Haynes International, Inc. (HAYN) Raised to Hold at Zacks Investment Research
Haynes International, Inc. (NASDAQ:HAYN) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Monday.
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. “
Other analysts have also issued reports about the stock. ValuEngine lowered shares of Haynes International from a “hold” rating to a “sell” rating in a research report on Friday, September 1st. J P Morgan Chase & Co restated a “neutral” rating and issued a $26.00 price target (down from $33.50) on shares of Haynes International in a research report on Saturday, July 22nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $36.50.
Shares of Haynes International (NASDAQ:HAYN) traded down 2.03% during midday trading on Monday, hitting $35.25. 63,923 shares of the stock were exchanged. The firm’s market cap is $437.10 million. The stock’s 50 day moving average is $35.32 and its 200 day moving average is $35.07. Haynes International has a 12-month low of $28.97 and a 12-month high of $48.37.
Haynes International (NASDAQ:HAYN) last posted its quarterly earnings results on Thursday, August 3rd. The basic materials company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.02). The company had revenue of $97.98 million during the quarter, compared to analyst estimates of $97.54 million. Haynes International had a negative return on equity of 1.59% and a negative net margin of 0.84%. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.22 earnings per share. On average, equities research analysts forecast that Haynes International will post ($0.77) earnings per share for the current fiscal year.
Institutional investors have recently modified their holdings of the company. Municipal Employees Retirement System of Michigan boosted its position in shares of Haynes International by 4.6% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 2,950 shares of the basic materials company’s stock valued at $107,000 after acquiring an additional 130 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Haynes International during the 2nd quarter valued at about $140,000. BNP Paribas Arbitrage SA boosted its position in shares of Haynes International by 50.2% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 4,098 shares of the basic materials company’s stock valued at $149,000 after acquiring an additional 1,370 shares in the last quarter. Karp Capital Management Corp acquired a new stake in shares of Haynes International during the 1st quarter valued at about $229,000. Finally, Arizona State Retirement System boosted its position in shares of Haynes International by 1.5% during the 1st quarter. Arizona State Retirement System now owns 6,565 shares of the basic materials company’s stock valued at $250,000 after acquiring an additional 100 shares in the last quarter. Institutional investors and hedge funds own 99.14% of the company’s stock.
Haynes International Company Profile
Haynes International, Inc (Haynes) is a producer of nickel- and cobalt-based alloys in flat product forms, such as sheet, coil and plate forms. The Company also produces its products as seamless and welded tubulars, and in slab, bar, billet and wire forms. It focuses on developing, manufacturing, marketing and distributing alloys, which are sold in the aerospace, chemical processing and industrial gas turbine industries.
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