Zacks Investment Research Downgrades Haynes International Inc. (HAYN) to Strong Sell
Haynes International Inc. (NASDAQ:HAYN) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Wednesday.
According to Zacks, “Haynes International, Inc. is a technology-oriented company devoted primarily to the development and manufacture of high-performance nickel- and cobalt-based alloys for service in severe corrosion and high-temperature applications. Superior customer service and technical support are provided worldwide by well-trained professionals within the company. Haynes’ service centers and affiliates have available in-stock sheet, plate, bar, wire, tubing, forging stock, fittings, and flanges. “
A number of other equities analysts have also weighed in on the company. Rosenblatt Securities raised Haynes International from a “neutral” rating to a “buy” rating and set a $37.00 price objective on the stock in a research note on Thursday, July 7th. JPMorgan Chase & Co. restated a “buy” rating on shares of Haynes International in a research report on Friday, August 5th.
Haynes International (NASDAQ:HAYN) opened at 35.94 on Wednesday. The stock’s 50 day moving average price is $37.29 and its 200-day moving average price is $35.15. Haynes International has a 52-week low of $25.53 and a 52-week high of $43.07. The company has a market cap of $444.58 million, a P/E ratio of 58.63 and a beta of 1.80.
Haynes International (NASDAQ:HAYN) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.15 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.17. The company had revenue of $101.30 million for the quarter, compared to analyst estimates of $103.52 million. Haynes International had a return on equity of 1.99% and a net margin of 1.84%. The firm’s revenue for the quarter was down 16.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.62 earnings per share. On average, equities analysts predict that Haynes International will post $0.45 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st were given a $0.22 dividend. The ex-dividend date was Tuesday, August 30th. This represents a $0.88 dividend on an annualized basis and a yield of 2.45%. Haynes International’s dividend payout ratio is currently 144.26%.
A number of large investors have recently bought and sold shares of HAYN. Legal & General Group Plc increased its stake in Haynes International by 22.1% in the first quarter. Legal & General Group Plc now owns 3,005 shares of the company’s stock worth $113,000 after buying an additional 543 shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in Haynes International by 120.5% in the second quarter. BNP Paribas Arbitrage SA now owns 4,573 shares of the company’s stock valued at $147,000 after buying an additional 2,499 shares in the last quarter. Royal Bank of Canada increased its stake in Haynes International by 2,243.9% in the first quarter. Royal Bank of Canada now owns 5,602 shares of the company’s stock valued at $204,000 after buying an additional 5,363 shares in the last quarter. Arizona State Retirement System increased its stake in Haynes International by 1.6% in the second quarter. Arizona State Retirement System now owns 6,465 shares of the company’s stock valued at $207,000 after buying an additional 100 shares in the last quarter. Finally, Deere & Co. purchased a new stake in Haynes International during the second quarter valued at about $297,000. Institutional investors own 99.20% of the company’s stock.
About Haynes International
Haynes International, Inc produces nickel- and cobalt-based alloys in flat product forms, such as sheet, coil and plate forms. The Company operates through the segment of design, manufacture, marketing and distribution of technologically advanced, high-performance alloys for use in the aerospace, land-based gas turbine, chemical processing and other industries.
Receive News & Stock Ratings for Haynes International Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Haynes International Inc. and related stocks with our FREE daily email newsletter.