Citigroup Lowers Bio-Rad Laboratories (NYSE:BIO) to Neutral

Citigroup lowered shares of Bio-Rad Laboratories (NYSE:BIOFree Report) from a buy rating to a neutral rating in a research note released on Wednesday, MarketBeat reports. Citigroup currently has $365.00 price objective on the medical research company’s stock, down from their prior price objective of $400.00.

Other equities research analysts have also recently issued research reports about the company. UBS Group increased their price objective on Bio-Rad Laboratories from $395.00 to $420.00 and gave the stock a buy rating in a report on Friday, February 16th. Royal Bank of Canada dropped their price objective on Bio-Rad Laboratories from $484.00 to $480.00 and set an outperform rating for the company in a report on Friday, February 16th. Finally, StockNews.com upgraded Bio-Rad Laboratories from a hold rating to a buy rating in a research note on Friday, March 15th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $468.00.

Get Our Latest Report on BIO

Bio-Rad Laboratories Trading Down 0.2 %

NYSE BIO opened at $328.19 on Wednesday. Bio-Rad Laboratories has a fifty-two week low of $261.59 and a fifty-two week high of $494.05. The company has a debt-to-equity ratio of 0.14, a quick ratio of 4.34 and a current ratio of 5.83. The stock has a 50 day simple moving average of $333.80 and a two-hundred day simple moving average of $324.03. The stock has a market cap of $9.36 billion, a P/E ratio of -15.27 and a beta of 0.87.

Bio-Rad Laboratories (NYSE:BIOGet Free Report) last released its quarterly earnings data on Thursday, February 15th. The medical research company reported $3.10 earnings per share for the quarter, topping the consensus estimate of $2.93 by $0.17. Bio-Rad Laboratories had a positive return on equity of 3.90% and a negative net margin of 23.86%. The business had revenue of $681.18 million during the quarter, compared to analysts’ expectations of $685.00 million. During the same quarter last year, the business posted $3.31 EPS. The business’s revenue was down 6.7% on a year-over-year basis. On average, analysts forecast that Bio-Rad Laboratories will post 10.57 earnings per share for the current year.

Insider Activity

In other news, EVP Michael Crowley sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $336.00, for a total value of $1,008,000.00. Following the completion of the transaction, the executive vice president now owns 6,942 shares in the company, valued at approximately $2,332,512. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 17.06% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quarry LP bought a new position in Bio-Rad Laboratories during the 4th quarter valued at approximately $27,000. Farther Finance Advisors LLC increased its position in Bio-Rad Laboratories by 42.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 101 shares of the medical research company’s stock valued at $38,000 after buying an additional 30 shares in the last quarter. Gladius Capital Management LP increased its position in Bio-Rad Laboratories by 65.8% during the 4th quarter. Gladius Capital Management LP now owns 121 shares of the medical research company’s stock valued at $39,000 after buying an additional 48 shares in the last quarter. Principal Securities Inc. bought a new position in Bio-Rad Laboratories during the 4th quarter valued at approximately $41,000. Finally, GAMMA Investing LLC bought a new position in Bio-Rad Laboratories during the 4th quarter valued at approximately $42,000. Institutional investors own 65.24% of the company’s stock.

About Bio-Rad Laboratories

(Get Free Report)

Bio-Rad Laboratories, Inc manufactures and distributes life science research and clinical diagnostic products in the United States, Europe, Asia, Canada, and Latin America. It operates through two segments, Life Science and Clinical Diagnostics. The company develops, manufactures, and markets instruments, systems, reagents, and consumables to separate, purify, characterize, and quantitate biological materials such as cells, proteins, and nucleic acids for proteomics, genomics, biopharmaceutical production, cellular biology, and food safety markets.

Featured Stories

Analyst Recommendations for Bio-Rad Laboratories (NYSE:BIO)

Receive News & Ratings for Bio-Rad Laboratories Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bio-Rad Laboratories and related companies with MarketBeat.com's FREE daily email newsletter.