Qiagen (NYSE:QGEN) Posts Earnings Results, Beats Expectations By $0.03 EPS

Qiagen (NYSE:QGEN) released its quarterly earnings data on Wednesday. The company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.03, reports. The business had revenue of $501.87 million during the quarter, compared to analysts’ expectations of $490.53 million. Qiagen had a net margin of 4.73% and a return on equity of 13.35%. Qiagen updated its FY24 guidance to at least $2.19 EPS and its FY 2024 guidance to 2.190- EPS.

Qiagen Stock Down 0.9 %

NYSE:QGEN traded down $0.39 during trading hours on Friday, reaching $43.76. The company had a trading volume of 807,301 shares, compared to its average volume of 1,170,116. The business’s 50-day simple moving average is $44.04 and its two-hundred day simple moving average is $43.72. Qiagen has a twelve month low of $37.51 and a twelve month high of $47.44. The firm has a market cap of $9.99 billion, a price-to-earnings ratio of 112.21, a P/E/G ratio of 3.35 and a beta of 0.41. The company has a quick ratio of 1.46, a current ratio of 1.77 and a debt-to-equity ratio of 0.27.

Hedge Funds Weigh In On Qiagen

Several institutional investors have recently made changes to their positions in QGEN. Nuance Investments LLC raised its holdings in shares of Qiagen by 311.0% during the first quarter. Nuance Investments LLC now owns 4,493,489 shares of the company’s stock valued at $193,175,000 after purchasing an additional 3,400,255 shares during the period. Victory Capital Management Inc. raised its holdings in shares of Qiagen by 104,759.6% in the 2nd quarter. Victory Capital Management Inc. now owns 1,583,380 shares of the company’s stock worth $65,061,000 after acquiring an additional 1,581,870 shares during the last quarter. Earnest Partners LLC raised its holdings in shares of Qiagen by 85.1% in the 1st quarter. Earnest Partners LLC now owns 3,427,605 shares of the company’s stock worth $147,353,000 after acquiring an additional 1,576,259 shares during the last quarter. Point72 Asset Management L.P. raised its holdings in shares of Qiagen by 148.8% in the 2nd quarter. Point72 Asset Management L.P. now owns 1,184,806 shares of the company’s stock worth $48,684,000 after acquiring an additional 708,533 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale raised its holdings in shares of Qiagen by 12.2% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 3,248,354 shares of the company’s stock worth $133,292,000 after acquiring an additional 353,280 shares during the last quarter. Institutional investors and hedge funds own 70.00% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Hsbc Global Res upgraded shares of Qiagen to a “hold” rating in a research report on Thursday, October 17th. HSBC cut shares of Qiagen from a “buy” rating to a “hold” rating and set a $49.00 price target for the company. in a research report on Thursday, October 17th. Finally, Robert W. Baird upped their price target on shares of Qiagen from $49.00 to $52.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.88.

Qiagen Company Profile

QIAGEN N.V. offers sample to insight solutions that transform biological materials into molecular insights worldwide. The company provides primary sample technology consumables, such as nucleic stabilization and purification kits for primary sample materials, manual and automated processing for genotyping, gene expression, and viral and bacterial analysis, as well as silica membranes and magnetic bead technologies; secondary sample technology consumables, including kits and components for purification of nucleic acids from secondary sample materials; and instruments for nucleic acid purification and accessories.