Comerica Bank Trims Stake in Bio-Rad Laboratories, Inc. $BIO

Key Points

• Comerica Bank reduced its stake in Bio-Rad Laboratories by 73.8%, selling 44,121 shares and retaining only 15,654 shares valued at approximately $3.8 million.
• Various institutional investors have increased their investments in Bio-Rad, with 65.24% of the stock now owned by hedge funds and other institutions.
• Bio-Rad's recent earnings report exceeded analysts' expectations, posting $2.61 EPS compared to the consensus estimate of $1.93, along with revenue of $651.6 million for the quarter.

Comerica Bank decreased its position in shares of Bio-Rad Laboratories, Inc. (NYSE:BIO - Free Report) by 73.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,654 shares of the medical research company's stock after selling 44,121 shares during the period. Comerica Bank owned 0.06% of Bio-Rad Laboratories worth $3,813,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in BIO. Lecap Asset Management Ltd. increased its position in shares of Bio-Rad Laboratories by 3.1% during the first quarter. Lecap Asset Management Ltd. now owns 1,600 shares of the medical research company's stock valued at $390,000 after purchasing an additional 48 shares during the period. State of Alaska Department of Revenue grew its position in Bio-Rad Laboratories by 2.5% in the first quarter. State of Alaska Department of Revenue now owns 2,254 shares of the medical research company's stock valued at $548,000 after acquiring an additional 55 shares during the period. ProShare Advisors LLC increased its holdings in shares of Bio-Rad Laboratories by 8.0% during the fourth quarter. ProShare Advisors LLC now owns 901 shares of the medical research company's stock worth $296,000 after buying an additional 67 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. boosted its holdings in shares of Bio-Rad Laboratories by 10.4% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 994 shares of the medical research company's stock worth $242,000 after acquiring an additional 94 shares in the last quarter. Finally, Park Avenue Securities LLC grew its position in Bio-Rad Laboratories by 4.4% during the 1st quarter. Park Avenue Securities LLC now owns 2,391 shares of the medical research company's stock worth $582,000 after acquiring an additional 100 shares during the last quarter. Institutional investors and hedge funds own 65.24% of the company's stock.

Bio-Rad Laboratories Price Performance

Shares of BIO traded up $0.26 during trading hours on Thursday, reaching $288.31. The stock had a trading volume of 88,009 shares, compared to its average volume of 324,620. The stock has a market capitalization of $7.80 billion, a PE ratio of 24.58 and a beta of 0.95. Bio-Rad Laboratories, Inc. has a 12 month low of $211.43 and a 12 month high of $387.99. The company has a debt-to-equity ratio of 0.17, a quick ratio of 3.67 and a current ratio of 5.12. The company's 50-day moving average is $266.85 and its two-hundred day moving average is $251.82.

Bio-Rad Laboratories (NYSE:BIO - Get Free Report) last announced its earnings results on Thursday, July 31st. The medical research company reported $2.61 EPS for the quarter, beating the consensus estimate of $1.93 by $0.68. The business had revenue of $651.60 million for the quarter, compared to analysts' expectations of $614.82 million. Bio-Rad Laboratories had a return on equity of 4.01% and a net margin of 12.50%.The firm's revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the business posted $3.11 earnings per share. Bio-Rad Laboratories has set its FY 2025 guidance at EPS. Research analysts expect that Bio-Rad Laboratories, Inc. will post 10.81 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Wells Fargo & Company boosted their price objective on Bio-Rad Laboratories from $245.00 to $265.00 and gave the stock an "equal weight" rating in a research note on Friday, August 1st. Wall Street Zen cut shares of Bio-Rad Laboratories from a "buy" rating to a "hold" rating in a research note on Friday, August 22nd. Royal Bank Of Canada boosted their price objective on Bio-Rad Laboratories from $387.00 to $409.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Finally, Zacks Research upgraded Bio-Rad Laboratories from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 26th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $333.50.

Bio-Rad Laboratories 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.