Haemonetics Corporation (HAE) Stock Rating Upgraded by Zacks Investment Research
Haemonetics Corporation (NYSE:HAE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday. The firm presently has a $64.00 price objective on the medical instruments supplier’s stock. Zacks Investment Research‘s price target indicates a potential upside of 10.36% from the company’s current price.
According to Zacks, “Haemonetics exited second-quarter fiscal 2018 on a promising note, with earnings and revenues beating the Zacks Consensus Estimate. The company also witnessed year-over-year growth in both the counts. 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. Over the last month, Haemonetics has been trading above the broader industry. However, we are disappointed with the fact that despite the encouraging growth in the Plasma and Hospitals, the company’s sluggish Blood Center business moderated overall growth in the reported quarter. Also, contraction in gross and operating margin is discouraging.”
Several other brokerages have also recently weighed in on HAE. Jefferies Group LLC reissued a “buy” rating and set a $48.00 price objective on shares of Haemonetics Corporation in a research note on Thursday, July 27th. Morgan Stanley upped their target price on Haemonetics Corporation from $43.00 to $51.00 and gave the company an “equal weight” rating in a research note on Thursday, November 9th. TheStreet raised Haemonetics Corporation from a “c” rating to a “b-” rating in a research note on Monday, August 7th. Barrington Research upped their target price on Haemonetics Corporation from $48.00 to $57.00 and gave the company an “outperform” rating in a research note on Wednesday, November 8th. Finally, Craig Hallum reaffirmed a “hold” rating and set a $50.00 target price (up previously from $40.00) on shares of Haemonetics Corporation in a research note on Wednesday, November 8th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $53.33.
Shares of Haemonetics Corporation (NYSE HAE) traded up $0.67 during midday trading on Friday, reaching $57.99. The company’s stock had a trading volume of 738,933 shares, compared to its average volume of 526,705. The company has a quick ratio of 1.51, a current ratio of 2.17 and a debt-to-equity ratio of 0.22. Haemonetics Corporation has a 52 week low of $36.44 and a 52 week high of $58.02. The company has a market capitalization of $3,062.92, a PE ratio of 35.58, a P/E/G ratio of 4.34 and a beta of 0.91.
Haemonetics Corporation (NYSE:HAE) last issued its quarterly earnings data on Tuesday, November 7th. The medical instruments supplier reported $0.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.07. Haemonetics Corporation had a return on equity of 11.16% and a net margin of 0.50%. The company had revenue of $225.40 million for the quarter, compared to analysts’ expectations of $219.12 million. During the same period in the previous year, the firm posted $0.38 earnings per share. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis. equities analysts predict that Haemonetics Corporation will post 1.7 EPS for the current year.
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In other news, Director Ronald G. Gelbman sold 5,440 shares of the company’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $56.69, for a total transaction of $308,393.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Willaim P. Burke sold 13,193 shares of the company’s stock in a transaction that occurred on Tuesday, November 14th. The shares were sold at an average price of $54.04, for a total value of $712,949.72. Following the transaction, the chief financial officer now directly owns 27,227 shares in the company, valued at approximately $1,471,347.08. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 40,250 shares of company stock worth $2,196,240. Insiders own 1.20% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. US Bancorp DE boosted its holdings 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 purchasing an additional 141 shares during the period. Tudor Investment Corp ET AL boosted its holdings 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 purchasing an additional 143 shares during the period. Louisiana State Employees Retirement System boosted its holdings in shares of Haemonetics Corporation by 0.9% in the second quarter. Louisiana State Employees Retirement System now owns 21,400 shares of the medical instruments supplier’s stock valued at $845,000 after purchasing an additional 200 shares during the period. Rothschild Asset Management Inc. boosted its holdings in shares of Haemonetics Corporation by 0.3% in the second quarter. Rothschild Asset Management Inc. now owns 87,858 shares of the medical instruments supplier’s stock valued at $3,470,000 after purchasing an additional 269 shares during the period. Finally, Strs Ohio boosted its holdings in shares of Haemonetics Corporation by 1.0% in the second quarter. Strs Ohio now owns 29,300 shares of the medical instruments supplier’s stock valued at $1,157,000 after purchasing an additional 300 shares during the period.
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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