Bio-Rad Laboratories (NYSE:BIO) Releases Earnings Results, Beats Estimates By $0.87 EPS

Bio-Rad Laboratories (NYSE:BIO) released its earnings results on Tuesday. The medical research company reported $2.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.75 by $0.87, FiscalAI reports. Bio-Rad Laboratories had a return on equity of 3.56% and a net margin of 6.52%.The business had revenue of $651.00 million for the quarter, compared to analyst estimates of $623.99 million.

Bio-Rad Laboratories Price Performance

BIO stock traded down $1.84 on Tuesday, reaching $332.87. 263,909 shares of the company’s stock were exchanged, compared to its average volume of 329,369. The stock has a fifty day moving average of $300.29 and a 200-day moving average of $287.70. The firm has a market cap of $8.91 billion, a PE ratio of 54.84 and a beta of 1.06. The company has a quick ratio of 2.37, a current ratio of 3.21 and a debt-to-equity ratio of 0.12. Bio-Rad Laboratories has a twelve month low of $236.73 and a twelve month high of $343.12.

Institutional Investors Weigh In On Bio-Rad Laboratories

Institutional investors have recently made changes to their positions in the stock. Geneos Wealth Management Inc. increased its holdings in shares of Bio-Rad Laboratories by 115.2% in the 2nd quarter. Geneos Wealth Management Inc. now owns 142 shares of the medical research company’s stock valued at $34,000 after purchasing an additional 76 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in Bio-Rad Laboratories during the fourth quarter worth about $47,000. Itau Unibanco Holding S.A. increased its holdings in Bio-Rad Laboratories by 57.6% in the fourth quarter. Itau Unibanco Holding S.A. now owns 197 shares of the medical research company’s stock valued at $60,000 after buying an additional 72 shares in the last quarter. State of Wyoming acquired a new stake in shares of Bio-Rad Laboratories in the 4th quarter worth approximately $74,000. Finally, Quarry LP increased its stake in Bio-Rad Laboratories by 131.5% in the 3rd quarter. Quarry LP now owns 287 shares of the medical research company’s stock valued at $80,000 after purchasing an additional 163 shares in the last quarter. 65.24% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on BIO shares. Zacks Research lowered shares of Bio-Rad Laboratories from a “hold” rating to a “strong sell” rating in a research report on Monday, July 13th. Wells Fargo & Company reduced their target price on shares of Bio-Rad Laboratories from $320.00 to $290.00 and set an “equal weight” rating for the company in a research note on Friday, May 1st. Royal Bank Of Canada began coverage on shares of Bio-Rad Laboratories in a report on Friday, May 15th. They issued an “outperform” rating and a $320.00 target price on the stock. Citigroup lowered shares of Bio-Rad Laboratories from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $375.00 to $300.00 in a research note on Tuesday, April 7th. Finally, Weiss Ratings cut shares of Bio-Rad Laboratories from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Bio-Rad Laboratories presently has an average rating of “Reduce” and a consensus target price of $303.33.

Bio-Rad Laboratories Company Profile

Bio-Rad Laboratories, Inc is a global provider of life science research and clinical diagnostic products. The company operates through two primary business segments: Life Science and Clinical Diagnostics. Within the Life Science segment, Bio-Rad offers instruments, reagents and consumables for protein analysis, cell biology, gene expression and other molecular biology applications. The Clinical Diagnostics segment supplies quality control products, blood-typing reagents and instruments, and molecular diagnostic assays used in blood screening, infectious disease testing and routine clinical laboratories.

Founded in 1952 by David and Alice Schwartz and headquartered in Hercules, California, Bio-Rad has grown its footprint across the Americas, Europe, Asia-Pacific and other regions.