Bio-Rad Laboratories (NYSE:BIO) Hits New 52-Week Low – Here’s Why

Bio-Rad Laboratories, Inc. (NYSE:BIO)’s stock price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $235.84 and last traded at $244.29, with a volume of 395196 shares changing hands. The stock had previously closed at $243.00.

Wall Street Analysts Forecast Growth

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

Bio-Rad Laboratories Stock Up 2.2 %

The company has a market capitalization of $6.87 billion, a P/E ratio of -3.77 and a beta of 0.98. The company has a 50-day moving average of $286.97 and a two-hundred day moving average of $320.81. The company has a quick ratio of 4.85, a current ratio of 6.48 and a debt-to-equity ratio of 0.18.

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

Hedge Funds Weigh In On Bio-Rad Laboratories

Large investors have recently made changes to their positions in the business. Venturi Wealth Management LLC grew its stake in shares of Bio-Rad Laboratories by 2,175.0% in the 4th quarter. Venturi Wealth Management LLC now owns 91 shares of the medical research company’s stock worth $30,000 after buying an additional 87 shares during the last quarter. GeoWealth Management LLC boosted its holdings in Bio-Rad Laboratories by 342.9% in the fourth quarter. GeoWealth Management LLC now owns 93 shares of the medical research company’s stock worth $31,000 after acquiring an additional 72 shares in the last quarter. Picton Mahoney Asset Management grew its stake in shares of Bio-Rad Laboratories by 55.6% in the fourth quarter. Picton Mahoney Asset Management now owns 98 shares of the medical research company’s stock worth $32,000 after acquiring an additional 35 shares during the last quarter. Asset Planning Inc bought a new position in shares of Bio-Rad Laboratories during the fourth quarter valued at $33,000. Finally, UMB Bank n.a. raised its position in shares of Bio-Rad Laboratories by 41.6% in the 4th quarter. UMB Bank n.a. now owns 109 shares of the medical research company’s stock worth $36,000 after purchasing an additional 32 shares during the last quarter. 65.24% of the stock is currently owned by hedge funds and other institutional investors.

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.