Bio-Rad Laboratories, Inc. (NYSE:BIO) Short Interest Down 6.8% in November

Bio-Rad Laboratories, Inc. (NYSE:BIO) saw a large decrease in short interest in the month of November. As of November 30th, there was short interest totalling 488,600 shares, a decrease of 6.8% from the November 15th total of 524,400 shares. Based on an average trading volume of 284,500 shares, the days-to-cover ratio is presently 1.7 days. Currently, 2.6% of the company’s shares are short sold.

Bio-Rad Laboratories Stock Down 1.7 %

BIO stock opened at $337.28 on Wednesday. The company has a market capitalization of $9.44 billion, a price-to-earnings ratio of -12.34 and a beta of 0.90. The company has a debt-to-equity ratio of 0.16, a quick ratio of 4.52 and a current ratio of 6.14. The business’s 50 day moving average price is $341.35 and its two-hundred day moving average price is $322.07. Bio-Rad Laboratories has a fifty-two week low of $262.12 and a fifty-two week high of $387.99.

Bio-Rad Laboratories (NYSE:BIO) last posted its quarterly earnings data on Wednesday, October 30th. The medical research company reported $2.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.85. The business had revenue of $649.70 million during the quarter, compared to the consensus estimate of $628.18 million. Bio-Rad Laboratories had a positive return on equity of 3.74% and a negative net margin of 30.18%. During the same quarter in the prior year, the company earned $2.33 earnings per share. The firm’s quarterly revenue was up 2.8% compared to the same quarter last year. As a group, analysts forecast that Bio-Rad Laboratories will post 10.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on BIO. StockNews.com upgraded shares of Bio-Rad Laboratories from a “hold” rating to a “buy” rating in a research report on Friday, November 1st. Citigroup boosted their price target on Bio-Rad Laboratories from $400.00 to $450.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Royal Bank of Canada increased their price objective on Bio-Rad Laboratories from $369.00 to $481.00 and gave the stock an “outperform” rating in a report on Monday, December 9th. Finally, Wells Fargo & Company assumed coverage on Bio-Rad Laboratories in a research note on Tuesday, August 27th. They set an “equal weight” rating and a $340.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $394.20.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Retirement Systems of Alabama grew its holdings in Bio-Rad Laboratories by 416.9% in the third quarter. Retirement Systems of Alabama now owns 23,260 shares of the medical research company’s stock worth $7,782,000 after purchasing an additional 18,760 shares during the period. Teachers Retirement System of The State of Kentucky grew its stake in shares of Bio-Rad Laboratories by 17.0% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 28,523 shares of the medical research company’s stock worth $9,543,000 after buying an additional 4,138 shares during the last quarter. Neo Ivy Capital Management purchased a new stake in shares of Bio-Rad Laboratories in the 3rd quarter worth approximately $878,000. Y Intercept Hong Kong Ltd bought a new position in Bio-Rad Laboratories during the 3rd quarter valued at approximately $2,235,000. Finally, MML Investors Services LLC raised its stake in Bio-Rad Laboratories by 3.1% during the third quarter. MML Investors Services LLC now owns 5,361 shares of the medical research company’s stock valued at $1,794,000 after buying an additional 159 shares during the last quarter. 65.24% of the stock is currently owned by institutional investors.

Bio-Rad Laboratories Company Profile

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.