Zacks: Analysts Anticipate ABAXIS, Inc. (ABAX) Will Post Quarterly Sales of $56.71 Million
Equities research analysts expect ABAXIS, Inc. (NASDAQ:ABAX) to report $56.71 million in sales for the current fiscal quarter, according to Zacks. Three analysts have made estimates for ABAXIS’s earnings, with the lowest sales estimate coming in at $54.62 million and the highest estimate coming in at $59.30 million. ABAXIS posted sales of $52.77 million during the same quarter last year, which suggests a positive year over year growth rate of 7.5%. The business is expected to report its next earnings report on Thursday, January 25th.
On average, analysts expect that ABAXIS will report full-year sales of $56.71 million for the current fiscal year, with estimates ranging from $233.40 million to $240.00 million. For the next year, analysts forecast that the firm will report sales of $255.67 million per share, with estimates ranging from $252.10 million to $258.60 million. Zacks’ sales calculations are a mean average based on a survey of research analysts that cover ABAXIS.
ABAXIS (NASDAQ:ABAX) last announced its quarterly earnings results on Tuesday, October 24th. The medical research company reported $0.29 EPS for the quarter, beating the Zacks’ consensus estimate of $0.27 by $0.02. ABAXIS had a return on equity of 10.18% and a net margin of 11.98%. The company had revenue of $58.90 million during the quarter, compared to analysts’ expectations of $60.85 million. During the same period in the prior year, the company earned $0.34 EPS. ABAXIS’s revenue was up .5% compared to the same quarter last year.
A number of research analysts have recently commented on ABAX shares. Zacks Investment Research cut ABAXIS from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. BidaskClub cut ABAXIS from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 3rd. Bank of America Corporation reiterated an “underperform” rating and issued a $42.00 price target on shares of ABAXIS in a research note on Wednesday, August 23rd. Finally, Canaccord Genuity reiterated a “hold” rating and issued a $47.00 price target (up from $46.00) on shares of ABAXIS in a research note on Friday, October 27th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $47.63.
Large investors have recently made changes to their positions in the stock. Citigroup Inc. grew its holdings in ABAXIS by 0.5% during the 2nd quarter. Citigroup Inc. now owns 18,967 shares of the medical research company’s stock worth $1,005,000 after acquiring an additional 87 shares during the period. Arizona State Retirement System grew its holdings in ABAXIS by 0.9% during the 2nd quarter. Arizona State Retirement System now owns 11,834 shares of the medical research company’s stock worth $627,000 after acquiring an additional 100 shares during the period. Nisa Investment Advisors LLC grew its holdings in ABAXIS by 0.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 17,675 shares of the medical research company’s stock worth $937,000 after acquiring an additional 140 shares during the period. Municipal Employees Retirement System of Michigan grew its holdings in ABAXIS by 4.1% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 5,320 shares of the medical research company’s stock worth $282,000 after acquiring an additional 210 shares during the period. Finally, Texas Permanent School Fund grew its holdings in ABAXIS by 1.4% during the 2nd quarter. Texas Permanent School Fund now owns 16,540 shares of the medical research company’s stock worth $877,000 after acquiring an additional 221 shares during the period. 98.57% of the stock is owned by institutional investors and hedge funds.
ABAXIS (ABAX) opened at $46.16 on Wednesday. ABAXIS has a 12 month low of $43.66 and a 12 month high of $55.95. The company has a market capitalization of $1,054.50, a price-to-earnings ratio of 38.72 and a beta of 0.86.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be given a dividend of $0.16 per share. This is a positive change from ABAXIS’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a yield of 1.39%. The ex-dividend date of this dividend is Thursday, November 30th. ABAXIS’s dividend payout ratio (DPR) is currently 46.67%.
ABAXIS declared that its Board of Directors has initiated a stock buyback program on Tuesday, October 24th that authorizes the company to buyback $21.00 million in shares. This buyback authorization authorizes the medical research company to repurchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
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ABAXIS Company Profile
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.
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