Haemonetics (NYSE:HAE) Sets New 52-Week High – Here’s What Happened

Haemonetics Corporation (NYSE:HAE) shares hit a new 52-week high during mid-day trading on Wednesday. The company traded as high as $123.77 and last traded at $121.8850, with a volume of 829,190 shares. The stock had previously closed at $122.06.

Analysts Set New Price Targets

Several brokerages have commented on HAE. Weiss Ratings upgraded Haemonetics from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. Raymond James Financial upped their price target on Haemonetics from $105.00 to $125.00 and gave the company an “outperform” rating in a research report on Thursday, September 3rd. JPMorgan Chase & Co. upped their price target on Haemonetics from $62.00 to $86.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. Mizuho increased their price target on shares of Haemonetics from $95.00 to $140.00 and gave the stock an “outperform” rating in a report on Friday. Finally, BTIG Research raised their price objective on shares of Haemonetics from $110.00 to $130.00 and gave the company a “buy” rating in a research report on Thursday, October 8th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Haemonetics has a consensus rating of “Moderate Buy” and an average price target of $110.00.

Haemonetics Price Performance

The business’s 50-day moving average price is $103.43 and its 200 day moving average price is $80.44. The stock has a market capitalization of $5.55 billion, a PE ratio of 24.36, a price-to-earnings-growth ratio of 2.44 and a beta of 0.61. The company has a debt-to-equity ratio of 1.40, a quick ratio of 1.91 and a current ratio of 3.08.

Haemonetics (NYSE:HAE) last released its quarterly earnings results on Thursday, August 6th. The medical instruments supplier reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.06. Haemonetics had a net margin of 7.12% and a return on equity of 27.55%. The firm had revenue of $339.38 million for the quarter, compared to analysts’ expectations of $327.86 million. During the same quarter in the prior year, the firm posted $1.10 earnings per share. The business’s quarterly revenue was up 5.5% on a year-over-year basis. Research analysts forecast that Haemonetics Corporation will post 5.29 earnings per share for the current year.

Hedge Funds Weigh In On Haemonetics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HAE. Arrowstreet Capital Limited Partnership increased its stake in Haemonetics by 994.7% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,380,102 shares of the medical instruments supplier’s stock worth $110,615,000 after acquiring an additional 1,254,035 shares during the last quarter. Bank of America Corp DE bought a new stake in shares of Haemonetics during the 2nd quarter valued at about $33,326,000. William Blair Investment Management LLC bought a new stake in shares of Haemonetics during the 2nd quarter valued at about $24,906,000. Bank of New York Mellon Corp bought a new stake in shares of Haemonetics during the 2nd quarter valued at about $21,566,000. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Haemonetics by 21.3% during the first quarter. Dimensional Fund Advisors LP now owns 1,326,057 shares of the medical instruments supplier’s stock worth $74,731,000 after purchasing an additional 233,119 shares in the last quarter. 99.67% of the stock is currently owned by hedge funds and other institutional investors.

About Haemonetics

Haemonetics Corporation (NYSE: HAE) is a medical technology company that develops and supplies products and software for blood management. Its solutions are used to collect, process, manage and analyze blood and blood components, helping healthcare providers and blood and plasma collection organizations improve the availability, safety and efficiency of transfusion-related care.

The company’s portfolio includes plasma and blood component collection systems, disposable collection and processing kits, surgical blood recovery and autotransfusion systems, and technologies used to assess coagulation and hemostasis.