Citigroup Inc. Cuts Stake in Bio-Rad Laboratories, Inc. (NYSE:BIO)

Citigroup Inc. cut its position in Bio-Rad Laboratories, Inc. (NYSE:BIO) by 15.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 22,501 shares of the medical research company’s stock after selling 4,014 shares during the quarter. Citigroup Inc.’s holdings in Bio-Rad Laboratories were worth $7,528,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its stake in shares of Bio-Rad Laboratories by 1.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 44,582 shares of the medical research company’s stock worth $15,421,000 after acquiring an additional 748 shares in the last quarter. California State Teachers Retirement System grew its holdings in Bio-Rad Laboratories by 0.4% in the 1st quarter. California State Teachers Retirement System now owns 32,398 shares of the medical research company’s stock worth $11,205,000 after buying an additional 131 shares in the last quarter. Tidal Investments LLC grew its position in Bio-Rad Laboratories by 11.2% in the 1st quarter. Tidal Investments LLC now owns 3,650 shares of the medical research company’s stock valued at $1,262,000 after buying an additional 367 shares in the last quarter. Swedbank AB acquired a new position in shares of Bio-Rad Laboratories during the first quarter valued at approximately $1,824,000. Finally, Cetera Advisors LLC acquired a new position in Bio-Rad Laboratories during the first quarter worth about $404,000. Institutional investors and hedge funds own 65.24% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. StockNews.com upgraded Bio-Rad Laboratories from a “hold” rating to a “buy” rating in a research report on Friday, November 1st. Royal Bank of Canada boosted their price target on shares of Bio-Rad Laboratories from $446.00 to $469.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Citigroup increased their price objective on Bio-Rad Laboratories from $400.00 to $450.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Finally, Wells Fargo & Company began coverage on Bio-Rad Laboratories in a report on Tuesday, August 27th. They issued an “equal weight” rating and a $340.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Bio-Rad Laboratories presently has an average rating of “Moderate Buy” and an average price target of $391.80.

Bio-Rad Laboratories Trading Up 0.6 %

Shares of BIO stock opened at $340.53 on Friday. 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 business’s 50 day moving average is $340.77 and its two-hundred day moving average is $317.76. The company has a market cap of $9.53 billion, a PE ratio of -12.46 and a beta of 0.93. Bio-Rad Laboratories, Inc. has a 12 month low of $262.12 and a 12 month high of $387.99.

Bio-Rad Laboratories (NYSE:BIO) last posted its quarterly earnings data on Wednesday, October 30th. The medical research company reported $2.01 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.85. Bio-Rad Laboratories had a positive return on equity of 3.74% and a negative net margin of 30.18%. The company had revenue of $649.70 million during the quarter, compared to analysts’ expectations of $628.18 million. During the same period in the prior year, the business earned $2.33 earnings per share. Bio-Rad Laboratories’s revenue for the quarter was up 2.8% compared to the same quarter last year. Equities analysts predict that Bio-Rad Laboratories, Inc. will post 10.29 EPS for the current year.

Insider Activity

In other Bio-Rad Laboratories news, COO Andrew J. Last sold 3,000 shares of Bio-Rad Laboratories stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $329.94, for a total transaction of $989,820.00. Following the sale, the chief operating officer now directly owns 7,559 shares of the company’s stock, valued at approximately $2,494,016.46. The trade was a 28.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP James Barry sold 623 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $330.49, for a total value of $205,895.27. Following the completion of the transaction, the executive vice president now directly owns 147 shares of the company’s stock, valued at approximately $48,582.03. The trade was a 80.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.06% of the stock is owned by company insiders.

Bio-Rad Laboratories 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.