Zacks Investment Research upgraded shares of Haemonetics Corporation (NYSE:HAE) from a hold rating to a buy rating in a research note issued to investors on Wednesday, August 9th. Zacks Investment Research currently has $47.00 price objective on the medical instruments supplier’s stock.
According to Zacks, “Haemonetics exited first-quarter fiscal 2018 on a mixed note, with earnings beating the Zacks Consensus Estimate and revenues missing the same. Despite the encouraging growth in the Plasma and Haemonetics Management franchises, the underperformance at BloodCenter was quite a dampener. Meanwhile, the company’s strong cash position boosts investors’ confidence.Also the year-over-year increase in reported sales and gross margin buoys optimism. The company swung to operating income in the first quarter of fiscal 2018 from losses in the year-ago quarter. The company is also optimistic about strong market adoption of its NexSys PCS plasmapheresis system which recently received FDA approval. For the past six months, Haemonetics has been trading above the broader industry.”
HAE has been the subject of a number of other reports. BidaskClub upgraded Haemonetics Corporation from a strong sell rating to a sell rating in a research note on Tuesday, August 8th. JMP Securities upgraded Haemonetics Corporation from a market perform rating to an outperform rating and set a $50.00 price objective for the company in a report on Thursday, July 13th. Jefferies Group LLC restated a buy rating and issued a $42.00 price objective on shares of Haemonetics Corporation in a report on Monday, May 8th. TheStreet upgraded Haemonetics Corporation from a c rating to a b- rating in a report on Thursday, April 13th. Finally, Barrington Research upgraded Haemonetics Corporation from a market perform rating to an outperform rating and set a $48.00 price objective for the company in a report on Tuesday, August 8th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of Hold and an average target price of $41.00.
Haemonetics Corporation (NYSE HAE) traded down 0.67% during trading on Wednesday, hitting $41.58. The company had a trading volume of 141,983 shares. The stock has a 50-day moving average of $40.68 and a 200 day moving average of $40.27. Haemonetics Corporation has a one year low of $32.76 and a one year high of $43.74. The company has a market capitalization of $2.19 billion, a price-to-earnings ratio of 540.00 and a beta of 0.90.
Haemonetics Corporation (NYSE:HAE) last announced its quarterly earnings results on Monday, August 7th. The medical instruments supplier reported $0.33 EPS for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.02. Haemonetics Corporation had a return on equity of 11.07% and a net margin of 0.48%. The company had revenue of $211 million during the quarter, compared to analysts’ expectations of $211.29 million. During the same period in the prior year, the company earned $0.25 EPS. Haemonetics Corporation’s revenue was up .5% compared to the same quarter last year. Equities analysts forecast that Haemonetics Corporation will post $1.61 EPS for the current fiscal year.
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In other news, Director Ronald Merriman sold 17,471 shares of the firm’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $40.33, for a total value of $704,605.43. Following the completion of the sale, the director now directly owns 24,925 shares in the company, valued at approximately $1,005,225.25. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 1.20% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Verition Fund Management LLC purchased a new stake in shares of Haemonetics Corporation during the second quarter valued at approximately $452,000. Piedmont Investment Advisors LLC purchased a new stake in shares of Haemonetics Corporation during the second quarter valued at approximately $448,000. Susquehanna International Group LLP purchased a new stake in shares of Haemonetics Corporation during the second quarter valued at approximately $445,000. The Manufacturers Life Insurance Company increased its stake in shares of Haemonetics Corporation by 1.2% in the second quarter. The Manufacturers Life Insurance Company now owns 39,906 shares of the medical instruments supplier’s stock valued at $1,575,000 after buying an additional 488 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of Haemonetics Corporation during the second quarter valued at approximately $6,115,000.
Haemonetics Corporation Company Profile
Haemonetics Corporation (Haemonetics) is a healthcare company. The Company provides various products to customers involved in the processing, handling and analysis of blood. The Company’s segments include Japan, EMEA, North America Plasma and All Other. Haemonetics provides plasma collection systems and software, which enable plasma fractionators to make pharmaceuticals.
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