Haemonetics Corporation (NYSE:HAE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to 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 firms have also commented on HAE. Morgan Stanley boosted their price objective on shares of Haemonetics Corporation from $43.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 9th. Craig Hallum reissued a “hold” rating and set a $50.00 price objective (up previously from $40.00) on shares of Haemonetics Corporation in a research note on Wednesday, November 8th. Barrington Research boosted their price objective on shares of Haemonetics Corporation from $48.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 8th. TheStreet raised shares of Haemonetics Corporation from a “c” rating to a “b-” rating in a research note on Monday, August 7th. Finally, BidaskClub raised shares of Haemonetics Corporation from a “strong sell” rating to a “sell” rating in a research note on Tuesday, August 8th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $53.33.
Shares of Haemonetics Corporation (HAE) traded up $0.67 on Monday, hitting $57.99. 738,900 shares of the stock were exchanged, compared to its average volume of 351,078. The company has a market cap of $3,062.93, a price-to-earnings ratio of 35.58, a price-to-earnings-growth ratio of 4.36 and a beta of 0.91. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.17 and a quick ratio of 1.51. Haemonetics Corporation has a 52-week low of $36.44 and a 52-week high of $58.02.
Haemonetics Corporation (NYSE:HAE) last announced its earnings results on Tuesday, November 7th. The medical instruments supplier reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.07. The firm had revenue of $225.40 million for the quarter, compared to analyst estimates 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 for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.38 EPS. sell-side analysts expect that Haemonetics Corporation will post 1.7 earnings per share for the current fiscal year.
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In other news, CFO Willaim P. Burke sold 13,193 shares of the business’s stock in a transaction that occurred on Tuesday, November 14th. The shares were sold at an average price of $54.04, for a total transaction of $712,949.72. Following the completion of the transaction, the chief financial officer now directly owns 27,227 shares of the company’s stock, valued at $1,471,347.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Dan Goldstein sold 4,691 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $54.93, for a total transaction of $257,676.63. Following the transaction, the chief accounting officer now directly owns 3,747 shares of the company’s stock, valued at $205,822.71. The disclosure for this sale can be found here. In the last quarter, insiders sold 40,250 shares of company stock worth $2,196,240. Insiders own 1.20% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in HAE. Teachers Advisors LLC increased its holdings in Haemonetics Corporation by 5.1% during the first quarter. Teachers Advisors LLC now owns 89,362 shares of the medical instruments supplier’s stock valued at $3,625,000 after buying an additional 4,337 shares during the last quarter. State Street Corp increased its holdings in Haemonetics Corporation by 8.3% during the first quarter. State Street Corp now owns 1,268,107 shares of the medical instruments supplier’s stock valued at $51,449,000 after buying an additional 97,466 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Haemonetics Corporation by 2.3% during the first quarter. Goldman Sachs Group Inc. now owns 138,397 shares of the medical instruments supplier’s stock valued at $5,615,000 after buying an additional 3,056 shares during the last quarter. State of Alaska Department of Revenue increased its holdings in Haemonetics Corporation by 80.5% during the second quarter. State of Alaska Department of Revenue now owns 10,358 shares of the medical instruments supplier’s stock valued at $409,000 after buying an additional 4,618 shares during the last quarter. Finally, Eqis Capital Management Inc. purchased a new stake in Haemonetics Corporation during the second quarter valued at approximately $305,000.
Haemonetics Corporation Company Profile
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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