California State Teachers Retirement System lessened its stake in ABAXIS, Inc. (NASDAQ:ABAX) by 10.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,876 shares of the medical research company’s stock after selling 4,312 shares during the period. California State Teachers Retirement System owned 0.17% of ABAXIS worth $2,061,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ABAX. UBS Asset Management Americas Inc. boosted its stake in ABAXIS by 8.7% in the first quarter. UBS Asset Management Americas Inc. now owns 4,129 shares of the medical research company’s stock valued at $200,000 after acquiring an additional 330 shares in the last quarter. Parametric Portfolio Associates LLC boosted its stake in ABAXIS by 8.5% in the first quarter. Parametric Portfolio Associates LLC now owns 23,962 shares of the medical research company’s stock valued at $1,162,000 after acquiring an additional 1,885 shares in the last quarter. SG Americas Securities LLC boosted its stake in ABAXIS by 11.2% in the first quarter. SG Americas Securities LLC now owns 2,256 shares of the medical research company’s stock valued at $109,000 after acquiring an additional 228 shares in the last quarter. Teachers Advisors LLC boosted its stake in ABAXIS by 2.4% in the first quarter. Teachers Advisors LLC now owns 41,565 shares of the medical research company’s stock valued at $2,016,000 after acquiring an additional 975 shares in the last quarter. Finally, California Public Employees Retirement System boosted its stake in ABAXIS by 2.8% in the first quarter. California Public Employees Retirement System now owns 66,100 shares of the medical research company’s stock valued at $3,206,000 after acquiring an additional 1,800 shares in the last quarter. Institutional investors own 98.57% of the company’s stock.
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A number of equities research analysts have recently commented on the stock. Zacks Investment Research cut shares of ABAXIS from a “hold” rating to a “sell” rating in a report on Thursday, October 26th. Bank of America Corporation reduced their target price on shares of ABAXIS from $42.00 to $39.00 and set an “underperform” rating for the company in a report on Wednesday, October 25th. BidaskClub cut shares of ABAXIS from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 3rd. Finally, Canaccord Genuity reaffirmed a “hold” rating and issued a $47.00 target price (up from $46.00) on shares of ABAXIS in a report on Friday, October 27th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $47.63.
Shares of ABAXIS, Inc. (NASDAQ ABAX) opened at $46.16 on Wednesday. ABAXIS, Inc. has a 1-year low of $43.66 and a 1-year high of $55.95. The company has a market cap of $1,040.66, a PE ratio of 38.21 and a beta of 0.86.
ABAXIS (NASDAQ:ABAX) last announced its earnings results on Tuesday, October 24th. The medical research company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.02. ABAXIS had a net margin of 11.98% and a return on equity of 10.18%. The business had revenue of $58.90 million during the quarter, compared to analysts’ expectations of $60.85 million. During the same period in the prior year, the company earned $0.34 earnings per share. The business’s revenue was up .5% compared to the same quarter last year. analysts predict that ABAXIS, Inc. will post 1.11 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be issued a dividend of $0.16 per share. This is a boost from ABAXIS’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a yield of 1.39%. The ex-dividend date is Thursday, November 30th. ABAXIS’s dividend payout ratio is currently 46.67%.
ABAXIS declared that its board has initiated a stock repurchase program on Tuesday, October 24th that permits the company to buyback $21.00 million in shares. This buyback authorization permits the medical research company to purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.
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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