Charles River Laboratories International (NYSE:CRL) Rating Lowered to “Underperform” at CLSA

CLSA cut shares of Charles River Laboratories International (NYSE:CRL) from a hold rating to an underperform rating in a research note released on Monday, Marketbeat Ratings reports. They currently have $164.00 price target on the medical research company’s stock.

Several other equities research analysts also recently weighed in on the stock. Robert W. Baird reduced their target price on shares of Charles River Laboratories International from $191.00 to $190.00 and set a “neutral” rating on the stock in a research note on Friday, September 20th. The Goldman Sachs Group lowered their price target on Charles River Laboratories International from $290.00 to $250.00 and set a “buy” rating for the company in a report on Thursday, August 8th. 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. TD Cowen boosted their price target on Charles River Laboratories International from $203.00 to $227.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Finally, Bank of America lowered shares of Charles River Laboratories International from a “buy” rating to a “neutral” rating and cut their price target for the stock from $250.00 to $215.00 in a report on Wednesday, October 2nd. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Charles River Laboratories International presently has an average rating of “Hold” and an average price target of $214.38.

Charles River Laboratories International Price Performance

CRL stock opened at $194.37 on Monday. The company has a fifty day simple moving average of $195.05 and a two-hundred day simple moving average of $206.34. Charles River Laboratories International has a 52 week low of $176.48 and a 52 week high of $275.00. The company has a quick ratio of 1.14, a current ratio of 1.48 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $9.94 billion, a P/E ratio of 24.33, a price-to-earnings-growth ratio of 4.80 and a beta of 1.38.

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

Charles River Laboratories International declared that its Board of Directors has initiated a share buyback plan on Wednesday, August 7th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the medical research company to purchase up to 9.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other Charles River Laboratories International news, Director Richard F. Wallman sold 6,621 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $216.12, for a total value 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 trade represents a 34.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Charles River Laboratories International

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tortoise Investment Management LLC raised its holdings in shares of Charles River Laboratories International by 77.0% during 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 last quarter. Wolff Wiese Magana LLC acquired a new position in shares of Charles River Laboratories International during the 3rd quarter valued at about $32,000. Assetmark Inc. increased its holdings in shares of Charles River Laboratories International by 1,153.3% during the 3rd quarter. Assetmark Inc. now owns 188 shares of the medical research company’s stock worth $37,000 after buying an additional 173 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its holdings in Charles River Laboratories International by 219.3% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 281 shares of the medical research company’s stock valued at $58,000 after buying an additional 193 shares during the period. Finally, Covestor Ltd grew its stake in shares of Charles River Laboratories International by 40.9% in the third quarter. Covestor Ltd now owns 327 shares of the medical research company’s stock valued at $65,000 after buying an additional 95 shares in the last quarter. 98.91% of the stock is owned by hedge funds and other institutional investors.

About Charles River Laboratories International

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).