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

Bio-Rad Laboratories, Inc. (NYSE:BIO) saw a large decline in short interest in September. As of September 30th, there was short interest totalling 851,300 shares, a decline of 36.9% from the September 15th total of 1,350,000 shares. Based on an average daily trading volume, of 309,900 shares, the days-to-cover ratio is currently 2.7 days. Currently, 4.5% of the shares of the stock are sold short.

Bio-Rad Laboratories Trading Up 1.2 %

NYSE:BIO traded up $4.14 during mid-day trading on Monday, hitting $341.06. 151,904 shares of the stock traded hands, compared to its average volume of 251,949. The stock has a market capitalization of $9.73 billion, a price-to-earnings ratio of -32.52 and a beta of 0.95. Bio-Rad Laboratories has a 52 week low of $261.59 and a 52 week high of $364.24. The firm’s 50 day moving average is $328.84 and its two-hundred day moving average is $306.88. The company has a quick ratio of 4.63, a current ratio of 6.28 and a debt-to-equity ratio of 0.18.

Bio-Rad Laboratories (NYSE:BIO) last issued its quarterly earnings results on Thursday, August 1st. The medical research company reported $3.11 EPS for the quarter, beating the consensus estimate of $2.12 by $0.99. The company had revenue of $638.50 million for the quarter, compared to the consensus estimate of $645.79 million. Bio-Rad Laboratories had a negative net margin of 51.73% and a positive return on equity of 3.77%. The firm’s revenue was down 6.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.00 EPS. On average, equities research analysts predict that Bio-Rad Laboratories will post 9.45 earnings per share for the current year.

Insider Activity at Bio-Rad Laboratories

In related news, EVP James Barry sold 623 shares of Bio-Rad Laboratories stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $330.49, for a total transaction of $205,895.27. Following the transaction, the executive vice president now owns 147 shares in the company, valued at approximately $48,582.03. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Bio-Rad Laboratories news, COO Andrew J. Last sold 3,000 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $329.94, for a total value of $989,820.00. Following the sale, the chief operating officer now owns 7,559 shares in the company, valued at $2,494,016.46. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP James Barry sold 623 shares of the business’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $330.49, for a total transaction of $205,895.27. Following the completion of the sale, the executive vice president now owns 147 shares in the company, valued at approximately $48,582.03. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 17.06% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bio-Rad Laboratories

A number of hedge funds have recently added to or reduced their stakes in the stock. UMB Bank n.a. grew its stake in Bio-Rad Laboratories by 140.6% in the 3rd quarter. UMB Bank n.a. now owns 77 shares of the medical research company’s stock worth $26,000 after acquiring an additional 45 shares in the last quarter. Wahed Invest LLC grew its stake in Bio-Rad Laboratories by 14.0% in the 1st quarter. Wahed Invest LLC now owns 399 shares of the medical research company’s stock worth $138,000 after acquiring an additional 49 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. grew its stake in Bio-Rad Laboratories by 7.7% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 836 shares of the medical research company’s stock worth $289,000 after acquiring an additional 60 shares in the last quarter. Capital Advisors Ltd. LLC grew its stake in Bio-Rad Laboratories by 193.8% in the 2nd quarter. Capital Advisors Ltd. LLC now owns 94 shares of the medical research company’s stock worth $26,000 after acquiring an additional 62 shares in the last quarter. Finally, Natixis grew its stake in Bio-Rad Laboratories by 3.4% in the 1st quarter. Natixis now owns 1,986 shares of the medical research company’s stock worth $687,000 after acquiring an additional 65 shares in the last quarter. 65.24% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have commented on the stock. StockNews.com cut shares of Bio-Rad Laboratories from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Royal Bank of Canada restated an “outperform” rating and set a $401.00 target price on shares of Bio-Rad Laboratories in a research report on Friday, August 16th. Citigroup upgraded shares of Bio-Rad Laboratories from a “neutral” rating to a “buy” rating and upped their target price for the company from $350.00 to $400.00 in a research report on Tuesday, October 1st. Finally, Wells Fargo & Company assumed coverage on shares of Bio-Rad Laboratories in a research report on Tuesday, August 27th. They set an “equal weight” rating and a $340.00 target price on the stock. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $368.20.

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.