Kayne Anderson Rudnick Investment Management LLC grew its stake in shares of Abaxis Inc (NASDAQ:ABAX) by 4.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,817,222 shares of the medical research company’s stock after buying an additional 153,582 shares during the period. Abaxis accounts for about 2.0% of Kayne Anderson Rudnick Investment Management LLC’s investment portfolio, making the stock its 9th largest position. Kayne Anderson Rudnick Investment Management LLC owned about 16.82% of Abaxis worth $269,573,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in shares of Abaxis by 11.7% during the first quarter. BlackRock Inc. now owns 3,159,985 shares of the medical research company’s stock valued at $223,158,000 after buying an additional 331,135 shares during the last quarter. Wells Fargo & Company MN grew its holdings in shares of Abaxis by 5.6% in the first quarter. Wells Fargo & Company MN now owns 670,905 shares of the medical research company’s stock valued at $47,379,000 after purchasing an additional 35,692 shares in the last quarter. Copeland Capital Management LLC grew its holdings in shares of Abaxis by 0.5% in the first quarter. Copeland Capital Management LLC now owns 330,230 shares of the medical research company’s stock valued at $23,321,000 after purchasing an additional 1,694 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Abaxis by 2.1% in the fourth quarter. Bank of New York Mellon Corp now owns 318,943 shares of the medical research company’s stock valued at $15,794,000 after purchasing an additional 6,465 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Abaxis by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 209,007 shares of the medical research company’s stock valued at $10,350,000 after purchasing an additional 10,871 shares in the last quarter. Hedge funds and other institutional investors own 94.50% of the company’s stock.
ABAX has been the subject of a number of recent research reports. Zacks Investment Research lowered shares of Abaxis from a “strong-buy” rating to a “hold” rating in a report on Monday, April 30th. Credit Suisse Group raised shares of Abaxis from an “underperform” rating to a “neutral” rating in a report on Wednesday, May 16th. Stifel Nicolaus raised their target price on shares of Abaxis from $57.00 to $62.00 and gave the company a “hold” rating in a report on Friday, April 27th. Sidoti reissued a “neutral” rating on shares of Abaxis in a report on Thursday, May 31st. Finally, ValuEngine raised shares of Abaxis from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 17th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $63.50.
In other news, insider Kenneth Aron sold 1,533 shares of the business’s stock in a transaction on Tuesday, May 22nd. The shares were sold at an average price of $83.11, for a total transaction of $127,407.63. Following the completion of the sale, the insider now directly owns 115,493 shares of the company’s stock, valued at $9,598,623.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Achim Henkel sold 6,000 shares of the business’s stock in a transaction on Tuesday, May 8th. The shares were sold at an average price of $68.06, for a total transaction of $408,360.00. Following the sale, the director now directly owns 83,344 shares of the company’s stock, valued at $5,672,392.64. The disclosure for this sale can be found here. Insiders have sold 35,533 shares of company stock valued at $2,865,968 over the last ninety days. 4.30% of the stock is owned by insiders.
NASDAQ ABAX traded down $0.02 on Wednesday, hitting $83.01. 213,000 shares of the stock were exchanged, compared to its average volume of 262,291. The firm has a market capitalization of $1.90 billion, a price-to-earnings ratio of 64.36, a PEG ratio of 5.14 and a beta of 1.25. Abaxis Inc has a 52-week low of $43.66 and a 52-week high of $83.98.
Abaxis (NASDAQ:ABAX) last posted its quarterly earnings data on Thursday, April 26th. The medical research company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.32 by $0.10. The company had revenue of $67.90 million during the quarter, compared to analyst estimates of $66.02 million. Abaxis had a net margin of 11.11% and a return on equity of 10.65%. Abaxis’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.33 earnings per share. research analysts anticipate that Abaxis Inc will post 1.48 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 15th. Shareholders of record on Friday, June 1st will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 0.87%. This is a positive change from Abaxis’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Thursday, May 31st. Abaxis’s payout ratio is presently 55.81%.
Abaxis Company Profile
Abaxis, Inc develops, manufactures, markets, and sells portable blood analysis systems for use in human or veterinary patient care settings to provide rapid blood constituent measurements for clinicians worldwide. It operates in two segments, Medical Market and Veterinary Market. The company offers Piccolo chemistry analyzers with rapid blood constituent measurements for use in human patient care; and Piccolo profiles that are single-use medical reagents.
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