Varex Imaging (VREX) Upgraded by Zacks Investment Research to “Buy”

Varex Imaging (NASDAQ:VREX) was upgraded by Zacks Investment Research from a “strong sell” rating to a “buy” rating in a research report issued to clients and investors on Saturday. The brokerage presently has a $45.00 price target on the stock. Zacks Investment Research‘s price objective would suggest a potential upside of 9.65% from the company’s current price.

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. “

VREX has been the topic of several other reports. J P Morgan Chase & Co raised shares of Varex Imaging from an “underweight” rating to a “neutral” rating in a research note on Wednesday. Jefferies Group boosted their target price on shares of Varex Imaging to $39.00 and gave the company a “buy” rating in a research note on Friday, November 10th.

Shares of Varex Imaging (VREX) traded up $0.53 during trading hours on Friday, reaching $41.04. 211,811 shares of the company’s stock traded hands, compared to its average volume of 417,437. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.72 and a current ratio of 3.26. Varex Imaging has a 52 week low of $25.00 and a 52 week high of $41.25.

Varex Imaging (NASDAQ:VREX) last announced its earnings results on Thursday, November 9th. The company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.07. Varex Imaging had a net margin of 6.95% and a return on equity of 16.09%. The company had revenue of $216.00 million for the quarter, compared to the consensus estimate of $213.73 million. Varex Imaging’s revenue for the quarter was up 25.5% on a year-over-year basis. sell-side analysts forecast that Varex Imaging will post 1.82 earnings per share for the current fiscal year.

In other news, insider Sunny Sanyal sold 50,000 shares of the company’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $36.50, for a total value of $1,825,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Several hedge funds and other institutional investors have recently bought and sold shares of VREX. BlackRock Inc. acquired a new position in Varex Imaging during the second quarter worth $156,842,000. Vanguard Group Inc. acquired a new position in Varex Imaging during the second quarter worth $116,560,000. QV Investors Inc. increased its position in Varex Imaging by 18.3% during the third quarter. QV Investors Inc. now owns 2,094,088 shares of the company’s stock worth $70,863,000 after buying an additional 323,703 shares during the last quarter. First Eagle Investment Management LLC increased its position in Varex Imaging by 1.3% during the third quarter. First Eagle Investment Management LLC now owns 1,782,645 shares of the company’s stock worth $60,325,000 after buying an additional 23,700 shares during the last quarter. Finally, Alecta Pensionsforsakring Omsesidigt acquired a new position in Varex Imaging during the third quarter worth $50,596,000. 92.62% of the stock is currently owned by institutional investors and hedge funds.

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About Varex Imaging

Varex Imaging Corporation is a supplier of medical X-ray tubes and image processing solutions. The Company’s segments include Medical and Industrial. The X-ray imaging system manufacturers use the Company’s components for medical imaging, cargo screening and border security, to detect, diagnose and protect.

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