Bausch + Lomb (NYSE:BLCO) Shares Gap Down After Earnings Miss

Bausch + Lomb Co. (NYSE:BLCO - Get Free Report) gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $13.72, but opened at $11.70. Bausch + Lomb shares last traded at $10.71, with a volume of 499,441 shares traded.

The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.10). Bausch + Lomb had a negative net margin of 6.62% and a positive return on equity of 3.35%. The company had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the prior year, the company earned $0.07 earnings per share. The company's quarterly revenue was up 3.5% on a year-over-year basis.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Wells Fargo & Company lowered their price target on shares of Bausch + Lomb from $15.00 to $12.00 and set an "equal weight" rating for the company in a report on Thursday. Evercore ISI cut their target price on shares of Bausch + Lomb from $19.00 to $15.50 and set an "outperform" rating for the company in a report on Thursday. Bank of America decreased their price target on shares of Bausch + Lomb from $18.00 to $17.00 and set an "underperform" rating on the stock in a research note on Thursday, February 20th. Royal Bank of Canada decreased their price objective on shares of Bausch + Lomb from $18.00 to $17.00 and set an "outperform" rating on the stock in a report on Friday, April 4th. Finally, Stifel Nicolaus decreased their price objective on shares of Bausch + Lomb from $17.00 to $15.00 and set a "hold" rating for the company in a research report on Thursday, April 3rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $16.14.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Tabor Asset Management LP acquired a new stake in Bausch + Lomb in the first quarter worth $338,000. Polar Asset Management Partners Inc. lifted its position in shares of Bausch + Lomb by 120.4% in the 4th quarter. Polar Asset Management Partners Inc. now owns 33,062 shares of the company's stock worth $597,000 after purchasing an additional 18,062 shares during the period. Alpine Global Management LLC bought a new position in shares of Bausch + Lomb in the fourth quarter worth approximately $181,000. Tang Capital Management LLC grew its position in Bausch + Lomb by 28.6% during the fourth quarter. Tang Capital Management LLC now owns 450,000 shares of the company's stock valued at $8,127,000 after buying an additional 100,000 shares during the period. Finally, OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Bausch + Lomb by 34.5% in the 4th quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 52,460 shares of the company's stock worth $947,000 after purchasing an additional 13,460 shares in the last quarter. Institutional investors own 11.07% of the company's stock.

Bausch + Lomb Stock Performance

The company has a debt-to-equity ratio of 0.72, a current ratio of 1.60 and a quick ratio of 1.01. The business has a 50-day simple moving average of $13.91 and a 200-day simple moving average of $16.86. The firm has a market capitalization of $4.01 billion, a PE ratio of -12.46, a P/E/G ratio of 0.85 and a beta of 0.58.

Bausch + Lomb Company Profile

Bausch + Lomb Corporation operates as an eye health company in the United States, Puerto Rico, China, France, Japan, Germany, the United Kingdom, Canada, Russia, Spain, Italy, Mexico, Poland, South Korea, and internationally. It operates in three segments: Vision Care, Pharmaceuticals, and Surgical. The Vision Care segment provides contact lens that covers the spectrum of wearing modalities, including daily disposable and frequently replaced contact lenses; and contact lens care products comprising over-the-counter eye drops, eye vitamins, and mineral supplements that address various conditions, such as eye allergies, conjunctivitis, dry eye, and redness relief.