Zacks Investment Research upgraded shares of Haynes International, Inc. (NASDAQ:HAYN) from a strong sell rating to a hold rating in a research note published on Monday morning.
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 brokerages have also recently issued reports on HAYN. ValuEngine cut 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 reissued a neutral rating and issued a $26.00 target price (down previously from $33.50) on shares of Haynes International in a research report on Saturday, July 22nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company’s stock. Haynes International presently has a consensus rating of Hold and an average price target of $36.50.
Haynes International (NASDAQ:HAYN) last released its quarterly earnings data on Thursday, August 3rd. The basic materials company reported ($0.32) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.30) by ($0.02). The company had revenue of $97.98 million for the quarter, compared to the consensus estimate of $97.54 million. Haynes International had a negative return on equity of 1.59% and a negative net margin of 0.84%. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period last year, the firm earned $0.22 earnings per share.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Haynes International by 1.8% during the second quarter. Vanguard Group Inc. now owns 1,202,116 shares of the basic materials company’s stock worth $43,649,000 after purchasing an additional 21,216 shares during the period. Royce & Associates LP lifted its position in Haynes International by 2.6% during the second quarter. Royce & Associates LP now owns 1,093,999 shares of the basic materials company’s stock worth $39,723,000 after purchasing an additional 27,400 shares during the period. Dimensional Fund Advisors LP lifted its position in Haynes International by 10.3% during the second quarter. Dimensional Fund Advisors LP now owns 949,737 shares of the basic materials company’s stock worth $34,485,000 after purchasing an additional 88,869 shares during the period. State Street Corp lifted its position in Haynes International by 7.1% during the second quarter. State Street Corp now owns 426,006 shares of the basic materials company’s stock worth $15,469,000 after purchasing an additional 28,260 shares during the period. Finally, Investment Counselors of Maryland LLC lifted its position in Haynes International by 4.8% during the second quarter. Investment Counselors of Maryland LLC now owns 345,300 shares of the basic materials company’s stock worth $12,538,000 after purchasing an additional 15,900 shares during the period. 99.14% of the stock is owned by institutional investors and hedge funds.
About Haynes International
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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