Bio-Rad Laboratories, Inc. (NYSE:BIO) Stake Lifted by Paloma Partners Management Co

Paloma Partners Management Co lifted its stake in shares of Bio-Rad Laboratories, Inc. (NYSE:BIO) by 350.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,500 shares of the medical research company’s stock after acquiring an additional 6,614 shares during the quarter. Paloma Partners Management Co’s holdings in Bio-Rad Laboratories were worth $2,844,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BIO. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Bio-Rad Laboratories during the 3rd quarter valued at $479,000. Point72 Hong Kong Ltd bought a new position in Bio-Rad Laboratories during the third quarter valued at about $55,000. Verition Fund Management LLC grew its holdings in Bio-Rad Laboratories by 193.3% during the third quarter. Verition Fund Management LLC now owns 3,470 shares of the medical research company’s stock worth $1,161,000 after acquiring an additional 2,287 shares during the period. PEAK6 Investments LLC bought a new stake in Bio-Rad Laboratories in the third quarter worth about $956,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Bio-Rad Laboratories by 1.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 441,098 shares of the medical research company’s stock valued at $147,583,000 after acquiring an additional 4,260 shares during the last quarter. Institutional investors own 65.24% of the company’s stock.

Bio-Rad Laboratories Stock Performance

Shares of BIO stock opened at $340.53 on Monday. The company has a market capitalization of $9.53 billion, a price-to-earnings ratio of -12.46 and a beta of 0.93. Bio-Rad Laboratories, Inc. has a 1-year low of $262.12 and a 1-year high of $387.99. The company has a current ratio of 6.14, a quick ratio of 4.52 and a debt-to-equity ratio of 0.16. The stock’s fifty day simple moving average is $340.77 and its 200-day simple moving average is $317.92.

Bio-Rad Laboratories (NYSE:BIO) last released its earnings results 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. The company had revenue of $649.70 million for the quarter, compared to analysts’ expectations of $628.18 million. Bio-Rad Laboratories had a positive return on equity of 3.74% and a negative net margin of 30.18%. The business’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.33 EPS. On average, sell-side analysts predict that Bio-Rad Laboratories, Inc. will post 10.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Bio-Rad Laboratories

In other news, COO Andrew J. Last sold 3,000 shares of the stock in a transaction on Friday, September 6th. The shares were sold at an average price of $329.94, for a total transaction of $989,820.00. Following the transaction, the chief operating officer now owns 7,559 shares in the company, valued at $2,494,016.46. This represents a 28.41 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP James Barry sold 623 shares of the firm’s 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 $48,582.03. This represents a 80.91 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 17.06% of the company’s stock.

About Bio-Rad Laboratories

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.