Varex Imaging Corp (NASDAQ:VREX) – Stock analysts at Jefferies Financial Group cut their Q3 2019 earnings estimates for shares of Varex Imaging in a report released on Tuesday, June 11th. Jefferies Financial Group analyst A. Petrone now forecasts that the company will post earnings of $0.27 per share for the quarter, down from their previous forecast of $0.29. Jefferies Financial Group also issued estimates for Varex Imaging’s Q4 2019 earnings at $0.48 EPS, FY2019 earnings at $1.35 EPS, FY2020 earnings at $1.40 EPS, FY2021 earnings at $1.53 EPS and FY2022 earnings at $1.76 EPS.
Varex Imaging (NASDAQ:VREX) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $0.34 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.01. Varex Imaging had a return on equity of 10.93% and a net margin of 1.65%. The firm had revenue of $195.80 million during the quarter, compared to analysts’ expectations of $194.76 million. During the same period in the previous year, the business earned $0.45 earnings per share. The firm’s revenue for the quarter was down 2.7% on a year-over-year basis.
Several other analysts have also recently commented on VREX. Northland Securities reiterated a “buy” rating and set a $42.00 price target on shares of Varex Imaging in a research report on Wednesday, May 15th. Zacks Investment Research raised Varex Imaging from a “hold” rating to a “buy” rating and set a $35.00 price objective on the stock in a research note on Saturday, May 11th. Finally, CJS Securities raised Varex Imaging from a “market perform” rating to an “outperform” rating in a research note on Tuesday. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $34.60.
Shares of VREX opened at $29.00 on Thursday. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.80 and a quick ratio of 1.13. Varex Imaging has a one year low of $21.57 and a one year high of $39.39. The company has a market cap of $1.07 billion, a P/E ratio of 22.31, a PEG ratio of 2.11 and a beta of 1.73.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Fifth Third Bancorp boosted its stake in Varex Imaging by 33.6% during the first quarter. Fifth Third Bancorp now owns 1,548 shares of the company’s stock worth $52,000 after buying an additional 389 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in Varex Imaging by 478.6% during the first quarter. Quadrant Capital Group LLC now owns 1,678 shares of the company’s stock worth $55,000 after buying an additional 1,388 shares during the last quarter. NumerixS Investment Technologies Inc boosted its stake in Varex Imaging by 125.0% during the fourth quarter. NumerixS Investment Technologies Inc now owns 1,800 shares of the company’s stock worth $43,000 after buying an additional 1,000 shares during the last quarter. Public Employees Retirement System of Ohio boosted its stake in Varex Imaging by 62.6% during the fourth quarter. Public Employees Retirement System of Ohio now owns 1,849 shares of the company’s stock worth $44,000 after buying an additional 712 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Varex Imaging by 32.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,907 shares of the company’s stock worth $69,000 after buying an additional 715 shares during the last quarter. 93.88% of the stock is currently owned by institutional investors.
About Varex Imaging
Varex Imaging Corporation designs and manufactures X-ray imaging components. The company operates in two segments, Medical and Industrial. The Medical segment designs, manufactures, sells, and services X-ray imaging components comprising X-ray tubes, digital detectors, high voltage connectors, image-processing software and workstations, computer-aided diagnostic software, collimators, automatic exposure control devices, generators, ionization chambers, and buckys.
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