Abaxis (ABAX) Lifted to Market Perform at UBS Group

UBS Group upgraded shares of Abaxis (NASDAQ:ABAX) from an underperform rating to a market perform rating in a research note released on Tuesday, The Fly reports.

ABAX has been the topic of a number of other research reports. Aegis restated a hold rating on shares of Abaxis in a research report on Friday, December 1st. TheStreet upgraded shares of Abaxis from a c+ rating to a b- rating in a research report on Wednesday, November 29th. Zacks Investment Research upgraded shares of Abaxis from a sell rating to a hold rating in a research report on Friday, November 10th. Canaccord Genuity restated a hold rating and issued a $47.00 target price (up previously from $46.00) on shares of Abaxis in a research report on Friday, October 27th. Finally, BidaskClub upgraded shares of Abaxis from a sell rating to a hold rating in a research report on Thursday, December 21st. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $47.63.

Shares of Abaxis (NASDAQ ABAX) opened at $62.28 on Tuesday. The stock has a market cap of $1,410.00, a P/E ratio of 51.90 and a beta of 0.86. Abaxis has a 52-week low of $43.66 and a 52-week high of $62.98.

Abaxis (NASDAQ:ABAX) last posted its quarterly earnings results on Tuesday, October 24th. The medical research company reported $0.29 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.02. The business had revenue of $58.90 million for the quarter, compared to analyst estimates of $60.85 million. Abaxis had a net margin of 11.98% and a return on equity of 10.18%. The firm’s revenue for the quarter was up .5% on a year-over-year basis. During the same quarter last year, the business posted $0.34 EPS. equities research analysts expect that Abaxis will post 1.08 earnings per share for the current year.

Abaxis announced that its Board of Directors has authorized a share repurchase plan on Tuesday, October 24th that authorizes the company to repurchase $21.00 million in outstanding shares. This repurchase authorization authorizes the medical research company to buy shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

The business also recently announced a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Friday, December 1st were given a $0.16 dividend. The ex-dividend date was Thursday, November 30th. This represents a $0.64 dividend on an annualized basis and a yield of 1.03%. This is a positive change from Abaxis’s previous quarterly dividend of $0.14. Abaxis’s dividend payout ratio (DPR) is currently 53.33%.

A number of institutional investors have recently modified their holdings of ABAX. Victory Capital Management Inc. boosted its position in Abaxis by 17.6% in the second quarter. Victory Capital Management Inc. now owns 2,574 shares of the medical research company’s stock valued at $136,000 after buying an additional 386 shares in the last quarter. Oppenheimer & Co. Inc. bought a new position in shares of Abaxis during the second quarter valued at $239,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Abaxis during the third quarter valued at $257,000. Piedmont Investment Advisors LLC bought a new position in shares of Abaxis during the second quarter valued at $260,000. Finally, Cetera Investment Advisers bought a new position in shares of Abaxis during the third quarter valued at $263,000. Hedge funds and other institutional investors own 97.66% of the company’s stock.

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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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