PNC Financial Services Group Inc. Sells 1,068 Shares of Bio-Rad Laboratories, Inc. (NYSE:BIO)

PNC Financial Services Group Inc. lowered its stake in shares of Bio-Rad Laboratories, Inc. (NYSE:BIO) by 9.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,897 shares of the medical research company’s stock after selling 1,068 shares during the period. PNC Financial Services Group Inc.’s holdings in Bio-Rad Laboratories were worth $3,196,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Gladius Capital Management LP raised its stake in shares of Bio-Rad Laboratories by 65.8% during the 4th quarter. Gladius Capital Management LP now owns 121 shares of the medical research company’s stock worth $39,000 after purchasing an additional 48 shares in the last quarter. Principal Securities Inc. acquired a new position in shares of Bio-Rad Laboratories during the 4th quarter worth approximately $41,000. GAMMA Investing LLC acquired a new position in shares of Bio-Rad Laboratories during the 4th quarter worth approximately $42,000. Bfsg LLC acquired a new position in shares of Bio-Rad Laboratories during the 4th quarter worth approximately $77,000. Finally, Signaturefd LLC increased its holdings in shares of Bio-Rad Laboratories by 15.8% during the 4th quarter. Signaturefd LLC now owns 352 shares of the medical research company’s stock worth $114,000 after acquiring an additional 48 shares during the last quarter. Institutional investors own 65.24% of the company’s stock.

Bio-Rad Laboratories Stock Performance

Shares of NYSE BIO opened at $287.21 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 6.57 and a quick ratio of 4.89. The stock’s fifty day moving average price is $304.28 and its two-hundred day moving average price is $314.22. Bio-Rad Laboratories, Inc. has a one year low of $261.59 and a one year high of $431.79. The firm has a market cap of $8.19 billion, a price-to-earnings ratio of -27.72 and a beta of 0.94.

Bio-Rad Laboratories (NYSE:BIO) last released its earnings results on Tuesday, May 7th. The medical research company reported $2.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.25. The company had revenue of $610.82 million for the quarter, compared to analyst estimates of $619.09 million. Bio-Rad Laboratories had a positive return on equity of 3.59% and a negative net margin of 12.37%. Bio-Rad Laboratories’s quarterly revenue was down 9.8% on a year-over-year basis. During the same period in the prior year, the firm posted $3.34 EPS. On average, equities analysts forecast that Bio-Rad Laboratories, Inc. will post 10.41 EPS for the current year.

Insider Transactions at Bio-Rad Laboratories

In related news, EVP Michael Crowley sold 3,000 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $336.00, for a total transaction of $1,008,000.00. Following the completion of the sale, the executive vice president now directly owns 6,942 shares in the company, valued at approximately $2,332,512. The sale was disclosed in a filing with the SEC, which is available through this link. 17.06% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Citigroup lowered Bio-Rad Laboratories from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $400.00 to $365.00 in a report on Wednesday, April 3rd. Royal Bank of Canada decreased their target price on Bio-Rad Laboratories from $484.00 to $480.00 and set an “outperform” rating on the stock in a report on Friday, February 16th. UBS Group decreased their price objective on Bio-Rad Laboratories from $420.00 to $385.00 and set a “buy” rating on the stock in a report on Wednesday, May 8th. Finally, StockNews.com lowered Bio-Rad Laboratories from a “buy” rating to a “hold” rating in a report on Monday, May 13th. Two equities research 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 presently has a consensus rating of “Moderate Buy” and an average target price of $461.00.

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.