Varex Imaging (NASDAQ:VREX) Stock Rating Lowered by Zacks Investment Research

Varex Imaging (NASDAQ:VREX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday, Zacks.com reports.

According to Zacks, “Varex Imaging Corporation is an innovator, designer and manufacturer of X-ray imaging components which include tubes, digital flat panel detectors and other image processing solutions. Its components are used in medical imaging as well as industrial and security imaging applications. The company operates primarily in North America, Europe and Asia. Varex Imaging Corporation is based in Salt Lake City, United States. “

Separately, Oppenheimer upgraded shares of Varex Imaging from a “market perform” rating to an “outperform” rating and set a $41.00 price objective for the company in a report on Friday, February 5th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Varex Imaging has a consensus rating of “Hold” and an average target price of $27.80.

Shares of NASDAQ:VREX opened at $21.35 on Thursday. The firm’s 50 day moving average is $22.55 and its two-hundred day moving average is $17.85. Varex Imaging has a 52 week low of $10.36 and a 52 week high of $26.66. The firm has a market capitalization of $836.92 million, a P/E ratio of -37.46, a PEG ratio of 6.95 and a beta of 0.86. The company has a current ratio of 2.60, a quick ratio of 1.12 and a debt-to-equity ratio of 0.83.

Varex Imaging (NASDAQ:VREX) last announced its quarterly earnings results on Wednesday, February 3rd. The company reported $0.08 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.12. The company had revenue of $177.10 million for the quarter, compared to analyst estimates of $171.97 million. Varex Imaging had a negative net margin of 2.89% and a positive return on equity of 4.93%. Analysts predict that Varex Imaging will post 0.05 EPS for the current year.

In other Varex Imaging news, Director Ruediger Naumann-Etienne sold 4,264 shares of the stock in a transaction that occurred on Tuesday, March 2nd. The shares were sold at an average price of $23.89, for a total value of $101,866.96. Following the completion of the sale, the director now owns 24,572 shares in the company, valued at approximately $587,025.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 2.40% of the company’s stock.

Large investors have recently bought and sold shares of the stock. Inspire Advisors LLC acquired a new position in Varex Imaging in the 4th quarter valued at $25,000. Brandes Investment Partners LP grew its stake in Varex Imaging by 17.2% in the 4th quarter. Brandes Investment Partners LP now owns 15,017 shares of the company’s stock valued at $248,000 after buying an additional 2,202 shares during the last quarter. CWM Advisors LLC grew its stake in Varex Imaging by 34.8% in the 4th quarter. CWM Advisors LLC now owns 17,132 shares of the company’s stock valued at $286,000 after buying an additional 4,427 shares during the last quarter. Sei Investments Co. grew its stake in Varex Imaging by 60.2% in the 3rd quarter. Sei Investments Co. now owns 27,140 shares of the company’s stock valued at $345,000 after buying an additional 10,200 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in Varex Imaging by 3.2% in the 4th quarter. The Manufacturers Life Insurance Company now owns 23,328 shares of the company’s stock valued at $389,000 after buying an additional 720 shares during the last quarter. Institutional investors and hedge funds own 99.87% of the company’s stock.

About Varex Imaging

Varex Imaging Corporation designs and manufactures X-ray imaging components. The company operates in two segments, Medical and Industrial. The Medical segment designs, manufactures, sells, and services X-ray imaging components comprising X-ray tubes, digital detectors, high voltage connectors, image-processing software and workstations, 3D reconstruction and computer-aided diagnostic software, collimators, automatic exposure control devices, generators, heat exchangers, ionization chambers, and buckys (a component of X-ray units that holds X-ray film cassettes).

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