Bio-Rad Laboratories (NYSE:BIO) Issues Quarterly Earnings Results, Beats Expectations By $0.87 EPS

Bio-Rad Laboratories (NYSE:BIO) released its quarterly earnings results on Tuesday. The medical research company reported $2.62 earnings per share for the quarter, topping the consensus estimate of $1.75 by $0.87, FiscalAI reports. The business had revenue of $651.00 million during the quarter, compared to analysts’ expectations of $623.99 million. Bio-Rad Laboratories had a return on equity of 3.56% and a net margin of 6.52%.

Bio-Rad Laboratories Price Performance

Shares of NYSE BIO traded down $1.84 during trading hours on Tuesday, hitting $332.87. 264,105 shares of the stock were exchanged, compared to its average volume of 329,369. The company’s fifty day simple moving average is $300.29 and its two-hundred day simple moving average is $287.70. The company has a market cap of $8.91 billion, a PE ratio of 54.84 and a beta of 1.06. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.37 and a current ratio of 3.21. Bio-Rad Laboratories has a 1-year low of $236.73 and a 1-year high of $343.12.

Institutional Investors Weigh In On Bio-Rad Laboratories

Large investors have recently modified their holdings of the business. Geneos Wealth Management Inc. raised its holdings in shares of Bio-Rad Laboratories by 115.2% during the 2nd quarter. Geneos Wealth Management Inc. now owns 142 shares of the medical research company’s stock worth $34,000 after buying an additional 76 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in Bio-Rad Laboratories in the fourth quarter valued at about $47,000. Itau Unibanco Holding S.A. boosted its stake in Bio-Rad Laboratories by 57.6% in the fourth quarter. Itau Unibanco Holding S.A. now owns 197 shares of the medical research company’s stock valued at $60,000 after buying an additional 72 shares in the last quarter. State of Wyoming bought a new position in Bio-Rad Laboratories in the fourth quarter valued at about $74,000. Finally, Quarry LP grew its position in Bio-Rad Laboratories by 131.5% in the third quarter. Quarry LP now owns 287 shares of the medical research company’s stock valued at $80,000 after acquiring an additional 163 shares during the last quarter. Institutional investors and hedge funds own 65.24% of the company’s stock.

Analyst Upgrades and Downgrades

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

Bio-Rad Laboratories Company Profile

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.