BidaskClub upgraded shares of Abaxis (NASDAQ:ABAX) from a sell rating to a hold rating in a research note published on Thursday.

ABAX has been the subject of several other reports. Zacks Investment Research cut Abaxis from a hold rating to a sell rating in a research report on Thursday, October 26th. Bank of America reduced their target price on Abaxis from $42.00 to $39.00 and set an underperform rating for the company in a research report on Wednesday, October 25th. Canaccord Genuity restated a hold rating and set a $47.00 target price (up from $46.00) on shares of Abaxis in a research report on Friday, October 27th. TheStreet upgraded Abaxis from a c+ rating to a b- rating in a research report on Wednesday, November 29th. Finally, Aegis restated a hold rating on shares of Abaxis in a research report on Friday, December 1st. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. Abaxis currently has a consensus rating of Hold and a consensus price target of $47.63.

Abaxis (NASDAQ ABAX) traded up $0.63 during trading hours on Thursday, hitting $49.61. The company had a trading volume of 112,147 shares, compared to its average volume of 123,326. Abaxis has a 12 month low of $43.66 and a 12 month high of $55.44. The company has a market cap of $1,140.00, a price-to-earnings ratio of 41.34 and a beta of 0.86.

Abaxis (NASDAQ:ABAX) last released its quarterly earnings data on Tuesday, October 24th. The medical research company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.02. Abaxis had a return on equity of 10.18% and a net margin of 11.98%. The company had revenue of $58.90 million for the quarter, compared to analyst estimates of $60.85 million. During the same period in the previous year, the company posted $0.34 EPS. The firm’s revenue for the quarter was up .5% compared to the same quarter last year. equities analysts forecast that Abaxis will post 1.08 EPS for the current fiscal year.

Abaxis declared that its board has initiated a share repurchase program on Tuesday, October 24th that permits the company to repurchase $21.00 million in shares. This repurchase authorization permits the medical research company to repurchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Friday, December 1st were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.29%. This is a boost from Abaxis’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend was Thursday, November 30th. Abaxis’s payout ratio is presently 53.33%.

Several institutional investors and hedge funds have recently bought and sold shares of ABAX. Victory Capital Management Inc. boosted its holdings in shares of Abaxis by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 2,574 shares of the medical research company’s stock worth $136,000 after purchasing an additional 386 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new position in shares of Abaxis in the 2nd quarter worth about $239,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Abaxis in the 3rd quarter worth about $257,000. Piedmont Investment Advisors LLC purchased a new position in shares of Abaxis in the 2nd quarter worth about $260,000. Finally, Cetera Investment Advisers bought a new stake in shares of Abaxis in the 3rd quarter valued at about $263,000. Hedge funds and other institutional investors own 97.66% of the company’s stock.

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Abaxis Company Profile

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.

Analyst Recommendations for Abaxis (NASDAQ:ABAX)

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