Zacks Investment Research lowered shares of Haemonetics (NYSE:HAE) from a strong-buy rating to a sell rating in a report published on Wednesday.
According to Zacks, “Over the past month, Haemonetics has been outpeforming its industry. Haemonetics has been gaining on continued momentum in new business generation and geographical expansion of late. The company’s strong cash position boosts investors’ confidence. The expansion in both gross and operating margin buoys optimism. The raised fiscal 2018 adjusted earnings guidance is also impressive. However, we are disappointed with the fact that despite encouraging growth at the Plasma and Hospitals segment, the company’s sluggish Blood Center business moderated overall growth in the reporting cycle.”
Other equities research analysts have also issued research reports about the company. ValuEngine upgraded Haemonetics from a hold rating to a buy rating in a research note on Thursday, March 1st. Jefferies Group raised their price objective on Haemonetics from $18.00 to $75.00 and gave the company a buy rating in a research report on Monday, January 8th. TheStreet lowered Haemonetics from a b rating to a c+ rating in a research report on Tuesday, February 6th. Raymond James Financial upgraded Haemonetics from an underperform rating to a market perform rating in a research report on Tuesday, January 2nd. Finally, Barrington Research restated an outperform rating and set a $71.00 price objective (up previously from $57.00) on shares of Haemonetics in a research report on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, two have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $71.33.
Haemonetics (NYSE:HAE) last issued its quarterly earnings results on Tuesday, February 6th. The medical instruments supplier reported $0.62 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.18. Haemonetics had a positive return on equity of 12.39% and a negative net margin of 1.94%. The business had revenue of $234.04 million during the quarter, compared to analyst estimates of $227.79 million. During the same quarter in the prior year, the business posted $0.43 EPS. Haemonetics’s revenue for the quarter was up 2.7% compared to the same quarter last year. analysts expect that Haemonetics will post 1.86 EPS for the current year.
Haemonetics declared that its Board of Directors has authorized a share buyback plan on Tuesday, February 6th that permits the company to buyback $260.00 million in shares. This buyback authorization permits the medical instruments supplier to reacquire shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
In other news, EVP Michelle L. Basil sold 389 shares of the firm’s stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $72.23, for a total transaction of $28,097.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Dan Goldstein sold 518 shares of the firm’s stock in a transaction dated Friday, April 6th. The shares were sold at an average price of $54.65, for a total value of $28,308.70. Following the transaction, the vice president now owns 4,002 shares of the company’s stock, valued at approximately $218,709.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,329 shares of company stock valued at $77,788. Company insiders own 1.20% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in HAE. Meeder Asset Management Inc. grew its position in Haemonetics by 2,845.3% in the fourth quarter. Meeder Asset Management Inc. now owns 1,885 shares of the medical instruments supplier’s stock worth $110,000 after acquiring an additional 1,821 shares in the last quarter. CIBC Asset Management Inc purchased a new position in Haemonetics in the fourth quarter worth about $210,000. Everence Capital Management Inc. purchased a new position in Haemonetics in the fourth quarter worth about $212,000. First Allied Advisory Services Inc. purchased a new position in Haemonetics in the fourth quarter worth about $220,000. Finally, Tyers Asset Management LLC grew its position in Haemonetics by 20.7% in the fourth quarter. Tyers Asset Management LLC now owns 4,192 shares of the medical instruments supplier’s stock worth $243,000 after acquiring an additional 720 shares in 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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