Bio-Rad Laboratories (NYSE:BIO) Announces Earnings Results, Beats Estimates By $0.25 EPS

Bio-Rad Laboratories (NYSE:BIO) released its quarterly earnings results on Tuesday. The medical research company reported $2.29 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.25, Briefing.com reports. Bio-Rad Laboratories had a positive return on equity of 3.90% and a negative net margin of 23.86%. The business had revenue of $610.82 million during the quarter, compared to analysts’ expectations of $619.09 million. During the same period last year, the firm posted $3.34 EPS. The firm’s revenue for the quarter was down 9.8% compared to the same quarter last year.

Bio-Rad Laboratories Trading Down 3.9 %

Shares of BIO stock traded down $10.82 during trading hours on Wednesday, hitting $269.09. 126,310 shares of the company’s stock traded hands, compared to its average volume of 205,012. The stock has a market cap of $7.67 billion, a PE ratio of -12.72 and a beta of 0.94. The stock’s 50 day simple moving average is $316.40 and its 200 day simple moving average is $314.26. The company has a quick ratio of 4.34, a current ratio of 5.83 and a debt-to-equity ratio of 0.14. Bio-Rad Laboratories has a 12 month low of $261.59 and a 12 month high of $431.79.

Insider Buying and Selling

In other news, EVP Michael Crowley sold 3,000 shares of the stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $336.00, for a total value of $1,008,000.00. Following the completion of the sale, the executive vice president now owns 6,942 shares of the company’s stock, valued at $2,332,512. The sale was disclosed in a legal filing with the SEC, which is available at this link. 17.50% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Royal Bank of Canada lowered their price objective on 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. StockNews.com upgraded Bio-Rad Laboratories from a “hold” rating to a “buy” rating in a research report on Thursday, April 25th. UBS Group reduced their price objective on shares of Bio-Rad Laboratories from $420.00 to $385.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Citigroup cut shares of Bio-Rad Laboratories from a “buy” rating to a “neutral” rating and dropped their target price for the company from $400.00 to $365.00 in a research report on Wednesday, April 3rd. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Bio-Rad Laboratories currently has a consensus rating of “Moderate Buy” and a consensus price target of $461.00.

About Bio-Rad Laboratories

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.