Bio-Rad Laboratories, Inc. (NYSE:BIO) Sees Large Increase in Short Interest

Bio-Rad Laboratories, Inc. (NYSE:BIOGet Free Report) was the recipient of a significant increase in short interest during the month of March. As of March 15th, there was short interest totalling 579,300 shares, an increase of 15.1% from the February 29th total of 503,400 shares. Based on an average trading volume of 197,700 shares, the days-to-cover ratio is currently 2.9 days. Approximately 2.9% of the company’s shares are short sold.

Insider Buying and Selling at Bio-Rad Laboratories

In other Bio-Rad Laboratories news, EVP Michael Crowley sold 3,000 shares of the stock in a transaction 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 sale, the executive vice president now directly owns 6,942 shares in the company, valued at $2,332,512. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 17.06% of the company’s stock.

Institutional Investors Weigh In On Bio-Rad Laboratories

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BIO. Comerica Bank purchased a new stake in Bio-Rad Laboratories during the 3rd quarter valued at about $11,054,000. IFM Investors Pty Ltd grew its holdings in shares of Bio-Rad Laboratories by 5.2% in the third quarter. IFM Investors Pty Ltd now owns 4,057 shares of the medical research company’s stock valued at $1,454,000 after purchasing an additional 200 shares in the last quarter. Baird Financial Group Inc. grew its holdings in shares of Bio-Rad Laboratories by 365.1% in the second quarter. Baird Financial Group Inc. now owns 12,837 shares of the medical research company’s stock valued at $4,867,000 after purchasing an additional 10,077 shares in the last quarter. Thompson Siegel & Walmsley LLC grew its holdings in shares of Bio-Rad Laboratories by 6.3% in the third quarter. Thompson Siegel & Walmsley LLC now owns 312,583 shares of the medical research company’s stock valued at $112,046,000 after purchasing an additional 18,419 shares in the last quarter. Finally, Caxton Associates LP bought a new stake in Bio-Rad Laboratories in the third quarter worth $668,000. 65.24% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on BIO shares. StockNews.com raised shares of Bio-Rad Laboratories from a “hold” rating to a “buy” rating in a 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 company a “buy” rating in a research report on Friday, February 16th. Finally, Royal Bank of Canada lowered their price objective on shares of Bio-Rad Laboratories from $484.00 to $480.00 and set an “outperform” rating for the company in a research report on Friday, February 16th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $493.75.

Read Our Latest Stock Analysis on Bio-Rad Laboratories

Bio-Rad Laboratories Stock Performance

BIO stock traded down $10.26 during mid-day trading on Tuesday, hitting $328.72. The company had a trading volume of 225,069 shares, compared to its average volume of 202,289. The firm has a market cap of $9.38 billion, a PE ratio of -15.30 and a beta of 0.87. The company has a debt-to-equity ratio of 0.14, a quick ratio of 4.34 and a current ratio of 5.83. Bio-Rad Laboratories has a 12 month low of $261.59 and a 12 month high of $494.05. The stock’s fifty day moving average price is $333.57 and its two-hundred day moving average price is $324.00.

Bio-Rad Laboratories (NYSE:BIOGet Free Report) last issued its quarterly earnings data on Thursday, February 15th. The medical research company reported $3.10 EPS for the quarter, beating the consensus estimate of $2.93 by $0.17. The company had revenue of $681.18 million during the quarter, compared to analysts’ expectations of $685.00 million. Bio-Rad Laboratories had a negative net margin of 23.86% and a positive return on equity of 3.90%. Bio-Rad Laboratories’s revenue for the quarter was down 6.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.31 earnings per share. On average, analysts forecast that Bio-Rad Laboratories will post 10.57 earnings per share for the current fiscal year.

About Bio-Rad Laboratories

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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.

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