Haemonetics (NYSE:HAE) Price Target Lowered to $86.00 at Barrington Research

Key Points

• Barrington Research has lowered its price target for Haemonetics from $95.00 to $86.00, while maintaining an "outperform" rating on the stock.
• Haemonetics reported a quarterly earnings per share (EPS) of $1.10, surpassing the consensus estimate but showing a 4.4% year-over-year revenue decline.
• Institutional investors have significantly increased their stakes in Haemonetics, with Citigroup Inc. raising its position by 87.3% in the first quarter.

Haemonetics (NYSE:HAE - Get Free Report) had its price objective dropped by research analysts at Barrington Research from $95.00 to $86.00 in a research report issued to clients and investors on Friday, Marketbeat reports. The brokerage currently has an "outperform" rating on the medical instruments supplier's stock. Barrington Research's target price suggests a potential upside of 59.61% from the stock's current price.

A number of other research firms have also commented on HAE. Wall Street Zen lowered shares of Haemonetics from a "buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Baird R W upgraded shares of Haemonetics to a "strong-buy" rating in a research note on Wednesday, June 25th. Raymond James Financial restated a "strong-buy" rating and issued a $105.00 price objective (down from $115.00) on shares of Haemonetics in a research note on Friday, May 9th. JMP Securities reiterated a "market outperform" rating and set a $100.00 price target on shares of Haemonetics in a research note on Tuesday, May 20th. Finally, Robert W. Baird began coverage on shares of Haemonetics in a report on Thursday, June 26th. They set an "outperform" rating and a $87.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $87.64.

Haemonetics Stock Performance

HAE traded down $1.75 on Friday, reaching $53.88. The company had a trading volume of 2,688,474 shares, compared to its average volume of 818,031. Haemonetics has a 1 year low of $53.25 and a 1 year high of $94.99. The stock has a market capitalization of $2.59 billion, a PE ratio of 16.48, a P/E/G ratio of 0.87 and a beta of 0.40. The company has a quick ratio of 0.99, a current ratio of 1.72 and a debt-to-equity ratio of 1.04. The stock has a 50-day moving average price of $72.88 and a 200-day moving average price of $67.36.

Haemonetics (NYSE:HAE - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The medical instruments supplier reported $1.10 earnings per share for the quarter, beating analysts' consensus estimates of $1.01 by $0.09. Haemonetics had a net margin of 12.14% and a return on equity of 26.64%. The firm had revenue of $321.39 million during the quarter, compared to analysts' expectations of $305.12 million. During the same period in the previous year, the company earned $1.02 earnings per share. Haemonetics's quarterly revenue was down 4.4% compared to the same quarter last year. As a group, research analysts forecast that Haemonetics will post 4.55 EPS for the current fiscal year.

Hedge Funds Weigh In On Haemonetics

Institutional investors and hedge funds have recently modified their holdings of the company. TD Waterhouse Canada Inc. acquired a new position in Haemonetics during the fourth quarter worth approximately $25,000. Quarry LP increased its position in Haemonetics by 63.4% during the first quarter. Quarry LP now owns 495 shares of the medical instruments supplier's stock worth $31,000 after purchasing an additional 192 shares during the last quarter. GAMMA Investing LLC increased its position in Haemonetics by 59.4% during the second quarter. GAMMA Investing LLC now owns 443 shares of the medical instruments supplier's stock worth $33,000 after purchasing an additional 165 shares during the last quarter. UMB Bank n.a. increased its position in shares of Haemonetics by 91.7% in the second quarter. UMB Bank n.a. now owns 669 shares of the medical instruments supplier's stock worth $50,000 after acquiring an additional 320 shares in the last quarter. Finally, Covestor Ltd increased its position in shares of Haemonetics by 146.8% in the fourth quarter. Covestor Ltd now owns 738 shares of the medical instruments supplier's stock worth $58,000 after acquiring an additional 439 shares in the last quarter. Hedge funds and other institutional investors own 99.67% of the company's stock.

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.