Cetera Investment Advisers Acquires Shares of 6,000 Abaxis Inc (ABAX)
Cetera Investment Advisers acquired a new position in shares of Abaxis Inc (NASDAQ:ABAX) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 6,000 shares of the medical research company’s stock, valued at approximately $263,000.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Citigroup Inc. boosted its stake in Abaxis by 0.5% during the second quarter. Citigroup Inc. now owns 18,967 shares of the medical research company’s stock worth $1,005,000 after buying an additional 87 shares during the period. Arizona State Retirement System lifted its position in shares of Abaxis by 0.9% during the second quarter. Arizona State Retirement System now owns 11,834 shares of the medical research company’s stock worth $627,000 after purchasing an additional 100 shares during the last quarter. Municipal Employees Retirement System of Michigan lifted its position in shares of Abaxis by 4.1% during the second quarter. Municipal Employees Retirement System of Michigan now owns 5,320 shares of the medical research company’s stock worth $282,000 after purchasing an additional 210 shares during the last quarter. Texas Permanent School Fund lifted its position in shares of Abaxis by 1.4% during the second quarter. Texas Permanent School Fund now owns 16,540 shares of the medical research company’s stock worth $877,000 after purchasing an additional 221 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its position in shares of Abaxis by 17.6% during the second quarter. Victory Capital Management Inc. now owns 2,574 shares of the medical research company’s stock worth $136,000 after purchasing an additional 386 shares during the last quarter. 97.68% of the stock is owned by institutional investors.
Shares of Abaxis Inc (ABAX) opened at $47.77 on Friday. Abaxis Inc has a 52-week low of $43.66 and a 52-week high of $55.44. The firm has a market capitalization of $1,074.02, a price-to-earnings ratio of 39.43 and a beta of 0.86.
Abaxis (NASDAQ:ABAX) last released its earnings results on Tuesday, October 24th. The medical research company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.02. The business had revenue of $58.90 million during the quarter, compared to the consensus estimate of $60.85 million. Abaxis had a return on equity of 10.18% and a net margin of 11.98%. The business’s revenue for the quarter was up .5% compared to the same quarter last year. During the same period last year, the company earned $0.34 earnings per share. equities analysts expect that Abaxis Inc will post 1.08 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be issued a $0.16 dividend. This is an increase from Abaxis’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a dividend yield of 1.34%. The ex-dividend date of this dividend is Thursday, November 30th. Abaxis’s payout ratio is presently 53.33%.
Abaxis announced that its board has authorized a stock repurchase plan on Tuesday, October 24th that permits the company to repurchase $21.00 million in shares. This repurchase authorization permits the medical research company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
ABAX has been the subject of several research analyst reports. Canaccord Genuity reiterated a “hold” rating and set a $47.00 target price (up from $46.00) on shares of Abaxis in a research report on Friday, October 27th. Zacks Investment Research upgraded Abaxis from a “sell” rating to a “hold” rating in a research report on Friday, November 10th. Bank of America decreased their target price on Abaxis from $42.00 to $39.00 and set an “underperform” rating for the company in a research report on Wednesday, October 25th. TheStreet upgraded Abaxis from a “c+” rating to a “b-” rating in a research report on Wednesday, November 29th. Finally, BidaskClub downgraded Abaxis from a “hold” rating to a “sell” rating in a research report on Tuesday. Three analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $47.63.
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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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