Zacks Investment Research upgraded shares of Haemonetics Corporation (NYSE:HAE) from a hold rating to a buy rating in a research report sent to investors on Friday morning. Zacks Investment Research currently has $64.00 target price on the medical instruments supplier’s stock.
According to Zacks, “Haemonetics exited second-quarter fiscal 2018 on a promising note, with earnings and revenues beating the Zacks Consensus Estimate. The company also witnessed year-over-year growth in both the counts. 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. Over the last month, Haemonetics has been trading above the broader industry. However, we are disappointed with the fact that despite the encouraging growth in the Plasma and Hospitals, the company’s sluggish Blood Center business moderated overall growth in the reported quarter. Also, contraction in gross and operating margin is discouraging.”
Several other equities research analysts have also issued reports on the company. Morgan Stanley raised their target price on Haemonetics Corporation from $43.00 to $51.00 and gave the company an equal weight rating in a research report on Thursday, November 9th. Craig Hallum reaffirmed a hold rating and set a $50.00 target price (up from $40.00) on shares of Haemonetics Corporation in a research report on Wednesday, November 8th. Barrington Research raised their target price on Haemonetics Corporation from $48.00 to $57.00 and gave the company an outperform rating in a research report on Wednesday, November 8th. TheStreet raised Haemonetics Corporation from a c rating to a b- rating in a report on Monday, August 7th. Finally, BidaskClub raised Haemonetics Corporation from a strong sell rating to a sell rating in a report on Tuesday, August 8th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. Haemonetics Corporation currently has a consensus rating of Hold and a consensus price target of $53.33.
Shares of Haemonetics Corporation (NYSE HAE) opened at $57.99 on Friday. Haemonetics Corporation has a 12-month low of $36.44 and a 12-month high of $58.02. The stock has a market capitalization of $3,062.93, a price-to-earnings ratio of 35.58, a PEG ratio of 4.36 and a beta of 0.91. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.51 and a current ratio of 2.17.
Haemonetics Corporation (NYSE:HAE) last announced its earnings results on Tuesday, November 7th. The medical instruments supplier reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.07. Haemonetics Corporation had a return on equity of 11.16% and a net margin of 0.50%. The firm had revenue of $225.40 million during the quarter, compared to analyst estimates of $219.12 million. During the same period last year, the firm posted $0.38 EPS. The business’s revenue was up 2.3% compared to the same quarter last year. sell-side analysts predict that Haemonetics Corporation will post 1.7 earnings per share for the current year.
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In other Haemonetics Corporation news, CFO Willaim P. Burke sold 13,193 shares of the firm’s stock in a transaction dated Tuesday, November 14th. The stock was sold at an average price of $54.04, for a total value of $712,949.72. Following the completion of the transaction, the chief financial officer now owns 27,227 shares in the company, valued at approximately $1,471,347.08. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Dan Goldstein sold 4,691 shares of the firm’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $54.93, for a total value of $257,676.63. Following the completion of the transaction, the chief accounting officer now owns 3,747 shares of the company’s stock, valued at approximately $205,822.71. The disclosure for this sale can be found here. In the last three months, insiders sold 40,250 shares of company stock valued at $2,196,240. 1.20% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. Arizona State Retirement System boosted its stake in Haemonetics Corporation by 1.1% in the 2nd quarter. Arizona State Retirement System now owns 27,397 shares of the medical instruments supplier’s stock worth $1,082,000 after purchasing an additional 300 shares during the period. Aperio Group LLC boosted its stake in Haemonetics Corporation by 15.0% in the 2nd quarter. Aperio Group LLC now owns 10,695 shares of the medical instruments supplier’s stock worth $422,000 after purchasing an additional 1,393 shares during the period. Russell Investments Group Ltd. boosted its stake in Haemonetics Corporation by 12.2% in the 2nd quarter. Russell Investments Group Ltd. now owns 23,503 shares of the medical instruments supplier’s stock worth $928,000 after purchasing an additional 2,553 shares during the period. Louisiana State Employees Retirement System boosted its stake in Haemonetics Corporation by 0.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 21,400 shares of the medical instruments supplier’s stock worth $845,000 after purchasing an additional 200 shares during the period. Finally, Los Angeles Capital Management & Equity Research Inc. boosted its stake in Haemonetics Corporation by 222.1% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 53,889 shares of the medical instruments supplier’s stock worth $2,128,000 after purchasing an additional 37,160 shares during the period.
Haemonetics Corporation Company Profile
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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