Zacks Investment Research Lowers Haemonetics (HAE) to Sell

Haemonetics (NYSE:HAE) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “sell” rating in a research report issued to clients and investors on Wednesday, April 11th.

According to Zacks, “Over the past month, Haemonetics has been outpeforming its industry. Haemonetics has been gaining on continued momentum in new business generation and geographical expansion of late. The company’s strong cash position boosts investors’ confidence. The expansion in both gross and operating margin buoys optimism. The raised fiscal 2018 adjusted earnings guidance is also impressive.  However, we are disappointed with the fact that despite encouraging growth at the Plasma and Hospitals segment, the company’s sluggish Blood Center business moderated overall growth in the reporting cycle.”

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A number of other research analysts have also weighed in on HAE. JMP Securities reissued an “outperform” rating and issued a $72.00 target price on shares of Haemonetics in a report on Wednesday, February 7th. TheStreet downgraded Haemonetics from a “b” rating to a “c+” rating in a research report on Tuesday, February 6th. Morgan Stanley upgraded Haemonetics from an “equal weight” rating to an “overweight” rating and set a $51.00 target price for the company in a research report on Tuesday, January 2nd. Raymond James upgraded Haemonetics from an “underperform” rating to a “market perform” rating in a report on Tuesday, January 2nd. Finally, Jefferies Group lifted their target price on Haemonetics from $18.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, January 8th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Haemonetics has a consensus rating of “Hold” and a consensus target price of $71.33.

HAE opened at $75.75 on Wednesday. The company has a current ratio of 1.82, a quick ratio of 1.33 and a debt-to-equity ratio of 0.14. The stock has a market cap of $4,024.60, a price-to-earnings ratio of 41.37, a P/E/G ratio of 3.28 and a beta of 0.89. Haemonetics has a 52-week low of $38.47 and a 52-week high of $76.27.

Haemonetics (NYSE:HAE) last issued its quarterly earnings data on Tuesday, February 6th. The medical instruments supplier reported $0.62 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.18. Haemonetics had a negative net margin of 1.94% and a positive return on equity of 12.39%. The firm had revenue of $234.04 million for the quarter, compared to analysts’ expectations of $227.79 million. During the same quarter in the prior year, the business earned $0.43 EPS. The business’s quarterly revenue was up 2.7% on a year-over-year basis. analysts expect that Haemonetics will post 1.86 EPS for the current year.

Haemonetics declared that its Board of Directors has initiated a share buyback plan on Tuesday, February 6th that authorizes the company to repurchase $260.00 million in shares. This repurchase authorization authorizes the medical instruments supplier to purchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

In other news, EVP Michelle L. Basil sold 389 shares of the company’s stock in a transaction that occurred on Tuesday, March 6th. The stock was sold at an average price of $72.23, for a total transaction of $28,097.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Dan Goldstein sold 518 shares of the company’s stock in a transaction that occurred on Friday, April 6th. The stock was sold at an average price of $54.65, for a total value of $28,308.70. Following the transaction, the vice president now directly owns 4,002 shares of the company’s stock, valued at $218,709.30. The disclosure for this sale can be found here. Insiders sold 1,021 shares of company stock valued at $64,640 over the last three months. 1.20% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Xact Kapitalforvaltning AB acquired a new position in Haemonetics during the 4th quarter worth about $308,000. MetLife Investment Advisors LLC acquired a new position in Haemonetics during the 4th quarter worth about $1,391,000. Municipal Employees Retirement System of Michigan raised its position in Haemonetics by 16.7% in the 4th quarter. Municipal Employees Retirement System of Michigan now owns 23,100 shares of the medical instruments supplier’s stock valued at $1,341,000 after purchasing an additional 3,300 shares in the last quarter. Castleark Management LLC acquired a new stake in Haemonetics in the 4th quarter valued at about $10,541,000. Finally, Meadow Creek Investment Management LLC raised its position in Haemonetics by 20.7% in the 4th quarter. Meadow Creek Investment Management LLC now owns 7,336 shares of the medical instruments supplier’s stock valued at $426,000 after purchasing an additional 1,260 shares in the last quarter.

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Haemonetics 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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