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 to clients and investors on Monday.
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.”
Several other research analysts have also recently weighed in on HAE. BidaskClub cut shares of Haemonetics Corporation from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Jefferies Group LLC reissued a “buy” rating and set a $48.00 price target on shares of Haemonetics Corporation in a research report on Thursday, July 27th. Barrington Research raised shares of Haemonetics Corporation from a “market perform” rating to an “outperform” rating and set a $48.00 target price on the stock in a research report on Tuesday, August 8th. TheStreet raised shares of Haemonetics Corporation from a “c” rating to a “b-” rating in a research report on Monday, August 7th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $43.00 target price (up previously from $38.00) on shares of Haemonetics Corporation in a research report on Friday, October 6th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. Haemonetics Corporation presently has a consensus rating of “Hold” and an average target price of $53.33.
Shares of Haemonetics Corporation (HAE) traded up $0.67 during mid-day trading on Monday, hitting $57.99. 738,900 shares of the stock traded hands, compared to its average volume of 351,078. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.51 and a current ratio of 2.17. The firm has a market cap of $3,062.93, a PE ratio of 35.58, a price-to-earnings-growth ratio of 4.36 and a beta of 0.91. Haemonetics Corporation has a 1 year low of $36.44 and a 1 year high of $58.02.
Haemonetics Corporation (NYSE:HAE) last announced its quarterly earnings results on Tuesday, November 7th. The medical instruments supplier reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.07. The firm had revenue of $225.40 million for the quarter, compared to analysts’ expectations of $219.12 million. Haemonetics Corporation had a net margin of 0.50% and a return on equity of 11.16%. The company’s revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.38 EPS. analysts expect that Haemonetics Corporation will post 1.7 EPS for the current fiscal year.
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In other Haemonetics Corporation news, Director Ronald G. Gelbman sold 5,440 shares of the business’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $56.69, for a total transaction of $308,393.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Dan Goldstein sold 4,691 shares of the business’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $54.93, for a total transaction of $257,676.63. Following the sale, the chief accounting officer now owns 3,747 shares in the company, valued at $205,822.71. The disclosure for this sale can be found here. Insiders sold 40,250 shares of company stock worth $2,196,240 in the last ninety days. 1.20% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of the business. GSA Capital Partners LLP increased its stake in Haemonetics Corporation by 377.6% during the third quarter. GSA Capital Partners LLP now owns 44,210 shares of the medical instruments supplier’s stock worth $1,984,000 after purchasing an additional 34,953 shares during the period. Neuberger Berman Group LLC increased its stake in Haemonetics Corporation by 10.2% during the third quarter. Neuberger Berman Group LLC now owns 2,053,458 shares of the medical instruments supplier’s stock worth $92,139,000 after purchasing an additional 189,797 shares during the period. California Public Employees Retirement System increased its stake in Haemonetics Corporation by 9.2% during the third quarter. California Public Employees Retirement System now owns 100,558 shares of the medical instruments supplier’s stock worth $4,512,000 after purchasing an additional 8,458 shares during the period. Janney Montgomery Scott LLC increased its stake in Haemonetics Corporation by 3.8% during the third quarter. Janney Montgomery Scott LLC now owns 51,256 shares of the medical instruments supplier’s stock worth $2,300,000 after purchasing an additional 1,879 shares during the period. Finally, Cubist Systematic Strategies LLC increased its stake in Haemonetics Corporation by 31.6% during the third quarter. Cubist Systematic Strategies LLC now owns 8,677 shares of the medical instruments supplier’s stock worth $389,000 after purchasing an additional 2,082 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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