Bio-Rad Laboratories (NYSE:BIO) Sees Unusually-High Trading Volume on Better-Than-Expected Earnings

Bio-Rad Laboratories, Inc. (NYSE:BIO) shares saw unusually-strong trading volume on Friday following a better than expected earnings announcement. Approximately 253,061 shares traded hands during mid-day trading, an increase of 49% from the previous session’s volume of 169,469 shares.The stock last traded at $284.78 and had previously closed at $306.36.

The medical research company reported $2.90 EPS for the quarter, topping analysts’ consensus estimates of $2.86 by $0.04. Bio-Rad Laboratories had a negative net margin of 30.18% and a positive return on equity of 3.74%.

Analysts Set New Price Targets

BIO has been the subject of a number of research reports. StockNews.com upgraded Bio-Rad Laboratories from a “hold” rating to a “buy” rating in a report on Friday, November 1st. Citigroup upped their target price on Bio-Rad Laboratories from $400.00 to $450.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Royal Bank of Canada restated an “outperform” rating and set a $481.00 price target on shares of Bio-Rad Laboratories in a research note on Tuesday, January 14th. Finally, Wells Fargo & Company lowered their price objective on shares of Bio-Rad Laboratories from $360.00 to $345.00 and set an “equal weight” rating for the company in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $395.20.

Institutional Trading of Bio-Rad Laboratories

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Strategic Financial Concepts LLC bought a new stake in Bio-Rad Laboratories during the fourth quarter valued at about $3,561,000. Lecap Asset Management Ltd. bought a new stake in shares of Bio-Rad Laboratories in the 4th quarter valued at about $510,000. Principal Financial Group Inc. grew its position in shares of Bio-Rad Laboratories by 95.6% in the 3rd quarter. Principal Financial Group Inc. now owns 44,341 shares of the medical research company’s stock worth $14,836,000 after buying an additional 21,669 shares during the last quarter. Mawer Investment Management Ltd. grew its holdings in Bio-Rad Laboratories by 63.0% in the third quarter. Mawer Investment Management Ltd. now owns 217,885 shares of the medical research company’s stock worth $72,900,000 after purchasing an additional 84,237 shares during the last quarter. Finally, Verition Fund Management LLC increased its position in Bio-Rad Laboratories by 193.3% during the 3rd quarter. Verition Fund Management LLC now owns 3,470 shares of the medical research company’s stock valued at $1,161,000 after buying an additional 2,287 shares in the last quarter. Institutional investors own 65.24% of the company’s stock.

Bio-Rad Laboratories Price Performance

The company has a quick ratio of 4.52, a current ratio of 6.14 and a debt-to-equity ratio of 0.16. The firm has a market cap of $7.89 billion, a PE ratio of -10.31 and a beta of 0.90. The stock has a 50 day moving average price of $339.70 and a two-hundred day moving average price of $336.52.

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.