Zacks Investment Research Lowers Haemonetics Corporation (HAE) to Hold
Zacks Investment Research cut shares of Haemonetics Corporation (NYSE:HAE) from a buy rating to a hold rating in a report released on Tuesday morning.
According to Zacks, “Over the last month, Haemonetics has been trading above the broader industry. The company swung to operating income in the last reported first quarter from losses in the year-ago quarter. Also the year-over-year increase in reported sales and gross margin buoys optimism. 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. On the flip side, despite the encouraging growth in the Plasma and Haemonetics Management franchises, the underperformance at BloodCenter was quite a dampener in the last reported quarter. Moreover, currency headwinds and tough competitive landscape may continue to pose challenges for the company going forward.”
HAE has been the topic 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 target price on the stock in a research note on Thursday, July 13th. Jefferies Group LLC restated a buy rating and issued a $42.00 target price on shares of Haemonetics Corporation in a research note on Monday, May 8th. Barrington Research upgraded Haemonetics Corporation from a market perform rating to an outperform rating and set a $48.00 target price on the stock in a research note on Tuesday, August 8th. Finally, TheStreet upgraded Haemonetics Corporation from a c rating to a b- rating in a research note on Monday, August 7th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. Haemonetics Corporation presently has a consensus rating of Hold and an average price target of $40.71.
Haemonetics Corporation (NYSE:HAE) traded down 0.09% on Tuesday, reaching $42.98. The company’s stock had a trading volume of 25,508 shares. The firm has a market cap of $2.26 billion, a price-to-earnings ratio of 558.18 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 firm has a 50 day moving average of $41.28 and a 200 day moving average of $40.45.
Haemonetics Corporation (NYSE:HAE) last released its quarterly earnings data on Monday, August 7th. The medical instruments supplier reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.02. The company had revenue of $211 million for the quarter, compared to analyst estimates of $211.29 million. Haemonetics Corporation had a return on equity of 11.07% and a net margin of 0.48%. The firm’s revenue for the quarter was up .5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.25 EPS. Analysts anticipate that Haemonetics Corporation will post $1.60 earnings per share for the current year.
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Several institutional investors have recently bought and sold shares of the company. Gotham Asset Management LLC purchased a new position in Haemonetics Corporation during the first quarter worth about $641,000. AXA purchased a new position in Haemonetics Corporation during the first quarter worth about $292,000. BlackRock Inc. boosted its position 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 worth $255,175,000 after buying an additional 6,276,880 shares during the last quarter. State of Tennessee Treasury Department boosted its position in Haemonetics Corporation by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 48,488 shares of the medical instruments supplier’s stock worth $1,967,000 after buying an additional 7,318 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in Haemonetics Corporation by 3.9% in the first quarter. Principal Financial Group Inc. now owns 405,578 shares of the medical instruments supplier’s stock worth $16,455,000 after buying an additional 15,369 shares during the last quarter.
About Haemonetics Corporation
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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