ABAXIS (NASDAQ:ABAX) announced that its Board of Directors has authorized a stock repurchase program, which allows the company to buyback $21.00 million in outstanding shares on Tuesday, October 24th, EventVestor reports. This buyback authorization allows the medical research company to purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.
ABAXIS (NASDAQ:ABAX) opened at 49.32 on Monday. The firm’s 50-day moving average is $45.77 and its 200 day moving average is $48.16. ABAXIS has a 12-month low of $43.66 and a 12-month high of $55.95. The stock has a market capitalization of $1.12 billion, a P/E ratio of 34.83 and a beta of 0.82.
ABAXIS (NASDAQ:ABAX) last issued its quarterly earnings results on Tuesday, October 24th. The medical research company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.27 by $0.02. ABAXIS had a net margin of 11.98% and a return on equity of 10.18%. The firm had revenue of $58.90 million for the quarter, compared to analysts’ expectations of $60.85 million. During the same period in the previous year, the business earned $0.34 earnings per share. ABAXIS’s revenue for the quarter was up .5% compared to the same quarter last year. Equities research analysts anticipate that ABAXIS will post $1.10 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be given a $0.16 dividend. The ex-dividend date is Thursday, November 30th. This is a boost from ABAXIS’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a yield of 1.30%. ABAXIS’s payout ratio is 46.67%.
A number of brokerages have commented on ABAX. Stifel Nicolaus reissued a “hold” rating and issued a $48.00 price objective on shares of ABAXIS in a research report on Friday, July 14th. Zacks Investment Research cut shares of ABAXIS from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Bank of America Corporation restated an “underperform” rating and issued a $42.00 target price on shares of ABAXIS in a report on Wednesday, August 23rd. BidaskClub cut shares of ABAXIS from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 3rd. Finally, Canaccord Genuity restated a “hold” rating and issued a $47.00 target price on shares of ABAXIS in a report on Friday. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $47.63.
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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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