Haemonetics (HAE) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Haemonetics (NYSE:HAE) from a hold rating to a buy rating in a report issued on Tuesday morning. They currently have $70.00 target price on the medical instruments supplier’s stock.

According to Zacks, “Over the past month, Haemonetics has been trading above the broader industry. The company’s 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. However, we are disappointed with the fact that despite the encouraging growth in the Plasma and Hospitals, the company’s sluggish Blood Center business has been moderating overall growth of late. Also, contraction in gross and operating margin is discouraging.”

Other analysts also recently issued reports about the stock. Craig Hallum reaffirmed a hold rating and set a $50.00 price objective (up from $40.00) on shares of Haemonetics in a report on Wednesday, November 8th. Barrington Research lifted their price objective on shares of Haemonetics from $48.00 to $57.00 and gave the stock an outperform rating in a report on Wednesday, November 8th. Jefferies Group lifted their price objective on shares of Haemonetics from $18.00 to $75.00 and gave the stock a buy rating in a report on Monday. Raymond James Financial raised shares of Haemonetics from an underperform rating to a market perform rating in a report on Tuesday, January 2nd. Finally, Morgan Stanley lifted their price objective on shares of Haemonetics from $43.00 to $51.00 and gave the stock an equal weight rating in a report on Thursday, November 9th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $58.83.

Haemonetics (NYSE HAE) traded down $0.64 on Tuesday, hitting $64.12. 869,054 shares of the stock were exchanged, compared to its average volume of 557,433. The stock has a market cap of $3,420.00, a price-to-earnings ratio of 916.00, a P/E/G ratio of 4.71 and a beta of 0.99. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.17 and a quick ratio of 1.51. Haemonetics has a 12-month low of $36.44 and a 12-month high of $64.99.

Haemonetics (NYSE:HAE) last released its quarterly earnings results on Tuesday, November 7th. The medical instruments supplier reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.07. The firm had revenue of $225.40 million during the quarter, compared to analyst estimates of $219.12 million. Haemonetics had a net margin of 0.50% and a return on equity of 11.16%. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.38 EPS. research analysts forecast that Haemonetics will post 1.7 earnings per share for the current year.

In other news, Director Susan Bartlett Foote sold 16,926 shares of Haemonetics stock in a transaction on Friday, November 10th. The shares were sold at an average price of $54.19, for a total transaction of $917,219.94. Following the completion of the sale, the director now directly owns 27,313 shares of the company’s stock, valued at approximately $1,480,091.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Willaim P. Burke sold 13,193 shares of Haemonetics stock in a transaction on Tuesday, November 14th. The stock was sold at an average price of $54.04, for a total transaction of $712,949.72. Following the sale, the chief financial officer now directly owns 27,227 shares of the company’s stock, valued at $1,471,347.08. The disclosure for this sale can be found here. Insiders have sold a total of 54,486 shares of company stock valued at $3,050,827 over the last ninety days. 1.20% of the stock is currently owned by insiders.

A number of institutional investors have recently bought and sold shares of the business. Tudor Investment Corp ET AL lifted its stake in Haemonetics by 0.5% in the second quarter. Tudor Investment Corp ET AL now owns 28,126 shares of the medical instruments supplier’s stock worth $1,111,000 after purchasing an additional 143 shares during the last quarter. Amalgamated Bank lifted its stake in Haemonetics by 5.7% in the second quarter. Amalgamated Bank now owns 7,322 shares of the medical instruments supplier’s stock worth $289,000 after purchasing an additional 392 shares during the last quarter. American Century Companies Inc. lifted its stake in Haemonetics by 0.9% in the second quarter. American Century Companies Inc. now owns 46,271 shares of the medical instruments supplier’s stock worth $1,827,000 after purchasing an additional 425 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Haemonetics by 1.2% in the second quarter. The Manufacturers Life Insurance Company now owns 39,906 shares of the medical instruments supplier’s stock worth $1,575,000 after purchasing an additional 488 shares during the last quarter. Finally, UBS Asset Management Americas Inc. lifted its stake in Haemonetics by 2.7% in the second quarter. UBS Asset Management Americas Inc. now owns 28,153 shares of the medical instruments supplier’s stock worth $1,112,000 after purchasing an additional 742 shares during the last quarter.

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About Haemonetics

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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