Varex Imaging (NASDAQ:VREX) Stock Price Up 6% Following Insider Buying Activity

Varex Imaging Co. (NASDAQ:VREX)’s stock price traded up 6% during trading on Thursday after an insider bought additional shares in the company. The company traded as high as $12.30 and last traded at $12.30. 36,108 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 405,408 shares. The stock had previously closed at $11.60.

Specifically, CFO Shubham Maheshwari purchased 10,000 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was bought at an average price of $10.82 per share, for a total transaction of $108,200.00. Following the purchase, the chief financial officer now owns 56,063 shares of the company’s stock, valued at $606,601.66. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered Varex Imaging from a “buy” rating to a “hold” rating in a report on Monday, May 6th.

Varex Imaging Stock Performance

The company’s fifty day simple moving average is $14.17 and its 200 day simple moving average is $15.99. The stock has a market capitalization of $506.75 million, a P/E ratio of 13.03 and a beta of 0.59. The company has a current ratio of 3.34, a quick ratio of 1.89 and a debt-to-equity ratio of 0.67.

Varex Imaging (NASDAQ:VREX) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.05). The business had revenue of $209.00 million for the quarter, compared to the consensus estimate of $209.50 million. Varex Imaging had a net margin of 4.11% and a return on equity of 6.11%. Varex Imaging’s quarterly revenue was down 10.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.37 EPS. As a group, sell-side analysts forecast that Varex Imaging Co. will post 0.48 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. grew its stake in Varex Imaging by 424.3% in the 1st quarter. Russell Investments Group Ltd. now owns 81,847 shares of the company’s stock worth $1,481,000 after buying an additional 66,235 shares in the last quarter. Harbor Capital Advisors Inc. increased its stake in Varex Imaging by 287.4% in the second quarter. Harbor Capital Advisors Inc. now owns 165,103 shares of the company’s stock valued at $2,432,000 after acquiring an additional 122,488 shares during the last quarter. Assenagon Asset Management S.A. raised its position in Varex Imaging by 178.6% during the first quarter. Assenagon Asset Management S.A. now owns 105,784 shares of the company’s stock valued at $1,915,000 after purchasing an additional 67,811 shares in the last quarter. First Eagle Investment Management LLC lifted its stake in Varex Imaging by 11.8% during the first quarter. First Eagle Investment Management LLC now owns 357,687 shares of the company’s stock worth $6,474,000 after purchasing an additional 37,800 shares during the last quarter. Finally, Empowered Funds LLC purchased a new position in shares of Varex Imaging in the 1st quarter worth about $734,000.

Varex Imaging Company Profile

Varex Imaging Corporation designs, manufactures, and sells X-ray imaging components. The company operates through two segments, Medical and Industrial. The Medical segment designs, manufactures, sells, and services X-ray imaging components, comprising X-ray tubes, digital detectors and accessories, ionization chambers, high voltage connectors, image-processing software and workstations, 3D reconstruction software, computer-aided diagnostic software, collimators, automatic exposure control devices, generators, and heat exchangers.