Haemonetics (NYSE:HAE) Coverage Initiated by Analysts at CL King

Equities researchers at CL King initiated coverage on shares of Haemonetics (NYSE:HAE) in a note issued to investors on Friday, StockNewsAPI reports. The firm set a “buy” rating and a $116.00 price target on the medical instruments supplier’s stock. CL King’s price target suggests a potential upside of 58.34% from the company’s current price.

A number of other equities analysts have also issued reports on HAE. BTIG Research assumed coverage on shares of Haemonetics in a research report on Tuesday. They set a “buy” rating and a $112.00 target price on the stock. Citigroup reduced their price objective on shares of Haemonetics from $94.00 to $85.00 and set a “neutral” rating on the stock in a research note on Thursday, August 22nd. Bank of America assumed coverage on shares of Haemonetics in a research note on Wednesday. They issued a “neutral” rating and a $85.00 price objective on the stock. JMP Securities reaffirmed a “market outperform” rating and issued a $125.00 price objective on shares of Haemonetics in a research note on Tuesday, August 13th. Finally, Barrington Research raised their price objective on shares of Haemonetics from $107.00 to $108.00 and gave the company an “outperform” rating in a research note on Friday, August 9th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $106.14.

Haemonetics Price Performance

Shares of HAE stock opened at $73.26 on Friday. Haemonetics has a 1 year low of $70.74 and a 1 year high of $97.97. The firm’s 50 day moving average is $81.55 and its 200-day moving average is $83.87. The firm has a market capitalization of $3.75 billion, a price-to-earnings ratio of 31.99, a PEG ratio of 1.32 and a beta of 0.30. The company has a current ratio of 3.76, a quick ratio of 2.33 and a debt-to-equity ratio of 1.35.

Haemonetics (NYSE:HAE) last announced its earnings results on Thursday, August 8th. The medical instruments supplier reported $1.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.01). Haemonetics had a return on equity of 21.86% and a net margin of 8.61%. The company had revenue of $336.17 million for the quarter, compared to analyst estimates of $335.08 million. During the same quarter in the previous year, the company posted $1.05 earnings per share. Haemonetics’s revenue for the quarter was up 8.0% on a year-over-year basis. Sell-side analysts forecast that Haemonetics will post 4.58 EPS for the current fiscal year.

Insiders Place Their Bets

In other Haemonetics news, insider Stewart W. Strong sold 4,312 shares of the stock in a transaction on Friday, July 26th. The shares were sold at an average price of $91.15, for a total value of $393,038.80. Following the sale, the insider now directly owns 18,196 shares in the company, valued at $1,658,565.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, EVP Anila Lingamneni sold 2,136 shares of the firm’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $90.00, for a total transaction of $192,240.00. Following the sale, the executive vice president now directly owns 21,410 shares in the company, valued at $1,926,900. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Stewart W. Strong sold 4,312 shares of the firm’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $91.15, for a total transaction of $393,038.80. Following the sale, the insider now owns 18,196 shares in the company, valued at $1,658,565.40. The disclosure for this sale can be found here. Company insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Haemonetics

A number of hedge funds and other institutional investors have recently made changes to their positions in HAE. Quarry LP bought a new position in Haemonetics in the second quarter valued at $39,000. TFO Wealth Partners LLC grew its position in Haemonetics by 29,450.0% in the fourth quarter. TFO Wealth Partners LLC now owns 591 shares of the medical instruments supplier’s stock valued at $51,000 after purchasing an additional 589 shares in the last quarter. Covestor Ltd grew its position in Haemonetics by 184.8% in the first quarter. Covestor Ltd now owns 675 shares of the medical instruments supplier’s stock valued at $58,000 after purchasing an additional 438 shares in the last quarter. Daiwa Securities Group Inc. bought a new position in Haemonetics in the second quarter valued at $82,000. Finally, Canada Pension Plan Investment Board bought a new position in Haemonetics in the second quarter valued at $83,000. 99.67% of the stock is currently owned by institutional investors and hedge funds.

About Haemonetics

Haemonetics Corporation, a healthcare company, provides suite of medical products and solutions in the United States and internationally. The company offers automated plasma collection systems, donor management software, and supporting software solutions including NexSys PCS and PCS2 plasmapheresis equipment and related disposables and solutions, as well as integrated information technology platforms for plasma customers to manage their donors, operations, and supply chain; and NexLynk DMS donor management system and Donor360 app.