Charles River Laboratories International, Inc. (NYSE:CRL) Sees Large Increase in Short Interest

Charles River Laboratories International, Inc. (NYSE:CRL) saw a significant growth in short interest in the month of October. As of October 15th, there was short interest totalling 2,110,000 shares, a growth of 7.1% from the September 30th total of 1,970,000 shares. Based on an average daily volume of 744,300 shares, the days-to-cover ratio is currently 2.8 days.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Oregon Public Employees Retirement Fund raised its holdings in shares of Charles River Laboratories International by 1.0% during the second quarter. Oregon Public Employees Retirement Fund now owns 4,424 shares of the medical research company’s stock valued at $914,000 after purchasing an additional 45 shares during the period. American Trust increased its holdings in shares of Charles River Laboratories International by 5.9% during the second quarter. American Trust now owns 976 shares of the medical research company’s stock valued at $202,000 after acquiring an additional 54 shares in the last quarter. Tortoise Investment Management LLC raised its position 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 worth $27,000 after purchasing an additional 57 shares during the period. OLD National Bancorp IN lifted its holdings in shares of Charles River Laboratories International by 3.1% in the 3rd quarter. OLD National Bancorp IN now owns 1,988 shares of the medical research company’s stock worth $392,000 after purchasing an additional 59 shares in the last quarter. Finally, Mitchell & Pahl Private Wealth LLC grew its position in Charles River Laboratories International by 2.0% in the 2nd quarter. Mitchell & Pahl Private Wealth LLC now owns 3,154 shares of the medical research company’s stock valued at $652,000 after purchasing an additional 62 shares during the period. 98.91% of the stock is owned by institutional investors.

Charles River Laboratories International Price Performance

Shares of NYSE:CRL traded up $2.38 during trading on Friday, hitting $180.96. 781,002 shares of the company were exchanged, compared to its average volume of 605,380. The company has a quick ratio of 1.21, a current ratio of 1.58 and a debt-to-equity ratio of 0.65. Charles River Laboratories International has a 1-year low of $166.87 and a 1-year high of $275.00. The company has a market capitalization of $9.34 billion, a P/E ratio of 21.39, a price-to-earnings-growth ratio of 6.22 and a beta of 1.36. The business’s 50 day moving average is $194.66 and its 200-day moving average is $210.05.

Charles River Laboratories International (NYSE:CRL) last announced its quarterly earnings data on Wednesday, August 7th. The medical research company reported $2.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.39 by $0.41. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.03 billion. Charles River Laboratories International had a return on equity of 14.96% and a net margin of 10.83%. Equities analysts forecast that Charles River Laboratories International will post 10.01 earnings per share for the current year.

Charles River Laboratories International declared that its board has initiated a share buyback plan on Wednesday, August 7th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the medical research company to buy up to 9.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

CRL has been the subject of several research analyst reports. Redburn Atlantic assumed coverage on shares of Charles River Laboratories International in a report on Monday, October 14th. They set a “sell” rating and a $151.00 target price for the company. Citigroup downgraded Charles River Laboratories International from a “neutral” rating to a “sell” rating and decreased their target price for the company from $215.00 to $175.00 in a research report on Tuesday, October 1st. Evercore ISI downgraded Charles River Laboratories International from an “outperform” rating to an “inline” rating and reduced their price target for the company from $225.00 to $190.00 in a research note on Monday, October 7th. UBS Group lowered their price objective on Charles River Laboratories International from $290.00 to $240.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Finally, TD Cowen decreased their price target on shares of Charles River Laboratories International from $228.00 to $203.00 and set a “hold” rating on the stock in a research note on Monday, August 12th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $209.00.

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).