Allspring Global Investments Holdings LLC Lowers Stock Position in Bio-Rad Laboratories, Inc. $BIO

Key Points

• Allspring Global Investments cut its Bio-Rad Laboratories stake by 33.5% in Q1, selling 43,246 shares and leaving it with 85,965 shares worth about $23.9 million.
• Bio-Rad shares slipped 0.8% to $301.93, with the stock trading between a 52-week low of $236.73 and high of $343.12.
• The company missed quarterly EPS estimates with $1.89 per share versus $1.97 expected, though revenue came in slightly above forecasts at $592.1 million.

Allspring Global Investments Holdings LLC decreased its position in Bio-Rad Laboratories, Inc. (NYSE:BIO - Free Report) by 33.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 85,965 shares of the medical research company's stock after selling 43,246 shares during the period. Allspring Global Investments Holdings LLC owned about 0.32% of Bio-Rad Laboratories worth $23,929,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in BIO. State of Michigan Retirement System increased its stake in shares of Bio-Rad Laboratories by 2.3% during the first quarter. State of Michigan Retirement System now owns 4,400 shares of the medical research company's stock worth $1,226,000 after purchasing an additional 100 shares in the last quarter. Principal Financial Group Inc. increased its stake in Bio-Rad Laboratories by 3.8% during the 1st quarter. Principal Financial Group Inc. now owns 40,614 shares of the medical research company's stock worth $11,321,000 after buying an additional 1,487 shares in the last quarter. Fifth Third Bancorp increased its stake in Bio-Rad Laboratories by 91.4% during the 1st quarter. Fifth Third Bancorp now owns 12,932 shares of the medical research company's stock worth $3,605,000 after buying an additional 6,175 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new position in shares of Bio-Rad Laboratories during the first quarter valued at approximately $209,000. Finally, Kornitzer Capital Management Inc. KS raised its holdings in shares of Bio-Rad Laboratories by 17.0% during the first quarter. Kornitzer Capital Management Inc. KS now owns 7,726 shares of the medical research company's stock valued at $2,154,000 after acquiring an additional 1,120 shares during the last quarter. 65.24% of the stock is owned by institutional investors and hedge funds.

Bio-Rad Laboratories Trading Down 0.8%

Shares of BIO stock opened at $301.93 on Tuesday. The company has a current ratio of 3.21, a quick ratio of 2.37 and a debt-to-equity ratio of 0.12. Bio-Rad Laboratories, Inc. has a twelve month low of $236.73 and a twelve month high of $343.12. The company's 50-day moving average price is $290.13 and its 200-day moving average price is $287.48. The stock has a market cap of $8.08 billion, a price-to-earnings ratio of 49.74 and a beta of 1.08.

Bio-Rad Laboratories (NYSE:BIO - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The medical research company reported $1.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.97 by ($0.08). The firm had revenue of $592.10 million for the quarter, compared to analyst estimates of $589.91 million. Bio-Rad Laboratories had a return on equity of 3.56% and a net margin of 6.52%.Bio-Rad Laboratories's revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.54 earnings per share. As a group, equities analysts predict that Bio-Rad Laboratories, Inc. will post 9.42 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BIO. Zacks Research lowered Bio-Rad Laboratories from a "hold" rating to a "strong sell" rating in a research note on Monday, July 13th. Weiss Ratings lowered Bio-Rad Laboratories from a "sell (d+)" rating to a "sell (d)" rating in a report on Wednesday, May 6th. Citigroup lowered shares of Bio-Rad Laboratories from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $375.00 to $300.00 in a 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. Finally, Wells Fargo & Company decreased their price target on shares of Bio-Rad Laboratories from $320.00 to $290.00 and set an "equal weight" rating on the stock in a research note on Friday, May 1st. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus price target of $303.33.

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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