Haynes International, Inc. (NASDAQ:HAYN) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Tuesday.
According to Zacks, “Haynes International, Inc. is a technology-oriented company devoted primarily to the development and manufacture of high-performance nickel- and cobalt-based alloys for service in severe corrosion and high-temperature applications. Superior customer service and technical support are provided worldwide by well-trained professionals within the company. Haynes’ service centers and affiliates have available in-stock sheet, plate, bar, wire, tubing, forging stock, fittings, and flanges. “
Separately, Longbow Research raised shares of Haynes International from a “neutral” rating to a “buy” rating and set a $47.00 target price for the company in a research note on Monday, May 15th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $41.67.
Shares of Haynes International (NASDAQ HAYN) opened at 35.98 on Tuesday. The firm has a market capitalization of $446.15 million, a PE ratio of 135.77 and a beta of 1.54. The stock has a 50 day moving average of $36.63 and a 200-day moving average of $39.45. Haynes International has a 12 month low of $31.02 and a 12 month high of $48.37.
The company also recently announced a quarterly dividend, which was paid on Thursday, June 15th. Investors of record on Thursday, June 1st were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.45%. The ex-dividend date was Tuesday, May 30th. Haynes International’s payout ratio is 338.47%.
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A number of hedge funds and other institutional investors have recently made changes to their positions in HAYN. Norges Bank purchased a new position in shares of Haynes International during the fourth quarter valued at $14,499,000. Royce & Associates LP increased its position in shares of Haynes International by 9.9% in the first quarter. Royce & Associates LP now owns 1,066,599 shares of the basic materials company’s stock valued at $40,659,000 after buying an additional 96,226 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Haynes International by 13.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 776,849 shares of the basic materials company’s stock valued at $33,397,000 after buying an additional 89,714 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Haynes International by 6.4% in the first quarter. Vanguard Group Inc. now owns 1,180,900 shares of the basic materials company’s stock valued at $45,016,000 after buying an additional 70,804 shares during the last quarter. Finally, Citadel Advisors LLC purchased a new position in shares of Haynes International during the first quarter valued at $2,212,000. 98.96% of the stock is owned by hedge funds and other institutional investors.
About Haynes International
Haynes International, Inc (Haynes) is a producer of nickel- and cobalt-based alloys in flat product forms, such as sheet, coil and plate forms. The Company also produces its products as seamless and welded tubulars, and in slab, bar, billet and wire forms. It focuses on developing, manufacturing, marketing and distributing alloys, which are sold in the aerospace, chemical processing and industrial gas turbine industries.
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