Luminex Corp. (LMNX) Lowered to Hold at Zacks Investment Research
According to Zacks, “In the past six months, Luminex’s share price over performed the broader industry trend. However, in the last 30 days, earnings estimates have been moved downwards reflecting sluggish third quarter performance. We note that, Luminex reported dismal third quarter 2016 results, missing the Zacks Consensus Estimates on both lines. However, the company raised its revenue guidance for the full-year of 2016. We believe that Luminex's Assay business will be its key growth driver over the long term. We are also optimistic with regard to the company’s products – ARIES and NxTAG RPP, which represent a major revenue opportunity for Luminex. These products will considerably expand the company’s addressable market in the long run. Moreover, the recently completed Nanosphere acquisition expands Luminex's product portfolio. We are also bullish on the company’s promising financial position, which is with no debt, at the end of the”
Several other equities research analysts also recently issued reports on LMNX. JPMorgan Chase & Co. raised Luminex Corp. from an underweight rating to a neutral rating and raised their price target for the company from $18.00 to $22.00 in a research report on Thursday, August 18th. Avondale Partners initiated coverage on Luminex Corp. in a research report on Wednesday, October 12th. They issued an outperform rating and a $27.00 price target on the stock. Finally, William Blair reaffirmed a market perform rating on shares of Luminex Corp. in a research report on Tuesday, November 1st. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $23.00.
Luminex Corp. (NASDAQ:LMNX) opened at 20.74 on Tuesday. Luminex Corp. has a one year low of $17.29 and a one year high of $23.75. The company has a 50-day moving average price of $20.93 and a 200-day moving average price of $21.17. The company has a market capitalization of $903.93 million, a price-to-earnings ratio of 23.92 and a beta of 0.57.
Luminex Corp. (NASDAQ:LMNX) last issued its quarterly earnings results on Monday, October 31st. The company reported $0.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.09. The company had revenue of $71.20 million for the quarter, compared to the consensus estimate of $68.90 million. Luminex Corp. had a return on equity of 11.95% and a net margin of 14.51%. The firm’s revenue was up 17.5% compared to the same quarter last year. During the same period last year, the business posted $0.22 earnings per share. Equities research analysts anticipate that Luminex Corp. will post $0.52 EPS for the current year.
In other Luminex Corp. news, Director Kevin M. Mcnamara sold 12,000 shares of the firm’s stock in a transaction dated Tuesday, November 15th. The shares were sold at an average price of $21.03, for a total transaction of $252,360.00. Following the completion of the transaction, the director now owns 67,274 shares in the company, valued at $1,414,772.22. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Harriss T. Currie purchased 4,100 shares of the business’s stock in a transaction on Thursday, November 3rd. The shares were acquired at an average price of $18.20 per share, with a total value of $74,620.00. The disclosure for this purchase can be found here. 6.90% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Numeric Investors LLC boosted its position in shares of Luminex Corp. by 1,251.0% in the second quarter. Numeric Investors LLC now owns 309,192 shares of the company’s stock worth $6,255,000 after buying an additional 286,306 shares in the last quarter. Neuberger Berman Group LLC boosted its position in shares of Luminex Corp. by 50.4% in the third quarter. Neuberger Berman Group LLC now owns 799,898 shares of the company’s stock worth $18,174,000 after buying an additional 268,073 shares in the last quarter. BlackRock Fund Advisors boosted its position in shares of Luminex Corp. by 8.9% in the third quarter. BlackRock Fund Advisors now owns 3,282,948 shares of the company’s stock worth $74,589,000 after buying an additional 267,998 shares in the last quarter. Emerald Acquisition Ltd. acquired a new position in shares of Luminex Corp. during the second quarter worth approximately $4,729,000. Finally, Acadian Asset Management LLC boosted its position in shares of Luminex Corp. by 16.5% in the second quarter. Acadian Asset Management LLC now owns 1,622,291 shares of the company’s stock worth $32,819,000 after buying an additional 229,781 shares in the last quarter. Hedge funds and other institutional investors own 78.99% of the company’s stock.
About Luminex Corp.
Luminex Corporation develops, manufactures and sells biological testing technologies with applications throughout the diagnostics, pharmaceutical and life sciences industries. The Company has a range of instruments using its xMAP technology, including its LUMINEX 100/200 systems offer 100-plex testing; the Company’s FLEXMAP 3D system is its high-throughput, 500-plex testing system, and its MAGPIX system provides 50-plex testing using imaging rather than flow cytometry.
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