Charles River Laboratories International (NYSE:CRL) Downgraded by CLSA to Underperform

CLSA cut shares of Charles River Laboratories International (NYSE:CRL) from a hold rating to an underperform rating in a research report report published on Monday, Marketbeat.com reports. The firm currently has $164.00 price target on the medical research company’s stock.

A number of other research analysts have also commented on CRL. Redburn Atlantic began coverage on Charles River Laboratories International in a research report on Monday, October 14th. They set a “sell” rating and a $151.00 price target for the company. UBS Group raised their price target on Charles River Laboratories International from $240.00 to $250.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. StockNews.com downgraded shares of Charles River Laboratories International from a “buy” rating to a “hold” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. cut shares of Charles River Laboratories International from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $270.00 to $205.00 in a research report on Thursday, August 8th. Finally, Baird R W lowered shares of Charles River Laboratories International from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 8th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $214.38.

Charles River Laboratories International Stock Performance

Shares of CRL stock opened at $194.37 on Monday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.14 and a current ratio of 1.48. Charles River Laboratories International has a fifty-two week low of $176.48 and a fifty-two week high of $275.00. The company has a market capitalization of $9.94 billion, a P/E ratio of 24.33, a PEG ratio of 4.80 and a beta of 1.38. The stock has a 50 day moving average price of $195.05 and a two-hundred day moving average price of $206.34.

Charles River Laboratories International (NYSE:CRL) last announced its quarterly earnings results on Wednesday, November 6th. The medical research company reported $2.59 earnings per share for the quarter, beating the consensus estimate of $2.43 by $0.16. Charles River Laboratories International had a net margin of 10.44% and a return on equity of 14.29%. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $975.99 million. During the same quarter in the prior year, the company posted $2.72 EPS. The firm’s revenue for the quarter was down 1.6% compared to the same quarter last year. Analysts expect that Charles River Laboratories International will post 10.19 earnings per share for the current year.

Charles River Laboratories International announced that its board has approved a share repurchase program on Wednesday, August 7th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the medical research company to repurchase up to 9.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Activity

In related news, Director Richard F. Wallman sold 6,621 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $216.12, for a total transaction of $1,430,930.52. Following the sale, the director now directly owns 12,386 shares of the company’s stock, valued at approximately $2,676,862.32. This represents a 34.83 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Charles River Laboratories International

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRL. Tortoise Investment Management LLC lifted its holdings in Charles River Laboratories International by 77.0% in the second quarter. Tortoise Investment Management LLC now owns 131 shares of the medical research company’s stock valued at $27,000 after acquiring an additional 57 shares during the period. Wolff Wiese Magana LLC bought a new position in Charles River Laboratories International in the 3rd quarter worth $32,000. Assetmark Inc. lifted its position in Charles River Laboratories International by 1,153.3% during the third quarter. Assetmark Inc. now owns 188 shares of the medical research company’s stock valued at $37,000 after purchasing an additional 173 shares in the last quarter. Whittier Trust Co. of Nevada Inc. lifted its position in Charles River Laboratories International by 219.3% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 281 shares of the medical research company’s stock valued at $58,000 after purchasing an additional 193 shares in the last quarter. Finally, Covestor Ltd grew its holdings in Charles River Laboratories International by 40.9% during the third quarter. Covestor Ltd now owns 327 shares of the medical research company’s stock valued at $65,000 after purchasing an additional 95 shares during the period. 98.91% of the stock is owned by institutional investors.

Charles River Laboratories International Company Profile

Charles River Laboratories International, Inc provides drug discovery, non-clinical development, and safety testing services in the United States, Europe, Canada, the Asia Pacific, and internationally. It operates through three segments: Research Models and Services (RMS), Discovery and Safety Assessment (DSA), and Manufacturing Solutions (Manufacturing).