Bio-Rad Laboratories (NYSE:BIO) Releases Quarterly Earnings Results, Beats Estimates By $0.25 EPS

Bio-Rad Laboratories (NYSE:BIO) announced its quarterly earnings data on Tuesday. The medical research company reported $2.29 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.25, Briefing.com reports. The firm had revenue of $610.82 million during the quarter, compared to analyst estimates of $619.09 million. Bio-Rad Laboratories had a positive return on equity of 3.90% and a negative net margin of 23.86%. Bio-Rad Laboratories’s quarterly revenue was down 9.8% on a year-over-year basis. During the same period in the previous year, the company earned $3.34 earnings per share.

Bio-Rad Laboratories Price Performance

Shares of NYSE BIO traded down $11.23 during mid-day trading on Wednesday, reaching $268.68. The company had a trading volume of 119,196 shares, compared to its average volume of 204,950. The company has a 50-day moving average price of $316.40 and a two-hundred day moving average price of $314.26. The stock has a market cap of $7.66 billion, a PE ratio of -12.72 and a beta of 0.94. Bio-Rad Laboratories has a 1-year low of $261.59 and a 1-year high of $431.79. The company has a current ratio of 5.83, a quick ratio of 4.34 and a debt-to-equity ratio of 0.14.

Insiders Place Their Bets

In other news, EVP Michael Crowley sold 3,000 shares of the company’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $336.00, for a total value of $1,008,000.00. Following the transaction, the executive vice president now directly owns 6,942 shares of the company’s stock, valued at $2,332,512. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 17.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on BIO shares. UBS Group reduced their price objective on Bio-Rad Laboratories from $420.00 to $385.00 and set a “buy” rating on the stock in a research note on Wednesday. StockNews.com upgraded shares of Bio-Rad Laboratories from a “hold” rating to a “buy” rating in a research note on Thursday, April 25th. Citigroup downgraded Bio-Rad Laboratories from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $400.00 to $365.00 in a research note on Wednesday, April 3rd. Finally, Royal Bank of Canada reduced their target price on shares of Bio-Rad Laboratories from $484.00 to $480.00 and set an “outperform” rating for the company in a research note on Friday, February 16th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Bio-Rad Laboratories has an average rating of “Moderate Buy” and a consensus target price of $461.00.

About Bio-Rad Laboratories

Bio-Rad Laboratories, Inc manufactures and distributes life science research and clinical diagnostic products in the United States, Europe, Asia, Canada, and Latin America. It operates through two segments, Life Science and Clinical Diagnostics. The company develops, manufactures, and markets instruments, systems, reagents, and consumables to separate, purify, characterize, and quantitate biological materials such as cells, proteins, and nucleic acids for proteomics, genomics, biopharmaceutical production, cellular biology, and food safety markets.