Pine Valley Investments Ltd Liability Co Makes New Investment in Bio-Rad Laboratories, Inc. (NYSE:BIO)

Pine Valley Investments Ltd Liability Co purchased a new position in shares of Bio-Rad Laboratories, Inc. (NYSE:BIO) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 857 shares of the medical research company’s stock, valued at approximately $234,000.

Other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Bio-Rad Laboratories during the fourth quarter worth approximately $73,142,000. Parsifal Capital Management LP purchased a new position in Bio-Rad Laboratories in the 4th quarter worth $61,866,000. Earnest Partners LLC lifted its stake in Bio-Rad Laboratories by 30.8% in the first quarter. Earnest Partners LLC now owns 514,906 shares of the medical research company’s stock worth $178,091,000 after purchasing an additional 121,272 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Bio-Rad Laboratories by 454.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 144,333 shares of the medical research company’s stock worth $46,604,000 after purchasing an additional 118,304 shares during the last quarter. Finally, First Pacific Advisors LP boosted its position in Bio-Rad Laboratories by 2,052.5% during the first quarter. First Pacific Advisors LP now owns 104,739 shares of the medical research company’s stock valued at $36,226,000 after buying an additional 99,873 shares during the period. 65.24% of the stock is currently owned by institutional investors.

Bio-Rad Laboratories Trading Up 1.1 %

Shares of BIO traded up $3.61 during mid-day trading on Friday, hitting $337.32. 205,414 shares of the company’s stock traded hands, compared to its average volume of 225,486. The company has a quick ratio of 4.89, a current ratio of 6.57 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $9.62 billion, a P/E ratio of -32.56 and a beta of 0.93. The business’s 50-day moving average price is $307.89 and its 200-day moving average price is $308.16. Bio-Rad Laboratories, Inc. has a 1 year low of $261.59 and a 1 year high of $406.44.

Bio-Rad Laboratories (NYSE:BIO) last issued its quarterly earnings data on Thursday, August 1st. The medical research company reported $3.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.12 by $0.99. Bio-Rad Laboratories had a negative net margin of 51.73% and a positive return on equity of 3.56%. The business had revenue of $638.50 million for the quarter, compared to the consensus estimate of $645.79 million. During the same period in the previous year, the firm earned $3.00 EPS. The company’s quarterly revenue was down 6.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Bio-Rad Laboratories, Inc. will post 10.8 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on BIO shares. Wells Fargo & Company started coverage on Bio-Rad Laboratories in a research note on Tuesday. They issued an “equal weight” rating and a $340.00 target price for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $401.00 price target on shares of Bio-Rad Laboratories in a research note on Friday, August 16th. StockNews.com cut shares of Bio-Rad Laboratories from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Citigroup upped their price target on shares of Bio-Rad Laboratories from $300.00 to $350.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Finally, UBS Group dropped their price target on shares of Bio-Rad Laboratories from $420.00 to $385.00 and set a “buy” rating for the company in a research report on Wednesday, May 8th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Bio-Rad Laboratories presently has a consensus rating of “Hold” and an average price target of $358.20.

Insider Buying and Selling

In other news, EVP Michael Crowley sold 369 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $281.91, for a total value of $104,024.79. Following the completion of the transaction, the executive vice president now owns 6,573 shares in the company, valued at approximately $1,852,994.43. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 17.06% of the stock is owned by insiders.

Bio-Rad Laboratories Company Profile

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.