ABAXIS, Inc. (ABAX) Stake Increased by Comerica Bank

Comerica Bank boosted its stake in ABAXIS, Inc. (NASDAQ:ABAX) by 3.9% during the first quarter, according to its most recent filing with the SEC. The firm owned 25,718 shares of the medical research company’s stock after buying an additional 973 shares during the period. Comerica Bank owned 0.11% of ABAXIS worth $1,269,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Russell Investments Group Ltd. purchased a new position in shares of ABAXIS during the fourth quarter valued at about $4,753,000. State Street Corp raised its stake in shares of ABAXIS by 8.3% in the fourth quarter. State Street Corp now owns 517,881 shares of the medical research company’s stock worth $27,324,000 after buying an additional 39,879 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of ABAXIS by 7.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 635,391 shares of the medical research company’s stock worth $33,530,000 after buying an additional 45,249 shares during the last quarter. Elkfork Partners LLC acquired a new stake in shares of ABAXIS during the fourth quarter worth approximately $1,285,000. Finally, Pacad Investment Ltd. raised its stake in shares of ABAXIS by 123.5% in the fourth quarter. Pacad Investment Ltd. now owns 3,800 shares of the medical research company’s stock worth $201,000 after buying an additional 2,100 shares during the last quarter. Hedge funds and other institutional investors own 98.48% of the company’s stock.

Institutional Ownership by Quarter for ABAXIS (NASDAQ:ABAX)

Shares of ABAXIS, Inc. (ABAX) opened at 50.86 on Friday. The company has a 50-day moving average price of $48.87 and a 200-day moving average price of $49.71. The stock has a market cap of $1.15 billion, a price-to-earnings ratio of 35.39 and a beta of 0.91. ABAXIS, Inc. has a 52 week low of $43.57 and a 52 week high of $55.95.

ABAXIS (NASDAQ:ABAX) last posted its earnings results on Thursday, April 27th. The medical research company reported $0.33 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.33. ABAXIS had a return on equity of 11.37% and a net margin of 14.40%. The company had revenue of $58.20 million for the quarter, compared to the consensus estimate of $58.04 million. During the same quarter in the previous year, the business earned $0.36 earnings per share. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. Equities analysts anticipate that ABAXIS, Inc. will post $1.22 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Thursday, June 1st were given a $0.14 dividend. The ex-dividend date of this dividend was Tuesday, May 30th. This represents a $0.56 dividend on an annualized basis and a yield of 1.10%. ABAXIS’s dividend payout ratio is currently 39.16%.

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A number of brokerages recently commented on ABAX. Aegis began coverage on ABAXIS in a research note on Friday, June 9th. They issued a “hold” rating and a $56.50 price target for the company. Zacks Investment Research raised ABAXIS from a “sell” rating to a “hold” rating in a research note on Tuesday, March 14th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $47.88.

In other ABAXIS news, insider Achim Henkel sold 650 shares of ABAXIS stock in a transaction on Friday, May 26th. The stock was sold at an average price of $48.87, for a total value of $31,765.50. Following the sale, the insider now owns 58,950 shares in the company, valued at $2,880,886.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 4.10% of the stock is owned by insiders.

ABAXIS Company Profile

Abaxis, Inc is a developer, manufacturer and marketer of portable blood analysis systems that are used in medical specialties in human or veterinary patient care to provide clinicians with blood constituent measurements. The Company markets and sells its products around the world through independent distributors and direct sales force.

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