Haynes International Inc. (HAYN) Lowered to “Strong Sell” at Zacks Investment Research
Haynes International Inc. (NASDAQ:HAYN) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors 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 issued reports on the company. Rosenblatt Securities raised Haynes International from a “neutral” rating to a “buy” rating and set a $37.00 price target for the company in a research note on Thursday, July 7th. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Haynes International in a research note on Friday, August 5th.
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Haynes International (NASDAQ:HAYN) traded down 2.09% during trading on Wednesday, hitting $36.16. The stock had a trading volume of 61,165 shares. The firm’s 50-day moving average price is $37.02 and its 200-day moving average price is $35.16. Haynes International has a 1-year low of $25.53 and a 1-year high of $43.07. The stock has a market cap of $447.30 million, a PE ratio of 58.99 and a beta of 1.80.
Haynes International (NASDAQ:HAYN) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.17. The firm earned $101.30 million during 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 quarterly revenue was down 16.5% on a year-over-year basis. During the same period last year, the company posted $0.62 EPS. On average, equities research analysts predict that Haynes International will post $0.45 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Tuesday, August 30th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.43%. Haynes International’s dividend payout ratio (DPR) is presently 144.26%.
Large investors have recently made changes to their positions in the stock. Legal & General Group Plc increased its stake in shares of 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 during the period. BNP Paribas Arbitrage SA increased its stake in shares of Haynes International by 120.5% in the second quarter. BNP Paribas Arbitrage SA now owns 4,573 shares of the company’s stock worth $147,000 after buying an additional 2,499 shares during the period. Royal Bank of Canada increased its stake in shares of Haynes International by 2,243.9% in the first quarter. Royal Bank of Canada now owns 5,602 shares of the company’s stock worth $204,000 after buying an additional 5,363 shares during the period. Arizona State Retirement System increased its stake in shares of Haynes International by 1.6% in the second quarter. Arizona State Retirement System now owns 6,465 shares of the company’s stock worth $207,000 after buying an additional 100 shares during the period. Finally, Deere & Co. bought a new stake in shares of Haynes International during the second quarter worth approximately $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.
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