286,910 Shares of Varex Imaging $VREX Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 286,910 shares of Varex Imaging in the second quarter, worth approximately $2.99 million and representing about 0.68% of the company. Several other institutional investors, including Pzena Investment Management and BlackRock, also established sizable positions.
• Varex Imaging’s CFO sold 130,000 shares and a director sold 8,121 shares in September; the CFO’s transaction was made to cover tax withholding tied to vested equity awards. Insiders own 4.60% of the stock.
• VREX shares opened at $18.47, near their 12-month high, while analysts maintain a consensus “Hold” rating with a $16.88 price target. The company recently exceeded quarterly EPS expectations but reported revenue below consensus estimates.

Bank of America Corp DE purchased a new position in Varex Imaging (NASDAQ:VREX - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 286,910 shares of the company's stock, valued at approximately $2,992,000. Bank of America Corp DE owned about 0.68% of Varex Imaging at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in VREX. Pzena Investment Management LLC acquired a new stake in shares of Varex Imaging in the 2nd quarter valued at $45,312,000. BlackRock Inc. bought a new position in shares of Varex Imaging during the 2nd quarter valued at about $40,624,000. Rice Hall James & Associates LLC bought a new stake in Varex Imaging in the 2nd quarter valued at $15,080,000. J. Goldman & Co LP acquired a new stake in Varex Imaging in the 2nd quarter valued at approximately $6,215,000. Finally, Sei Investments Co. boosted its holdings in Varex Imaging by 72.5% during the first quarter. Sei Investments Co. now owns 411,655 shares of the company's stock worth $4,368,000 after purchasing an additional 173,041 shares during the last quarter.

Insiders Place Their Bets

In other Varex Imaging news, CFO Shubham Maheshwari sold 130,000 shares of the business's stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $18.46, for a total transaction of $2,399,800.00. Following the completion of the transaction, the chief financial officer directly owned 139,972 shares of the company's stock, valued at $2,583,883.12. The trade was a 48.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Jay K. Kunkel sold 8,121 shares of the business's stock in a transaction on Monday, September 14th. The shares were sold at an average price of $18.48, for a total transaction of $150,076.08. Following the completion of the sale, the director directly owned 15,329 shares in the company, valued at $283,279.92. This trade represents a 34.63% decrease in their position. The disclosure for this sale is available in the SEC filing. 4.60% of the stock is owned by insiders.

Varex Imaging Stock Up 0.1%

VREX opened at $18.47 on Wednesday. The company has a 50 day moving average of $16.66 and a 200 day moving average of $12.83. Varex Imaging has a 12 month low of $9.09 and a 12 month high of $18.63. The company has a market cap of $777.59 million, a PE ratio of 35.52 and a beta of 0.96. The company has a current ratio of 3.38, a quick ratio of 1.53 and a debt-to-equity ratio of 0.64.

Varex Imaging (NASDAQ:VREX - Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.10. The firm had revenue of $210.50 million during the quarter, compared to the consensus estimate of $215.50 million. Varex Imaging had a return on equity of 9.19% and a net margin of 2.55%. On average, sell-side analysts expect that Varex Imaging will post 1.04 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on VREX shares. CJS Securities cut Varex Imaging from an "outperform" rating to a "market perform" rating in a research note on Monday, August 17th. Weiss Ratings raised Varex Imaging from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, August 26th. Zacks Research downgraded shares of Varex Imaging from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 27th. Sidoti reissued a "neutral" rating and issued a $19.00 price objective on shares of Varex Imaging in a report on Monday, August 10th. Finally, B. Riley Financial lowered Varex Imaging from a "buy" rating to a "hold" rating in a research note on Monday, August 10th. Seven research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $16.88.

Varex Imaging Company Profile

Varex Imaging Corporation NASDAQ: VREX develops and manufactures X-ray imaging components used by medical, industrial and security equipment manufacturers. Its products are incorporated into systems that support diagnostic imaging, radiation therapy, inspection and threat detection.

The company's portfolio includes X-ray tubes, digital image detectors, high-voltage generators, image-processing software and other imaging subsystems. These products are used in applications such as computed tomography, radiography, fluoroscopy, mammography, dental and veterinary imaging, as well as industrial non-destructive testing and security screening.

Varex Imaging was established as an independent public company in 2017 through a spin-off from Varian Medical Systems.

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