Haemonetics (NYSE:HAE) Reaches New 52-Week High – Time to Buy?

Haemonetics Corporation (NYSE:HAE)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $88.88 and last traded at $88.0440, with a volume of 43260 shares changing hands. The stock had previously closed at $86.61.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. JPMorgan Chase & Co. increased their price objective on Haemonetics from $62.00 to $86.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. Bank of America upgraded Haemonetics from a “neutral” rating to a “buy” rating and boosted their target price for the company from $72.00 to $80.00 in a research note on Friday, May 22nd. Citigroup raised their price target on shares of Haemonetics from $79.00 to $92.00 and gave the stock a “neutral” rating in a research note on Friday, August 7th. Barrington Research set a $95.00 price objective on shares of Haemonetics in a report on Friday, August 7th. Finally, Raymond James Financial reissued an “outperform” rating and issued a $105.00 price objective on shares of Haemonetics in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Haemonetics presently has a consensus rating of “Moderate Buy” and a consensus target price of $90.89.

Haemonetics Trading Up 4.5%

The company has a debt-to-equity ratio of 1.40, a current ratio of 3.08 and a quick ratio of 1.91. The business has a 50-day moving average of $78.29 and a 200-day moving average of $66.86. The firm has a market cap of $4.15 billion, a price-to-earnings ratio of 44.66, a P/E/G ratio of 1.75 and a beta of 0.52.

Haemonetics (NYSE:HAE) last released its earnings results on Thursday, August 6th. The medical instruments supplier reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.06. The business had revenue of $339.38 million for the quarter, compared to analyst estimates of $327.86 million. Haemonetics had a return on equity of 27.55% and a net margin of 7.12%.Haemonetics’s revenue was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.10 earnings per share. Research analysts anticipate that Haemonetics Corporation will post 5.28 EPS for the current year.

Hedge Funds Weigh In On Haemonetics

Several hedge funds and other institutional investors have recently made changes to their positions in HAE. AQR Capital Management LLC raised its position in Haemonetics by 372.8% during the third quarter. AQR Capital Management LLC now owns 2,128,878 shares of the medical instruments supplier’s stock worth $102,814,000 after acquiring an additional 1,678,630 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Haemonetics by 994.7% during 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 purchasing an additional 1,254,035 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Haemonetics by 4,296.3% in the 3rd quarter. Millennium Management LLC now owns 773,179 shares of the medical instruments supplier’s stock valued at $37,685,000 after purchasing an additional 755,592 shares during the period. North Peak Capital Management LLC raised its holdings in shares of Haemonetics by 204.4% in the 4th quarter. North Peak Capital Management LLC now owns 1,102,992 shares of the medical instruments supplier’s stock valued at $88,405,000 after purchasing an additional 740,626 shares during the period. Finally, William Blair Investment Management LLC acquired a new stake in Haemonetics in the 2nd quarter valued at about $24,906,000. 99.67% of the stock is owned by institutional investors.

About Haemonetics

Haemonetics Corporation is a global provider of blood management solutions that support the collection, processing and transfusion of blood and blood products. The company’s offerings are designed to enhance patient safety and operational efficiency for blood centers, hospitals and plasma collection facilities. Haemonetics serves healthcare providers worldwide by delivering integrated systems, software and consumables that address critical needs throughout the continuum of blood management.

The company’s product portfolio includes automated apheresis and plasma collection systems, surgical blood salvage and coagulation monitoring devices, and pathogen reduction technologies.