Bank of New York Mellon Corp Cuts Stake in Bio-Rad Laboratories, Inc. $BIO

Bank of New York Mellon Corp lessened its stake in shares of Bio-Rad Laboratories, Inc. (NYSE:BIO) by 1.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 126,856 shares of the medical research company’s stock after selling 2,498 shares during the quarter. Bank of New York Mellon Corp owned 0.47% of Bio-Rad Laboratories worth $35,361,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of BIO. First Eagle Investment Management LLC raised its holdings in shares of Bio-Rad Laboratories by 2.0% during the 4th quarter. First Eagle Investment Management LLC now owns 2,570,473 shares of the medical research company’s stock valued at $778,828,000 after buying an additional 50,154 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Bio-Rad Laboratories by 1.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,077,072 shares of the medical research company’s stock worth $326,344,000 after acquiring an additional 14,134 shares during the period. Capital Research Global Investors boosted its holdings in Bio-Rad Laboratories by 18.2% in the 4th quarter. Capital Research Global Investors now owns 494,472 shares of the medical research company’s stock worth $149,820,000 after acquiring an additional 76,117 shares during the period. Bank of America Corp DE grew its position in Bio-Rad Laboratories by 1.7% in the third quarter. Bank of America Corp DE now owns 459,887 shares of the medical research company’s stock valued at $128,948,000 after acquiring an additional 7,754 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in Bio-Rad Laboratories by 4,534.4% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 399,207 shares of the medical research company’s stock valued at $120,956,000 after acquiring an additional 390,593 shares in the last quarter. Hedge funds and other institutional investors own 65.24% of the company’s stock.

Bio-Rad Laboratories Stock Performance

Bio-Rad Laboratories stock opened at $313.78 on Monday. The company has a market cap of $8.40 billion, a PE ratio of 51.69 and a beta of 1.08. The company has a fifty day moving average price of $295.31 and a two-hundred day moving average price of $287.51. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.21 and a quick ratio of 2.37. Bio-Rad Laboratories, Inc. has a 12 month low of $236.73 and a 12 month high of $343.12.

Bio-Rad Laboratories (NYSE:BIO) last issued its earnings results on Thursday, April 30th. The medical research company reported $1.89 earnings per share for the quarter, missing analysts’ consensus estimates of $1.97 by ($0.08). Bio-Rad Laboratories had a return on equity of 3.56% and a net margin of 6.52%.The business had revenue of $592.10 million for the quarter, compared to analyst estimates of $589.91 million. During the same period last year, the company posted $2.54 earnings per share. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. Research analysts expect that Bio-Rad Laboratories, Inc. will post 9.42 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on BIO shares. Zacks Research downgraded shares of Bio-Rad Laboratories from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. Royal Bank Of Canada started coverage on shares of Bio-Rad Laboratories in a research note on Friday, May 15th. They set an “outperform” rating and a $320.00 price target on the stock. Citigroup lowered shares of Bio-Rad Laboratories from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $375.00 to $300.00 in a report on Tuesday, April 7th. Wells Fargo & Company decreased their price objective on shares of Bio-Rad Laboratories from $320.00 to $290.00 and set an “equal weight” rating for the company in a research report on Friday, May 1st. Finally, Weiss Ratings downgraded Bio-Rad Laboratories from a “sell (d+)” rating to a “sell (d)” rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Bio-Rad Laboratories has an average rating of “Reduce” and an average target price of $303.33.

About Bio-Rad Laboratories

Bio-Rad Laboratories, Inc is a global provider of life science research and clinical diagnostic products. The company operates through two primary business segments: Life Science and Clinical Diagnostics. Within the Life Science segment, Bio-Rad offers instruments, reagents and consumables for protein analysis, cell biology, gene expression and other molecular biology applications. The Clinical Diagnostics segment supplies quality control products, blood-typing reagents and instruments, and molecular diagnostic assays used in blood screening, infectious disease testing and routine clinical laboratories.

Founded in 1952 by David and Alice Schwartz and headquartered in Hercules, California, Bio-Rad has grown its footprint across the Americas, Europe, Asia-Pacific and other regions.