Zacks Investment Research Lowers Haemonetics Corporation (HAE) to Hold
Haemonetics Corporation (NYSE:HAE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
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.”
A number of other analysts have also recently commented on the company. Morgan Stanley lifted their price target on Haemonetics Corporation from $43.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 9th. Craig Hallum reaffirmed a “hold” rating and set a $50.00 price target (up previously from $40.00) on shares of Haemonetics Corporation in a research report on Wednesday, November 8th. Barrington Research lifted their price target on Haemonetics Corporation from $48.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 8th. TheStreet raised Haemonetics Corporation from a “c” rating to a “b-” rating in a research report on Monday, August 7th. Finally, BidaskClub raised Haemonetics Corporation from a “strong sell” rating to a “sell” rating in a research report on Tuesday, August 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $51.33.
Shares of Haemonetics Corporation (HAE) traded up $0.08 on Tuesday, reaching $54.60. The company’s stock had a trading volume of 592,300 shares, compared to its average volume of 345,498. Haemonetics Corporation has a 12 month low of $36.44 and a 12 month high of $55.19. The company has a current ratio of 2.17, a quick ratio of 1.51 and a debt-to-equity ratio of 0.22. The firm has a market cap of $2,880.00, a PE ratio of 33.45, a P/E/G ratio of 4.08 and a beta of 0.91.
Haemonetics Corporation (NYSE:HAE) last issued its quarterly earnings results on Tuesday, November 7th. The medical instruments supplier reported $0.48 EPS for the quarter, topping the Zacks’ 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 during the quarter, compared to analysts’ expectations of $219.12 million. During the same quarter in the previous year, the firm posted $0.38 EPS. The firm’s revenue was up 2.3% compared to the same quarter last year. equities research analysts predict that Haemonetics Corporation will post 1.7 EPS for the current fiscal year.
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Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Haemonetics Corporation by 1.0% in the 2nd quarter. Vanguard Group Inc. now owns 4,743,044 shares of the medical instruments supplier’s stock valued at $187,303,000 after buying an additional 48,719 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of Haemonetics Corporation by 9.3% in the 2nd quarter. Wells Fargo & Company MN now owns 2,788,122 shares of the medical instruments supplier’s stock valued at $110,104,000 after buying an additional 238,294 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of Haemonetics Corporation by 18.7% in the 3rd quarter. Victory Capital Management Inc. now owns 2,414,526 shares of the medical instruments supplier’s stock valued at $108,340,000 after buying an additional 381,012 shares during the period. HealthCor Management L.P. lifted its holdings in shares of Haemonetics Corporation by 15.9% in the 2nd quarter. HealthCor Management L.P. now owns 1,854,872 shares of the medical instruments supplier’s stock valued at $73,249,000 after buying an additional 254,872 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Haemonetics Corporation by 2.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,739,734 shares of the medical instruments supplier’s stock valued at $68,702,000 after buying an additional 40,381 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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