Abaxis Inc (NASDAQ:ABAX) – Research analysts at Northcoast Research lifted their FY2018 EPS estimates for shares of Abaxis in a research note issued on Tuesday. Northcoast Research analyst E. Snyder now expects that the medical research company will post earnings of $1.15 per share for the year, up from their prior estimate of $1.07. Northcoast Research currently has a “Buy” rating on the stock. Northcoast Research also issued estimates for Abaxis’ Q4 2018 earnings at $0.29 EPS, Q1 2019 earnings at $0.36 EPS, Q2 2019 earnings at $0.39 EPS, Q3 2019 earnings at $0.36 EPS, Q4 2019 earnings at $0.39 EPS and FY2019 earnings at $1.50 EPS.
Abaxis (NASDAQ:ABAX) last issued its quarterly earnings data on Tuesday, October 24th. The medical research company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.02. The firm had revenue of $58.90 million during the quarter, compared to analyst estimates of $60.85 million. Abaxis had a return on equity of 10.18% and a net margin of 11.98%. The company’s revenue for the quarter was up .5% on a year-over-year basis. During the same period in the previous year, the company posted $0.34 EPS.
ABAX has been the subject of a number of other reports. Zacks Investment Research lowered Abaxis from a “hold” rating to a “sell” rating in a report on Thursday, October 26th. BidaskClub lowered Abaxis from a “hold” rating to a “sell” rating in a report on Tuesday, December 12th. Bank of America decreased their price objective on Abaxis from $42.00 to $39.00 and set an “underperform” rating for the company in a report on Wednesday, October 25th. UBS Group raised Abaxis from an “underperform” rating to a “market perform” rating in a report on Tuesday. Finally, Raymond James Financial raised Abaxis from an “underperform” rating to a “market perform” rating in a report on Tuesday. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $47.63.
Shares of Abaxis (NASDAQ ABAX) traded up $0.16 on Wednesday, reaching $62.44. The company’s stock had a trading volume of 235,965 shares, compared to its average volume of 248,367. The company has a market cap of $1,410.00, a price-to-earnings ratio of 52.03 and a beta of 0.86. Abaxis has a 1 year low of $43.66 and a 1 year high of $62.98.
Several hedge funds have recently added to or reduced their stakes in the company. Kayne Anderson Rudnick Investment Management LLC grew its holdings in shares of Abaxis by 11.9% in the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,504,059 shares of the medical research company’s stock valued at $156,457,000 after acquiring an additional 371,942 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Abaxis by 0.9% in the second quarter. Vanguard Group Inc. now owns 1,963,755 shares of the medical research company’s stock valued at $104,119,000 after acquiring an additional 16,676 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Abaxis by 1.7% in the third quarter. Dimensional Fund Advisors LP now owns 683,986 shares of the medical research company’s stock valued at $30,540,000 after acquiring an additional 11,757 shares in the last quarter. Wells Fargo & Company MN grew its holdings in shares of Abaxis by 1.1% in the third quarter. Wells Fargo & Company MN now owns 635,103 shares of the medical research company’s stock valued at $28,357,000 after acquiring an additional 6,974 shares in the last quarter. Finally, State Street Corp grew its holdings in shares of Abaxis by 1.0% in the second quarter. State Street Corp now owns 569,671 shares of the medical research company’s stock valued at $30,203,000 after acquiring an additional 5,672 shares in the last quarter. 97.66% of the stock is owned by institutional investors.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Friday, December 1st were issued a $0.16 dividend. The ex-dividend date was Thursday, November 30th. This is a positive change from Abaxis’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a dividend yield of 1.02%. Abaxis’s dividend payout ratio is currently 53.33%.
Abaxis declared that its board has initiated a stock repurchase plan on Tuesday, October 24th that allows the company to repurchase $21.00 million in shares. This repurchase authorization allows the medical research company to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
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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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