Haemonetics (HAE) Upgraded to Buy by Zacks Investment Research
Haemonetics (NYSE:HAE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage presently has a $70.00 price target on the medical instruments supplier’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 9.17% from the stock’s previous close.
According to Zacks, “Over the past month, Haemonetics has been trading above the broader industry. The company’s continued expansion in newer geographies has helped the company deliver strong results in the recent past. Meanwhile, the company’s strong cash position boosts investors’ confidence. The company is also optimistic about strong market adoption of its NexSys PCS plasmapheresis system which recently received FDA approval. Further, the raised fiscal 2018 adjusted earnings guidance is encouraging. However, we are disappointed with the fact that despite the encouraging growth in the Plasma and Hospitals, the company’s sluggish Blood Center business has been moderating overall growth of late. Also, contraction in gross and operating margin is discouraging.”
Other equities analysts have also recently issued research reports about the company. Craig Hallum reaffirmed a “hold” rating and issued a $50.00 price target (up previously from $40.00) on shares of Haemonetics in a report on Wednesday, November 8th. Barrington Research upped their price target on Haemonetics from $48.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, November 8th. Jefferies Group upped their price target on Haemonetics from $18.00 to $75.00 and gave the stock a “buy” rating in a report on Monday. Raymond James Financial raised Haemonetics from an “underperform” rating to a “market perform” rating in a report on Tuesday, January 2nd. Finally, Morgan Stanley upped their price target on Haemonetics from $43.00 to $51.00 and gave the stock an “equal weight” rating in a report on Thursday, November 9th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $58.83.
Haemonetics (NYSE:HAE) last released its quarterly earnings results on Tuesday, November 7th. The medical instruments supplier reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.07. The company had revenue of $225.40 million during the quarter, compared to analysts’ expectations of $219.12 million. Haemonetics had a return on equity of 11.16% and a net margin of 0.50%. Haemonetics’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.38 EPS. research analysts expect that Haemonetics will post 1.7 EPS for the current year.
In other Haemonetics news, Director Mark W. Kroll sold 7,118 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $63.00, for a total transaction of $448,434.00. Following the completion of the sale, the director now directly owns 33,881 shares in the company, valued at approximately $2,134,503. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Susan Bartlett Foote sold 16,926 shares of the business’s stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $54.19, for a total value of $917,219.94. Following the sale, the director now owns 27,313 shares of the company’s stock, valued at $1,480,091.47. The disclosure for this sale can be found here. Insiders sold a total of 54,486 shares of company stock valued at $3,050,827 in the last ninety days. 1.20% of the stock is currently owned by insiders.
Large investors have recently bought and sold shares of the business. Janney Montgomery Scott LLC increased its stake in Haemonetics by 3.8% during the 3rd quarter. Janney Montgomery Scott LLC now owns 51,256 shares of the medical instruments supplier’s stock worth $2,300,000 after buying an additional 1,879 shares in the last quarter. Russell Investments Group Ltd. increased its stake in Haemonetics by 12.2% during the 2nd quarter. Russell Investments Group Ltd. now owns 23,503 shares of the medical instruments supplier’s stock worth $928,000 after buying an additional 2,553 shares in the last quarter. Rhumbline Advisers increased its stake in Haemonetics by 2.1% during the 3rd quarter. Rhumbline Advisers now owns 104,669 shares of the medical instruments supplier’s stock worth $4,696,000 after buying an additional 2,145 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in Haemonetics by 3.7% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 589,379 shares of the medical instruments supplier’s stock worth $26,446,000 after buying an additional 20,925 shares in the last quarter. Finally, Stephens Inc. AR purchased a new stake in Haemonetics during the 2nd quarter worth approximately $683,000.
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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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