Haynes International, Inc. (HAYN) Cut to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Haynes International, Inc. (NASDAQ:HAYN) from a hold rating to a sell rating in a research report report published on Thursday 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. “

HAYN has been the subject of several other reports. KeyCorp restated a hold rating on shares of Haynes International in a report on Thursday, November 16th. ValuEngine downgraded Haynes International from a hold rating to a sell rating in a report on Friday, September 1st. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company’s stock. Haynes International presently has an average rating of Hold and a consensus price target of $36.50.

Shares of Haynes International (NASDAQ:HAYN) opened at $32.23 on Thursday. Haynes International has a 52-week low of $28.97 and a 52-week high of $48.37. The company has a current ratio of 6.49, a quick ratio of 2.02 and a debt-to-equity ratio of 0.02.

Haynes International (NASDAQ:HAYN) last released its quarterly earnings data on Thursday, November 16th. The basic materials company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.06). The firm had revenue of $100.80 million during the quarter, compared to the consensus estimate of $100.19 million. Haynes International had a negative net margin of 2.58% and a negative return on equity of 3.05%. The business’s revenue was down 6.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.08 earnings per share. sell-side analysts predict that Haynes International will post 0.39 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be issued a $0.22 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.88 annualized dividend and a dividend yield of 2.73%. Haynes International’s payout ratio is currently -106.02%.

Several hedge funds have recently added to or reduced their stakes in HAYN. Teachers Advisors LLC raised its holdings in shares of Haynes International by 2.9% in the first quarter. Teachers Advisors LLC now owns 22,276 shares of the basic materials company’s stock valued at $849,000 after acquiring an additional 636 shares in the last quarter. Thrivent Financial For Lutherans raised its holdings in Haynes International by 3.5% in the first quarter. Thrivent Financial For Lutherans now owns 7,010 shares of the basic materials company’s stock worth $267,000 after purchasing an additional 240 shares in the last quarter. Vanguard Group Inc. raised its holdings in Haynes International by 6.4% in the first quarter. Vanguard Group Inc. now owns 1,180,900 shares of the basic materials company’s stock worth $45,016,000 after purchasing an additional 70,804 shares in the last quarter. Geode Capital Management LLC raised its holdings in Haynes International by 9.2% in the first quarter. Geode Capital Management LLC now owns 101,093 shares of the basic materials company’s stock worth $3,853,000 after purchasing an additional 8,528 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Haynes International by 10.8% in the first quarter. Dimensional Fund Advisors LP now owns 860,868 shares of the basic materials company’s stock worth $32,816,000 after purchasing an additional 84,019 shares in the last quarter. Hedge funds and other institutional investors own 98.77% of the company’s stock.

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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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