Northern Trust Corp increased its stake in shares of ABAXIS, Inc. (NASDAQ:ABAX) by 2.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 294,360 shares of the medical research company’s stock after buying an additional 7,210 shares during the quarter. Northern Trust Corp owned about 1.30% of ABAXIS worth $15,608,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in ABAX. Victory Capital Management Inc. lifted its position in ABAXIS by 31.5% during the first quarter. Victory Capital Management Inc. now owns 2,188 shares of the medical research company’s stock worth $106,000 after buying an additional 524 shares in the last quarter. SG Americas Securities LLC lifted its position in ABAXIS by 11.2% during the first quarter. SG Americas Securities LLC now owns 2,256 shares of the medical research company’s stock worth $109,000 after buying an additional 228 shares in the last quarter. UBS Asset Management Americas Inc. lifted its position in ABAXIS by 8.7% during the first quarter. UBS Asset Management Americas Inc. now owns 4,129 shares of the medical research company’s stock worth $200,000 after buying an additional 330 shares in the last quarter. State of Alaska Department of Revenue lifted its position in ABAXIS by 79.8% during the second quarter. State of Alaska Department of Revenue now owns 4,477 shares of the medical research company’s stock worth $237,000 after buying an additional 1,987 shares in the last quarter. Finally, Oppenheimer & Co. Inc. purchased a new position in ABAXIS during the second quarter worth approximately $239,000. Hedge funds and other institutional investors own 96.97% of the company’s stock.
A number of brokerages recently commented on ABAX. Canaccord Genuity reiterated a “hold” rating and set a $47.00 price objective (up previously from $46.00) on shares of ABAXIS in a research report on Friday. Zacks Investment Research downgraded ABAXIS from a “hold” rating to a “sell” rating in a research report on Thursday, October 26th. Bank of America Corporation reduced their target price on ABAXIS from $42.00 to $39.00 and set an “underperform” rating on the stock in a research report on Wednesday, October 25th. BidaskClub downgraded ABAXIS from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 3rd. Finally, Stifel Nicolaus restated a “hold” rating and issued a $48.00 target price on shares of ABAXIS in a research report on Friday, July 14th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. ABAXIS has a consensus rating of “Hold” and a consensus target price of $47.63.
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Shares of ABAXIS, Inc. (NASDAQ ABAX) opened at 47.86 on Tuesday. The stock has a market cap of $1.09 billion, a P/E ratio of 33.80 and a beta of 0.82. ABAXIS, Inc. has a 52-week low of $43.66 and a 52-week high of $55.95. The firm has a 50-day moving average price of $45.84 and a 200-day moving average price of $48.18.
ABAXIS (NASDAQ:ABAX) last issued its quarterly earnings results on Tuesday, October 24th. The medical research company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $60.85 million. During the same quarter in the prior year, the company posted $0.34 EPS. The business’s revenue for the quarter was up .5% compared to the same quarter last year. On average, analysts anticipate that ABAXIS, Inc. will post $1.10 EPS for the current fiscal year.
ABAXIS declared that its Board of Directors has authorized a share repurchase program on Tuesday, October 24th that allows the company to buyback $21.00 million in outstanding shares. This buyback authorization allows the medical research company to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
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 paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date is Thursday, November 30th. This is a positive change from ABAXIS’s previous quarterly dividend of $0.14. ABAXIS’s dividend payout ratio is currently 46.67%.
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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