.96 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. The company’s 50-day moving average price is $162.05 and its 200 day moving average price is $155.37.
IDEXX Laboratories (NASDAQ:IDXX) last posted its quarterly earnings data on Tuesday, August 1st. The company reported $0.95 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.85 by $0.10. The firm had revenue of $508.90 million during the quarter, compared to the consensus estimate 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 revenue was up 9.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.74 EPS. On average, equities research analysts forecast that IDEXX Laboratories, Inc. will post $3.18 EPS for the current fiscal year.
IDEXX Laboratories announced that its board has approved a stock buyback plan on Wednesday, May 3rd that authorizes the company to buyback 3,000,000 shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
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Several research firms recently commented on IDXX. Stifel Nicolaus raised 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. Zacks Investment Research raised IDEXX Laboratories from a “hold” rating to a “buy” rating and set a $187.00 target price on the stock in a report on Monday, May 29th. BidaskClub raised IDEXX Laboratories from a “buy” rating to a “strong-buy” rating in a report on Friday, June 23rd. Canaccord Genuity reaffirmed a “buy” rating and set a $180.00 target price on shares of IDEXX Laboratories in a report on Tuesday, June 13th. Finally, Aegis began 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 equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $173.80.
In other IDEXX Laboratories news, Chairman Jonathan W. Ayers sold 18,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $155.22, for a total transaction of $2,793,960.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lawrence D. Kingsley acquired 2,000 shares of IDEXX Laboratories stock in a transaction on Thursday, August 3rd. The shares were bought at an average cost of $151.76 per share, with a total value of $303,520.00. Following the completion of the purchase, the director now owns 3,344 shares in the company, valued at $507,485.44. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 55,572 shares of company stock valued at $8,844,817. 2.77% of the stock is owned by company insiders.
About IDEXX Laboratories
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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