Zacks Investment Research upgraded shares of Luminex (NASDAQ:LMNX) from a sell rating to a hold rating in a research report sent to investors on Tuesday morning.
According to Zacks, “Luminex outperformed its industry in a year’s time. Strong performance by the company’s molecular diagnostic segment instills optimism. Luminex is also poised well on its solid ARIES and VERIGENE platforms. Assay and royalty revenues also witnessed an upside recently. New products are likely to expand the company’s portfolio. Furthermore, solid revenue guidance for 2018 buoys optimism. Expanding operating margin is a major positive. Luminex achieved highest system placement number in its history with 361 xMAP system placements in the last-reported quarter. However, Luminex operates in the highly competitive life sciences industry. The industry is characterized by rapid and continuous technological innovation. The company’s gross margin contracted significantly in recent times. Further, lackluster performance by the consumable and service revenue segments is a headwind.”
A number of other equities analysts have also weighed in on the company. ValuEngine lowered Luminex from a strong-buy rating to a buy rating in a research report on Wednesday, August 8th. Citigroup increased their price target on Luminex from $23.00 to $34.00 and gave the company a $33.58 rating in a research report on Monday, July 23rd. BidaskClub lowered Luminex from a strong-buy rating to a buy rating in a research report on Saturday, September 22nd. Finally, Jefferies Financial Group reiterated a hold rating and issued a $27.00 price target on shares of Luminex in a research report on Tuesday, August 7th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Luminex presently has a consensus rating of Hold and an average price target of $28.60.
Luminex (NASDAQ:LMNX) last announced its earnings results on Monday, August 6th. The medical instruments supplier reported $0.15 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.04). Luminex had a net margin of 10.57% and a return on equity of 7.44%. The firm had revenue of $79.60 million for the quarter, compared to the consensus estimate of $79.66 million. During the same period in the prior year, the business earned $0.26 EPS. The company’s quarterly revenue was up 4.1% compared to the same quarter last year. On average, equities analysts forecast that Luminex will post 0.58 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, October 12th. Investors of record on Friday, September 21st were given a $0.06 dividend. The ex-dividend date was Thursday, September 20th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.88%. Luminex’s dividend payout ratio (DPR) is 26.37%.
Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in shares of Luminex by 6.4% in the 2nd quarter. BlackRock Inc. now owns 6,593,040 shares of the medical instruments supplier’s stock valued at $194,692,000 after purchasing an additional 395,549 shares during the period. Dimensional Fund Advisors LP boosted its position in Luminex by 5.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,951,636 shares of the medical instruments supplier’s stock worth $41,121,000 after acquiring an additional 100,370 shares during the period. Acadian Asset Management LLC boosted its position in Luminex by 28.4% during the 2nd quarter. Acadian Asset Management LLC now owns 1,576,596 shares of the medical instruments supplier’s stock worth $46,552,000 after acquiring an additional 348,940 shares during the period. Millennium Management LLC boosted its position in Luminex by 10.4% during the 1st quarter. Millennium Management LLC now owns 1,038,865 shares of the medical instruments supplier’s stock worth $21,889,000 after acquiring an additional 98,190 shares during the period. Finally, Northern Trust Corp boosted its position in Luminex by 1.3% during the 2nd quarter. Northern Trust Corp now owns 967,694 shares of the medical instruments supplier’s stock worth $28,575,000 after acquiring an additional 12,587 shares during the period. Institutional investors and hedge funds own 82.22% of the company’s stock.
Luminex Corporation develops, manufactures, and sells proprietary biological testing technologies and products for the diagnostics, pharmaceutical, and research industries worldwide. Its products include Luminex 100/200 that integrates fluidics, optics, and digital signal processing; FLEXMAP 3D system for use as a general laboratory instrument; MAGPIX system, a multiplexing analyzer for qualitative and quantitative analysis of proteins and nucleic acids; ARIES system, a sample to answer real-time PCR platform; ARIES M1 system, a single-module version of the ARIES System; and VERIGENE system, an automated multiplex-capable system.
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