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

Bausch + Lomb Co. (NYSE:BLCO - Get Free Report)'s stock price gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. 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 changing hands.

The company reported ($0.07) earnings per share (EPS) 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 period last year, the business posted $0.07 EPS. The firm's revenue was up 3.5% compared to the same quarter last year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Stifel Nicolaus cut their price objective on shares of Bausch + Lomb from $17.00 to $15.00 and set a "hold" rating on the stock in a research note on Thursday, April 3rd. HC Wainwright cut their price target on Bausch + Lomb from $20.00 to $15.00 and set a "buy" rating on the stock in a research report on Friday. Bank of America decreased their price objective on Bausch + Lomb from $18.00 to $17.00 and set an "underperform" rating for the company in a report on Thursday, February 20th. Citigroup dropped their target price on Bausch + Lomb from $14.00 to $13.00 and set a "neutral" rating on the stock in a report on Thursday. Finally, Needham & Company LLC reissued a "hold" rating on shares of Bausch + Lomb in a report on Thursday, April 24th. One equities 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $16.14.

Institutional Trading of Bausch + Lomb

Large investors have recently made changes to their positions in the company. Polar Asset Management Partners Inc. raised its stake in Bausch + Lomb by 120.4% during the 4th quarter. Polar Asset Management Partners Inc. now owns 33,062 shares of the company's stock valued at $597,000 after acquiring an additional 18,062 shares during the last quarter. Alpine Global Management LLC acquired a new position in shares of Bausch + Lomb in the fourth quarter valued at approximately $181,000. Tang Capital Management LLC raised its stake in shares of Bausch + Lomb by 28.6% during the fourth quarter. Tang Capital Management LLC now owns 450,000 shares of the company's stock worth $8,127,000 after purchasing an additional 100,000 shares during the last quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Bausch + Lomb by 34.5% during the fourth 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 during the period. Finally, Millennium Management LLC purchased a new position in Bausch + Lomb in the 4th quarter valued at $735,000. 11.07% of the stock is owned by institutional investors and hedge funds.

Bausch + Lomb Stock Down 1.0 %

The company has a market capitalization of $4.05 billion, a price-to-earnings ratio of -12.60, a PEG ratio of 0.85 and a beta of 0.54. The company has a current ratio of 1.60, a quick ratio of 1.01 and a debt-to-equity ratio of 0.72. The firm's 50 day simple moving average is $13.91 and its 200-day simple moving average is $16.89.

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.