Brokerages Set $37.33 Target Price for Varex Imaging (VREX)
Varex Imaging (NASDAQ:VREX) has been assigned an average broker rating score of 2.33 (Buy) from the three brokers that provide coverage for the company, Zacks Investment Research reports. One investment analyst has rated the stock with a strong sell recommendation and two have assigned a strong buy recommendation to the company. Varex Imaging’s rating score has declined by 39.5% in the last three months as a result of a number of analysts’ ratings changes.
Analysts have set a 12 month consensus target price of $37.33 for the company and are anticipating that the company will post $0.40 earnings per share for the current quarter, according to Zacks. Zacks has also given Varex Imaging an industry rank of 166 out of 265 based on the ratings given to related companies.
A number of research analysts have issued reports on VREX shares. Jefferies Group LLC boosted their price target on Varex Imaging to $39.00 and gave the company a “buy” rating in a report on Friday, November 10th. J P Morgan Chase & Co downgraded Varex Imaging from a “neutral” rating to an “underweight” rating and set a $33.00 price target for the company. in a report on Wednesday, October 4th. Finally, Zacks Investment Research raised Varex Imaging from a “strong sell” rating to a “hold” rating in a report on Thursday, October 5th.
Shares of Varex Imaging (NASDAQ VREX) traded down $0.26 during trading hours on Tuesday, reaching $36.78. The company’s stock had a trading volume of 235,400 shares, compared to its average volume of 433,384. Varex Imaging has a one year low of $25.00 and a one year high of $37.48. The company has a debt-to-equity ratio of 1.22, a current ratio of 3.26 and a quick ratio of 1.72.
Varex Imaging (NASDAQ:VREX) last announced its quarterly earnings results on Thursday, November 9th. The company reported $0.59 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.07. The company had revenue of $216.00 million during the quarter, compared to analyst estimates of $213.73 million. Varex Imaging’s revenue was up 25.5% compared to the same quarter last year. sell-side analysts anticipate that Varex Imaging will post 1.82 EPS for the current year.
In other news, insider Sunny Sanyal sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $36.50, for a total transaction of $1,825,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.
Several hedge funds have recently made changes to their positions in VREX. Security National Trust Co. acquired a new position in Varex Imaging in the 2nd quarter valued at $108,000. Ameritas Investment Partners Inc. acquired a new position in Varex Imaging in the 2nd quarter valued at $112,000. Howard Hughes Medical Institute acquired a new position in Varex Imaging in the 2nd quarter valued at $134,000. Oppenheimer Asset Management Inc. acquired a new position in Varex Imaging in the 2nd quarter valued at $136,000. Finally, Hussman Strategic Advisors Inc. acquired a new position in Varex Imaging in the 2nd quarter valued at $147,000. 96.37% of the stock is owned by institutional investors and hedge funds.
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Varex Imaging Company Profile
Varex Imaging Corporation is a supplier of medical X-ray tubes and image processing solutions. The Company’s segments include Medical and Industrial. The X-ray imaging system manufacturers use the Company’s components for medical imaging, cargo screening and border security, to detect, diagnose and protect.
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