Haemonetics (HAE) Trading Up 5.8% on Better-Than-Expected Earnings

Haemonetics Co. (NYSE:HAE) was up 5.8% on Wednesday following a better than expected earnings announcement. The stock traded as high as $115.35 and last traded at $115.09. Approximately 661,692 shares were traded during mid-day trading, an increase of 18% from the average daily volume of 560,773 shares. The stock had previously closed at $108.81.

The medical instruments supplier reported $0.56 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.02. The business had revenue of $241.58 million during the quarter, compared to analyst estimates of $233.44 million. Haemonetics had a return on equity of 16.04% and a net margin of 2.26%. Haemonetics’s revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.48 EPS.

A number of equities research analysts have weighed in on HAE shares. Zacks Investment Research raised Haemonetics from a “hold” rating to a “strong-buy” rating and set a $122.00 target price for the company in a research report on Friday, October 12th. Barrington Research reaffirmed a “buy” rating and set a $127.00 target price on shares of Haemonetics in a research report on Friday, October 5th. Morgan Stanley lifted their target price on Haemonetics from $100.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday, August 8th. Jefferies Financial Group reiterated a “buy” rating and issued a $125.00 price target on shares of Haemonetics in a report on Tuesday, August 7th. Finally, TheStreet downgraded Haemonetics from a “b” rating to a “c+” rating in a report on Monday, August 20th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $113.20.

In other news, SVP Jacqueline Scanlan sold 4,890 shares of Haemonetics stock in a transaction on Monday, September 10th. The stock was sold at an average price of $112.19, for a total value of $548,609.10. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO William P. Mr. Burke sold 841 shares of Haemonetics stock in a transaction on Thursday, October 25th. The shares were sold at an average price of $46.76, for a total value of $39,325.16. The disclosure for this sale can be found here. Insiders sold a total of 37,275 shares of company stock worth $4,069,830 over the last quarter. Company insiders own 1.04% of the company’s stock.

Large investors have recently made changes to their positions in the company. State Board of Administration of Florida Retirement System grew its stake in Haemonetics by 2.5% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 33,558 shares of the medical instruments supplier’s stock worth $3,009,000 after buying an additional 810 shares during the last quarter. Amalgamated Bank grew its stake in Haemonetics by 13.6% during the 2nd quarter. Amalgamated Bank now owns 8,757 shares of the medical instruments supplier’s stock worth $785,000 after buying an additional 1,046 shares during the last quarter. Xact Kapitalforvaltning AB grew its stake in Haemonetics by 14.7% during the 3rd quarter. Xact Kapitalforvaltning AB now owns 8,595 shares of the medical instruments supplier’s stock worth $985,000 after buying an additional 1,100 shares during the last quarter. GAM Holding AG grew its stake in Haemonetics by 22.4% during the 2nd quarter. GAM Holding AG now owns 6,343 shares of the medical instruments supplier’s stock worth $569,000 after buying an additional 1,159 shares during the last quarter. Finally, LS Investment Advisors LLC grew its stake in Haemonetics by 75.8% during the 2nd quarter. LS Investment Advisors LLC now owns 3,174 shares of the medical instruments supplier’s stock worth $285,000 after buying an additional 1,369 shares during the last quarter. Institutional investors and hedge funds own 96.44% of the company’s stock.

The company has a quick ratio of 1.94, a current ratio of 2.92 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $5.62 billion, a price-to-earnings ratio of 61.54, a price-to-earnings-growth ratio of 3.52 and a beta of 1.09.

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Haemonetics Company Profile (NYSE:HAE)

Haemonetics Corporation, a healthcare company, provides hematology products and solutions. The company operates through five segments: North America Plasma; Americas Blood Center and Hospital; Europe, Middle East and Africa; Asia Pacific; and Japan. It offers automated plasma collection devices and related disposables, including NexSys PCS plasmapheresis system and PCS2 equipment and disposables, plasma collection containers, and intravenous solutions, as well as information technology platforms for plasma customers to manage their donors, operations, and supply chain; and NexLynk DMS donor management system.

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