Convergence Investment Partners LLC Takes Position in Haemonetics Corporation (HAE)
Convergence Investment Partners LLC bought a new stake in Haemonetics Corporation (NYSE:HAE) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 34,990 shares of the medical instruments supplier’s stock, valued at approximately $1,382,000.
Several other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. increased its stake in Haemonetics Corporation by 48,854.9% in the first quarter. BlackRock Inc. now owns 6,289,728 shares of the medical instruments supplier’s stock valued at $255,175,000 after buying an additional 6,276,880 shares during the period. Vanguard Group Inc. increased its stake in Haemonetics Corporation by 7.6% in the first quarter. Vanguard Group Inc. now owns 4,694,325 shares of the medical instruments supplier’s stock valued at $190,449,000 after buying an additional 332,087 shares during the period. Wellington Management Group LLP increased its stake in Haemonetics Corporation by 22.6% in the first quarter. Wellington Management Group LLP now owns 4,192,350 shares of the medical instruments supplier’s stock valued at $170,084,000 after buying an additional 774,089 shares during the period. Wells Fargo & Company MN increased its stake in Haemonetics Corporation by 9.3% in the first quarter. Wells Fargo & Company MN now owns 2,549,828 shares of the medical instruments supplier’s stock valued at $103,446,000 after buying an additional 217,836 shares during the period. Finally, Victory Capital Management Inc. increased its stake in Haemonetics Corporation by 11.0% in the first quarter. Victory Capital Management Inc. now owns 2,394,135 shares of the medical instruments supplier’s stock valued at $97,130,000 after buying an additional 236,481 shares during the period.
Haemonetics Corporation (NYSE HAE) opened at 42.55 on Tuesday. The stock has a market cap of $2.24 billion, a price-to-earnings ratio of 552.60 and a beta of 0.90. The stock’s 50 day moving average price is $40.33 and its 200 day moving average price is $40.20. Haemonetics Corporation has a 52 week low of $32.76 and a 52 week high of $43.74.
Haemonetics Corporation (NYSE:HAE) last posted its earnings results on Monday, August 7th. The medical instruments supplier reported $0.33 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $211 million for the quarter, compared to analyst estimates of $211.29 million. During the same quarter in the prior year, the company earned $0.25 EPS. Haemonetics Corporation’s revenue was up .5% on a year-over-year basis. On average, analysts forecast that Haemonetics Corporation will post $1.61 earnings per share for the current year.
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HAE has been the subject of several research analyst reports. TheStreet downgraded Haemonetics Corporation from a “b-” rating to a “c” rating in a research report on Monday, May 8th. Jefferies Group LLC reiterated a “buy” rating and set a $48.00 target price on shares of Haemonetics Corporation in a research report on Thursday, July 27th. BidaskClub downgraded Haemonetics Corporation from a “hold” rating to a “sell” rating in a research report on Friday, June 23rd. Barrington Research upgraded Haemonetics Corporation from a “market perform” rating to an “outperform” rating and set a $48.00 target price for the company in a research report on Tuesday, August 8th. Finally, Zacks Investment Research downgraded Haemonetics Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, May 9th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $40.63.
In related news, Director Ronald Merriman sold 17,471 shares of the stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $40.33, for a total transaction of $704,605.43. Following the transaction, the director now owns 24,925 shares of the company’s stock, valued at approximately $1,005,225.25. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.20% of the stock is currently owned by corporate insiders.
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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