Bio-Rad Laboratories (NYSE:BIO) Hits New 52-Week High - Here's What Happened

Key Points

• Bio-Rad Laboratories reached a new 52-week high, trading as high as $355.85 and closing last at $353.82, up 0.4%.
• The company exceeded quarterly expectations, reporting earnings per share of $2.62 versus the $1.75 consensus and revenue of $651 million compared with forecasts of $623.99 million.
• Despite several analysts raising price targets, sentiment remains cautious: the stock has a consensus “Reduce” rating and a $343.33 target, below its recent trading price.

Bio-Rad Laboratories, Inc. (NYSE:BIO - Get Free Report)'s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $355.85 and last traded at $353.82, with a volume of 221106 shares traded. The stock had previously closed at $352.47.

Wall Street Analysts Forecast Growth

BIO has been the subject of several research analyst reports. Citigroup boosted their price objective on Bio-Rad Laboratories from $300.00 to $330.00 and gave the company a "hold" rating in a report on Wednesday, August 5th. Zacks Research lowered Bio-Rad Laboratories from a "hold" rating to a "strong sell" rating in a research report on Monday, July 13th. Wells Fargo & Company boosted their price target on Bio-Rad Laboratories from $310.00 to $330.00 and gave the company an "equal weight" rating in a report on Wednesday, August 5th. Weiss Ratings reissued a "sell (d)" rating on shares of Bio-Rad Laboratories in a research report on Monday, August 3rd. Finally, Royal Bank Of Canada raised their price objective on Bio-Rad Laboratories from $320.00 to $370.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Reduce" and a consensus target price of $343.33.

Bio-Rad Laboratories Trading Up 0.4%

The firm's 50-day simple moving average is $304.14 and its 200 day simple moving average is $288.76. The stock has a market cap of $9.47 billion, a P/E ratio of 42.89 and a beta of 1.06. The company has a current ratio of 3.14, a quick ratio of 2.33 and a debt-to-equity ratio of 0.11.

Bio-Rad Laboratories (NYSE:BIO - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The medical research company reported $2.62 earnings per share for the quarter, beating analysts' consensus estimates of $1.75 by $0.87. The company had revenue of $651.00 million for the quarter, compared to analysts' expectations of $623.99 million. Bio-Rad Laboratories had a return on equity of 3.54% and a net margin of 8.59%.The business's revenue for the quarter was down .1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.61 earnings per share. As a group, equities research analysts anticipate that Bio-Rad Laboratories, Inc. will post 9.14 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in BIO. California State Teachers Retirement System grew its holdings in shares of Bio-Rad Laboratories by 22.9% in the 1st quarter. California State Teachers Retirement System now owns 21,932 shares of the medical research company's stock worth $6,114,000 after acquiring an additional 4,082 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Bio-Rad Laboratories by 4,534.4% during 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 purchasing an additional 390,593 shares during the last quarter. Lazard Asset Management LLC acquired a new position in shares of Bio-Rad Laboratories in the 1st quarter valued at $5,098,000. Assetmark Inc. boosted its position in shares of Bio-Rad Laboratories by 19.0% in the 1st quarter. Assetmark Inc. now owns 38,989 shares of the medical research company's stock valued at $10,868,000 after purchasing an additional 6,224 shares during the period. Finally, Fifth Third Bancorp increased its stake in Bio-Rad Laboratories by 91.4% in the 1st quarter. Fifth Third Bancorp now owns 12,932 shares of the medical research company's stock worth $3,605,000 after purchasing an additional 6,175 shares in the last quarter. Institutional investors and hedge funds own 65.24% of the company's stock.

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.

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