Haemonetics Corporation (HAE) Lowered to Hold at Zacks Investment Research
Haemonetics Corporation (NYSE:HAE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
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.”
A number of other analysts have also recently issued reports on HAE. Jefferies Group LLC reissued a “buy” rating and set a $48.00 target price on shares of Haemonetics Corporation in a research note on Thursday, July 27th. TheStreet cut Haemonetics Corporation from a “b-” rating to a “c” rating in a research note on Monday, May 8th. BidaskClub cut Haemonetics Corporation from a “hold” rating to a “sell” rating in a research note on Friday, June 23rd. Barrington Research raised Haemonetics Corporation from a “market perform” rating to an “outperform” rating and set a $48.00 target price for the company in a research note on Tuesday, August 8th. Finally, JMP Securities raised Haemonetics Corporation from a “market perform” rating to an “outperform” rating and set a $50.00 target price for the company in a research note on Thursday, July 13th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $40.86.
Shares of Haemonetics Corporation (NYSE HAE) traded up 0.47% on Wednesday, reaching $42.80. 97,810 shares of the company were exchanged. The stock has a market capitalization of $2.25 billion, a P/E ratio of 555.84 and a beta of 0.90. Haemonetics Corporation has a 12 month low of $32.76 and a 12 month high of $43.74. The stock has a 50 day moving average price of $40.42 and a 200-day moving average price of $40.22.
Haemonetics Corporation (NYSE:HAE) last announced its quarterly earnings results on Monday, August 7th. The medical instruments supplier reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.02. The business had revenue of $211 million for the quarter, compared to the consensus estimate of $211.29 million. Haemonetics Corporation had a net margin of 0.48% and a return on equity of 11.07%. Haemonetics Corporation’s revenue for the quarter was up .5% on a year-over-year basis. During the same period last year, the company posted $0.25 EPS. On average, equities analysts expect 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 stock in a transaction that occurred on 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 owns 24,925 shares of the company’s stock, valued at approximately $1,005,225.25. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.20% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Kirr Marbach & Co. LLC IN increased its stake in shares of Haemonetics Corporation by 1.1% in the first quarter. Kirr Marbach & Co. LLC IN now owns 7,230 shares of the medical instruments supplier’s stock valued at $293,000 after buying an additional 80 shares in the last quarter. State of Alaska Department of Revenue increased its stake in shares of Haemonetics Corporation by 2.3% in the first quarter. State of Alaska Department of Revenue now owns 5,740 shares of the medical instruments supplier’s stock valued at $232,000 after buying an additional 130 shares in the last quarter. US Bancorp DE increased its stake in shares of Haemonetics Corporation by 0.6% in the second quarter. US Bancorp DE now owns 22,154 shares of the medical instruments supplier’s stock valued at $875,000 after buying an additional 141 shares in the last quarter. Tudor Investment Corp ET AL increased its stake in shares of Haemonetics Corporation by 0.5% in the second quarter. Tudor Investment Corp ET AL now owns 28,126 shares of the medical instruments supplier’s stock valued at $1,111,000 after buying an additional 143 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan increased its stake in shares of Haemonetics Corporation by 1.3% in the first quarter. Municipal Employees Retirement System of Michigan now owns 11,800 shares of the medical instruments supplier’s stock valued at $479,000 after buying an additional 150 shares in the last quarter.
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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