Varex Imaging (NASDAQ:VREX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Saturday.
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. “
A number of other research analysts also recently weighed in on VREX. TheStreet downgraded Varex Imaging from a “c-” rating to a “d+” rating in a research note on Friday, October 26th. JPMorgan Chase & Co. cut their price target on Varex Imaging from $30.00 to $28.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 14th. Finally, Jefferies Financial Group reissued a “buy” rating on shares of Varex Imaging in a research note on Thursday, November 15th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Varex Imaging presently has an average rating of “Hold” and an average price target of $34.00.
NASDAQ:VREX traded down $0.96 during trading hours on Friday, hitting $24.07. 316,491 shares of the stock were exchanged, compared to its average volume of 417,134. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.47 and a current ratio of 3.01. The company has a market cap of $954.11 million, a price-to-earnings ratio of 18.52, a P/E/G ratio of 1.86 and a beta of 1.58. Varex Imaging has a twelve month low of $23.86 and a twelve month high of $43.76.
Varex Imaging (NASDAQ:VREX) last posted its quarterly earnings results on Tuesday, November 13th. The company reported $0.29 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.30 by ($0.01). The company had revenue of $204.80 million during the quarter, compared to analyst estimates of $192.10 million. Varex Imaging had a net margin of 3.56% and a return on equity of 11.96%. The business’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same period last year, the company earned $0.59 EPS. On average, equities analysts predict that Varex Imaging will post 1.35 EPS for the current fiscal year.
Several hedge funds have recently bought and sold shares of the company. Scout Investments Inc. lifted its stake in shares of Varex Imaging by 2.8% in the 3rd quarter. Scout Investments Inc. now owns 90,350 shares of the company’s stock valued at $2,589,000 after purchasing an additional 2,489 shares during the period. Pinebridge Investments L.P. increased its position in shares of Varex Imaging by 6.9% in the 2nd quarter. Pinebridge Investments L.P. now owns 40,632 shares of the company’s stock valued at $1,507,000 after buying an additional 2,636 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Varex Imaging by 1.0% in the 2nd quarter. Renaissance Technologies LLC now owns 271,900 shares of the company’s stock valued at $10,085,000 after buying an additional 2,700 shares in the last quarter. Rhumbline Advisers increased its position in shares of Varex Imaging by 3.2% in the 2nd quarter. Rhumbline Advisers now owns 93,266 shares of the company’s stock valued at $3,459,000 after buying an additional 2,897 shares in the last quarter. Finally, Teachers Advisors LLC increased its position in shares of Varex Imaging by 3.9% in the 3rd quarter. Teachers Advisors LLC now owns 77,823 shares of the company’s stock valued at $2,230,000 after buying an additional 2,928 shares in the last quarter. 97.82% of the stock is currently owned by institutional investors.
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 flat panel image detectors, high voltage connectors, image-processing software and workstations, computer-aided diagnostic software, collimators, automatic exposure control devices, generators, ionization chambers, and buckys.
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