Hayward (NYSE:HAYW) Shares Gap Up Following Strong Earnings

Shares of Hayward Holdings, Inc. (NYSE:HAYW) gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $13.03, but opened at $13.80. Hayward shares last traded at $14.5050, with a volume of 684,390 shares trading hands.

The company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.15 by $0.03. The business had revenue of $260.13 million during the quarter, compared to analysts’ expectations of $251.80 million. During the same period in the prior year, the business earned $0.14 EPS. The business’s quarterly revenue was up 6.5% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on HAYW shares. Weiss Ratings cut Hayward from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday. Zacks Research lowered Hayward from a “hold” rating to a “strong sell” rating in a report on Monday, October 19th. Wolfe Research began coverage on Hayward in a research note on Tuesday, September 15th. They set a “peer perform” rating for the company. KeyCorp restated a “sector weight” rating on shares of Hayward in a report on Monday, July 20th. Finally, The Goldman Sachs Group reduced their price target on Hayward from $17.00 to $14.00 and set a “neutral” rating on the stock in a research report on Friday, October 9th. Two research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Hayward has an average rating of “Hold” and a consensus target price of $16.62.

Insiders Place Their Bets

In other news, SVP Susan Canning sold 3,500 shares of the company’s stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $11.70, for a total transaction of $40,950.00. Following the completion of the transaction, the senior vice president directly owned 164,411 shares of the company’s stock, valued at approximately $1,923,608.70. This represents a 2.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Kevin Holleran sold 50,000 shares of the stock in a transaction dated Monday, October 5th. The shares were sold at an average price of $12.40, for a total value of $620,000.00. Following the completion of the transaction, the chief executive officer owned 401,234 shares in the company, valued at approximately $4,975,301.60. The trade was a 11.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 157,000 shares of company stock worth $2,163,890. 4.73% of the stock is owned by insiders.

Institutional Investors Weigh In On Hayward

Several institutional investors have recently added to or reduced their stakes in HAYW. Citizens Financial Group Inc. RI purchased a new stake in shares of Hayward during the 3rd quarter worth approximately $131,000. MBL Wealth LLC acquired a new position in shares of Hayward in the 3rd quarter valued at $125,000. IFP Advisors Inc boosted its holdings in shares of Hayward by 178.1% in the 3rd quarter. IFP Advisors Inc now owns 4,097 shares of the company’s stock valued at $50,000 after buying an additional 2,624 shares in the last quarter. PineStone Asset Management Inc. grew its position in shares of Hayward by 17.2% in the 3rd quarter. PineStone Asset Management Inc. now owns 76,868 shares of the company’s stock valued at $941,000 after buying an additional 11,300 shares during the last quarter. Finally, ZWJ Investment Counsel Inc. grew its position in shares of Hayward by 11.1% in the 3rd quarter. ZWJ Investment Counsel Inc. now owns 19,921 shares of the company’s stock valued at $244,000 after buying an additional 1,983 shares during the last quarter.

Hayward Stock Performance

The stock’s 50-day moving average is $12.95 and its 200 day moving average is $14.59. The stock has a market capitalization of $3.09 billion, a PE ratio of 19.70 and a beta of 1.18.

About Hayward

Hayward Holdings, Inc designs, manufactures and markets equipment and technologies used in residential and commercial swimming pools. Its product portfolio includes pumps, filters, heaters, heat pumps, automatic pool cleaners, lighting, sanitization systems, water features and pool-control and automation solutions.

The company sells products under the Hayward brand and serves pool owners, builders, retailers, distributors and service professionals. Its equipment is used in both new pool construction and the replacement and renovation market, with an emphasis on energy efficiency, water quality and connected pool-management technologies.

Hayward traces its roots to 1925 and has developed into a global pool-equipment supplier.