Bio-Rad Laboratories (NYSE:BIO) Sets New 52-Week Low – Here’s What Happened

Bio-Rad Laboratories, Inc. (NYSE:BIO)’s stock price hit a new 52-week low during trading on Wednesday . The company traded as low as $243.76 and last traded at $245.16, with a volume of 90768 shares changing hands. The stock had previously closed at $247.31.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Royal Bank of Canada reissued an “outperform” rating and set a $481.00 price objective on shares of Bio-Rad Laboratories in a research note on Tuesday, January 14th. Wells Fargo & Company decreased their price target on Bio-Rad Laboratories from $360.00 to $345.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 12th. Finally, StockNews.com lowered shares of Bio-Rad Laboratories from a “buy” rating to a “hold” rating in a research note on Monday, February 17th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $395.20.

Bio-Rad Laboratories Price Performance

The stock has a 50 day moving average of $295.53 and a 200-day moving average of $323.04. The company has a current ratio of 6.48, a quick ratio of 4.85 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $6.82 billion, a P/E ratio of -3.74 and a beta of 0.98.

Bio-Rad Laboratories (NYSE:BIO) last released its earnings results on Thursday, February 13th. The medical research company reported $2.90 earnings per share for the quarter, topping the consensus estimate of $2.86 by $0.04. Bio-Rad Laboratories had a positive return on equity of 3.90% and a negative net margin of 71.86%. On average, equities research analysts anticipate that Bio-Rad Laboratories, Inc. will post 10.81 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bio-Rad Laboratories

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Bio-Rad Laboratories during the 4th quarter worth about $3,494,000. Mackenzie Financial Corp bought a new position in shares of Bio-Rad Laboratories during the fourth quarter valued at approximately $207,000. Toronto Dominion Bank increased its holdings in Bio-Rad Laboratories by 9.3% during the fourth quarter. Toronto Dominion Bank now owns 4,052 shares of the medical research company’s stock valued at $1,331,000 after buying an additional 346 shares during the period. Public Employees Retirement System of Ohio bought a new position in Bio-Rad Laboratories in the fourth quarter worth approximately $2,211,000. Finally, Sone Capital Management LLC purchased a new position in shares of Bio-Rad Laboratories in the 4th quarter valued at $6,663,000. Institutional investors own 65.24% of the company’s stock.

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.