Haynes International (HAYN) Rating Lowered to Sell at Zacks Investment Research

Haynes International (NASDAQ:HAYN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports.

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. “

Several other research firms have also recently weighed in on HAYN. ValuEngine raised shares of Haynes International from a “sell” rating to a “hold” rating in a report on Monday, March 25th. BidaskClub cut shares of Haynes International from a “buy” rating to a “hold” rating in a report on Thursday, February 14th.



HAYN opened at $32.98 on Wednesday. The company has a debt-to-equity ratio of 0.03, a current ratio of 5.57 and a quick ratio of 1.48. Haynes International has a twelve month low of $24.46 and a twelve month high of $44.10. The company has a market cap of $406.11 million, a PE ratio of -471.14 and a beta of 1.75.

Haynes International (NASDAQ:HAYN) last released its quarterly earnings data on Thursday, May 2nd. The basic materials company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.11). Haynes International had a net margin of 0.58% and a return on equity of 1.12%. The company had revenue of $127.47 million for the quarter, compared to analysts’ expectations of $119.64 million. During the same period in the previous year, the firm earned ($0.17) earnings per share. The firm’s revenue for the quarter was up 15.7% on a year-over-year basis. As a group, research analysts predict that Haynes International will post 1.39 EPS for the current fiscal year.

A number of hedge funds have recently made changes to their positions in the business. Victory Capital Management Inc. increased its holdings in Haynes International by 16.2% during the first quarter. Victory Capital Management Inc. now owns 49,600 shares of the basic materials company’s stock valued at $1,628,000 after buying an additional 6,900 shares during the last quarter. Texas Permanent School Fund increased its holdings in Haynes International by 3.9% during the first quarter. Texas Permanent School Fund now owns 8,499 shares of the basic materials company’s stock valued at $279,000 after buying an additional 317 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Haynes International during the first quarter valued at approximately $160,000. Bank of Montreal Can increased its holdings in Haynes International by 3.8% during the first quarter. Bank of Montreal Can now owns 219,451 shares of the basic materials company’s stock valued at $7,204,000 after buying an additional 8,005 shares during the last quarter. Finally, BNP Paribas Arbitrage SA increased its holdings in Haynes International by 882.0% during the first quarter. BNP Paribas Arbitrage SA now owns 2,887 shares of the basic materials company’s stock valued at $95,000 after buying an additional 2,593 shares during the last quarter. 99.11% of the stock is owned by institutional investors and hedge funds.

About Haynes International

Haynes International, Inc develops, manufactures, markets, and distributes nickel and cobalt-based alloys in sheet, coil, and plate forms in the United States, Europe, Asia, and internationally. The company offers high-temperature resistant alloys (HTA) and corrosion-resistant alloys (CRA). Its HTA products are used by manufacturers of equipment, including jet engines for the aerospace market; gas turbine engines for power generation and waste incineration; and industrial heating equipment.

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