Citigroup Downgrades Bio-Rad Laboratories (NYSE:BIO) to Neutral

Bio-Rad Laboratories (NYSE:BIO - Get Free Report) was downgraded by equities research analysts at Citigroup from a "buy" rating to a "neutral" rating in a research note issued to investors on Wednesday, Marketbeat Ratings reports. They presently have a $365.00 price objective on the medical research company's stock, down from their prior price objective of $400.00. Citigroup's price target would indicate a potential upside of 11.22% from the stock's current price.

Several other research analysts also recently issued reports on BIO. StockNews.com upgraded shares of Bio-Rad Laboratories from a "hold" rating to a "buy" rating in a research report on Friday, March 15th. UBS Group boosted their target price on shares of Bio-Rad Laboratories from $395.00 to $420.00 and gave the stock a "buy" rating in a research note on Friday, February 16th. Finally, Royal Bank of Canada decreased their price target on shares of Bio-Rad Laboratories from $484.00 to $480.00 and set an "outperform" rating on the stock in a research note on Friday, February 16th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Bio-Rad Laboratories presently has an average rating of "Moderate Buy" and an average price target of $468.00.

Bio-Rad Laboratories Price Performance

Shares of NYSE:BIO traded down $0.53 during trading on Wednesday, reaching $328.19. The stock had a trading volume of 200,259 shares, compared to its average volume of 202,256. The stock has a market capitalization of $9.36 billion, a PE ratio of -15.27 and a beta of 0.87. The company has a debt-to-equity ratio of 0.14, a current ratio of 5.83 and a quick ratio of 4.34. Bio-Rad Laboratories has a 52 week low of $261.59 and a 52 week high of $494.05. The business's 50-day moving average price is $333.80 and its 200 day moving average price is $324.03.

Bio-Rad Laboratories (NYSE:BIO - Get Free Report) last issued its quarterly earnings data on Thursday, February 15th. The medical research company reported $3.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.93 by $0.17. The firm had revenue of $681.18 million during the quarter, compared to the consensus estimate of $685.00 million. Bio-Rad Laboratories had a positive return on equity of 3.90% and a negative net margin of 23.86%. The business's revenue for the quarter was down 6.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.31 EPS. As a group, equities analysts predict that Bio-Rad Laboratories will post 10.57 earnings per share for the current year.

Insider Buying and Selling at Bio-Rad Laboratories

In related news, EVP Michael Crowley sold 3,000 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $336.00, for a total value of $1,008,000.00. Following the transaction, the executive vice president now directly owns 6,942 shares in the company, valued at $2,332,512. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 17.06% of the company's stock.

Institutional Investors Weigh In On Bio-Rad Laboratories

Institutional investors have recently made changes to their positions in the stock. Quarry LP acquired a new position in Bio-Rad Laboratories in the fourth quarter valued at about $27,000. Farther Finance Advisors LLC increased its stake in shares of Bio-Rad Laboratories by 42.3% in the 2nd quarter. Farther Finance Advisors LLC now owns 101 shares of the medical research company's stock valued at $38,000 after acquiring an additional 30 shares during the last quarter. Gladius Capital Management LP raised its position in shares of Bio-Rad Laboratories by 65.8% in the 4th quarter. Gladius Capital Management LP now owns 121 shares of the medical research company's stock valued at $39,000 after acquiring an additional 48 shares during the period. Principal Securities Inc. bought a new position in Bio-Rad Laboratories during the 4th quarter worth approximately $41,000. Finally, GAMMA Investing LLC acquired a new position in Bio-Rad Laboratories during the fourth quarter valued at approximately $42,000. 65.24% of the stock is owned by institutional investors and hedge funds.

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.