Bio-Rad Laboratories (NYSE:BIO) Sets New 1-Year Low - Here's Why

Bio-Rad Laboratories, Inc. (NYSE:BIO - Get Free Report)'s share price reached a new 52-week low on Tuesday . The stock traded as low as $211.43 and last traded at $211.43, with a volume of 5831 shares changing hands. The stock had previously closed at $216.56.

Analysts Set New Price Targets

A number of brokerages have weighed in on BIO. Citigroup reduced their price objective on Bio-Rad Laboratories from $400.00 to $350.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Royal Bank of Canada dropped their target price on Bio-Rad Laboratories from $409.00 to $392.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. UBS Group reduced their price target on shares of Bio-Rad Laboratories from $355.00 to $310.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Wall Street Zen upgraded shares of Bio-Rad Laboratories from a "hold" rating to a "buy" rating in a report on Saturday, May 31st. Finally, Wells Fargo & Company dropped their price objective on Bio-Rad Laboratories from $320.00 to $270.00 and set an "equal weight" rating for the company in a research report on Thursday, April 17th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $330.50.

Bio-Rad Laboratories Stock Performance

The stock has a 50-day simple moving average of $237.43 and a 200-day simple moving average of $286.96. The stock has a market cap of $5.97 billion, a PE ratio of -3.37 and a beta of 1.00. The company has a debt-to-equity ratio of 0.18, a current ratio of 6.48 and a quick ratio of 4.85.

Bio-Rad Laboratories (NYSE:BIO - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The medical research company reported $2.54 EPS for the quarter, topping analysts' consensus estimates of $1.73 by $0.81. Bio-Rad Laboratories had a positive return on equity of 3.90% and a negative net margin of 71.86%. The company had revenue of $585.40 million for the quarter, compared to analysts' expectations of $573.01 million. During the same quarter in the previous year, the firm posted $2.30 earnings per share. The firm's quarterly revenue was down 4.2% on a year-over-year basis. Equities analysts predict that Bio-Rad Laboratories, Inc. will post 10.81 earnings per share for the current fiscal year.

Institutional Trading of Bio-Rad Laboratories

Hedge funds have recently made changes to their positions in the stock. Quarry LP bought a new position in Bio-Rad Laboratories during the 1st quarter valued at $29,000. Venturi Wealth Management LLC lifted its position in shares of Bio-Rad Laboratories by 2,175.0% during the fourth quarter. Venturi Wealth Management LLC now owns 91 shares of the medical research company's stock worth $30,000 after purchasing an additional 87 shares during the last quarter. GeoWealth Management LLC grew its stake in Bio-Rad Laboratories by 342.9% in the fourth quarter. GeoWealth Management LLC now owns 93 shares of the medical research company's stock worth $31,000 after purchasing an additional 72 shares in the last quarter. Picton Mahoney Asset Management increased its holdings in Bio-Rad Laboratories by 55.6% in the fourth quarter. Picton Mahoney Asset Management now owns 98 shares of the medical research company's stock valued at $32,000 after buying an additional 35 shares during the last quarter. Finally, Asset Planning Inc bought a new stake in Bio-Rad Laboratories in the fourth quarter valued at about $33,000. Institutional investors and hedge funds own 65.24% of the company's stock.

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.