Haemonetics (NYSE:HAE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday, January 10th.
According to Zacks, “Over the past month, Haemonetics has been trading above the broader industry. The company’s 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. However, we are disappointed with the fact that despite the encouraging growth in the Plasma and Hospitals, the company’s sluggish Blood Center business has been moderating overall growth of late. Also, contraction in gross and operating margin is discouraging.”
HAE has been the topic of several other reports. Morgan Stanley reissued an “equal weight” rating and set a $43.00 target price (up from $38.00) on shares of Haemonetics in a report on Friday, October 6th. Jefferies Group upped their price objective on Haemonetics from $18.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday, January 8th. Raymond James Financial upgraded Haemonetics from an “underperform” rating to a “market perform” rating in a research report on Tuesday, January 2nd. Barrington Research upped their price objective on Haemonetics from $48.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 8th. Finally, Craig Hallum reiterated a “hold” rating and issued a $50.00 target price (up from $40.00) on shares of Haemonetics in a research report on Wednesday, November 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $58.83.
Haemonetics (NYSE:HAE) last posted its quarterly 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. Haemonetics had a return on equity of 11.16% and a net margin of 0.50%. The business had revenue of $225.40 million for the quarter, compared to analysts’ expectations of $219.12 million. During the same quarter in the prior year, the business earned $0.38 EPS. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis. sell-side analysts forecast that Haemonetics will post 1.69 earnings per share for the current fiscal year.
In related news, CFO Willaim P. Burke sold 13,193 shares of the firm’s stock in a transaction that occurred on Tuesday, November 14th. The stock was sold at an average price of $54.04, for a total transaction of $712,949.72. Following the completion of the sale, the chief financial officer now owns 27,227 shares of the company’s stock, valued at $1,471,347.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Dan Goldstein sold 4,691 shares of the firm’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 value of $257,676.63. Following the completion of the sale, the chief accounting officer now directly owns 3,747 shares of the company’s stock, valued at approximately $205,822.71. The disclosure for this sale can be found here. Insiders have sold 54,486 shares of company stock valued at $3,050,827 over the last 90 days. 1.20% of the stock is owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the business. Tudor Investment Corp ET AL grew its stake in Haemonetics by 0.5% in the second quarter. Tudor Investment Corp ET AL now owns 28,126 shares of the medical instruments supplier’s stock valued at $1,111,000 after acquiring an additional 143 shares during the period. Amalgamated Bank boosted its position in shares of Haemonetics by 5.7% during the second quarter. Amalgamated Bank now owns 7,322 shares of the medical instruments supplier’s stock valued at $289,000 after buying an additional 392 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Haemonetics by 0.9% during the second quarter. American Century Companies Inc. now owns 46,271 shares of the medical instruments supplier’s stock valued at $1,827,000 after buying an additional 425 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Haemonetics by 1.2% during the second quarter. The Manufacturers Life Insurance Company now owns 39,906 shares of the medical instruments supplier’s stock valued at $1,575,000 after buying an additional 488 shares during the last quarter. Finally, UBS Asset Management Americas Inc. boosted its position in shares of Haemonetics by 2.7% during the second quarter. UBS Asset Management Americas Inc. now owns 28,153 shares of the medical instruments supplier’s stock valued at $1,112,000 after buying an additional 742 shares during the last quarter.
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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