Bank of America Corp DE Raises Holdings in Varex Imaging $VREX

Key Points

• Bank of America increased its Varex Imaging stake by 29.9% in the first quarter, bringing its holdings to 337,699 shares worth approximately $3.58 million, or 0.8% of the company.
• Varex reported quarterly EPS of $0.31, beating estimates of $0.21, though revenue of $210.5 million fell short of the $215.5 million consensus forecast. Analysts expect full-year EPS of $0.98.
• VREX recently traded at $18.50, near its 52-week high, while analyst sentiment remained cautious: the consensus rating was “Hold” with an average price target of $16.88.

Bank of America Corp DE raised its position in Varex Imaging (NASDAQ:VREX - Free Report) by 29.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 337,699 shares of the company's stock after purchasing an additional 77,761 shares during the quarter. Bank of America Corp DE owned 0.80% of Varex Imaging worth $3,583,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Franklin Resources Inc. raised its stake in shares of Varex Imaging by 2.2% in the 4th quarter. Franklin Resources Inc. now owns 57,720 shares of the company's stock valued at $672,000 after acquiring an additional 1,261 shares during the period. SG Americas Securities LLC raised its position in Varex Imaging by 4.4% in the first quarter. SG Americas Securities LLC now owns 30,202 shares of the company's stock valued at $320,000 after purchasing an additional 1,272 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Varex Imaging by 10.4% during the second quarter. The Manufacturers Life Insurance Company now owns 15,302 shares of the company's stock worth $133,000 after purchasing an additional 1,442 shares in the last quarter. Deutsche Bank AG boosted its position in shares of Varex Imaging by 5.7% in the fourth quarter. Deutsche Bank AG now owns 27,459 shares of the company's stock worth $320,000 after buying an additional 1,477 shares during the period. Finally, Comerica Bank boosted its position in shares of Varex Imaging by 9.3% in the third quarter. Comerica Bank now owns 20,363 shares of the company's stock worth $253,000 after buying an additional 1,726 shares during the period.

Varex Imaging Price Performance

VREX opened at $18.50 on Friday. The company has a market capitalization of $778.85 million, a P/E ratio of 35.58 and a beta of 0.89. The company has a 50-day moving average of $13.19 and a 200-day moving average of $12.00. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.53 and a current ratio of 3.38. Varex Imaging has a 1-year low of $9.09 and a 1-year high of $18.63.

Varex Imaging (NASDAQ:VREX - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.21 by $0.10. The business had revenue of $210.50 million for the quarter, compared to analysts' expectations of $215.50 million. Varex Imaging had a net margin of 2.55% and a return on equity of 9.19%. Equities analysts expect that Varex Imaging will post 0.98 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on VREX. Wall Street Zen upgraded Varex Imaging from a "hold" rating to a "buy" rating in a report on Saturday, July 4th. B. Riley Financial cut Varex Imaging from a "buy" rating to a "hold" rating in a report on Monday, August 10th. Weiss Ratings raised shares of Varex Imaging from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday. Oppenheimer lowered shares of Varex Imaging from an "outperform" rating to a "market perform" rating in a research note on Monday, August 10th. Finally, Sidoti reissued a "neutral" rating and set a $19.00 target price on shares of Varex Imaging in a research report on Monday, August 10th. Seven analysts have rated the stock with a Hold rating, According to data from MarketBeat, Varex Imaging currently has a consensus rating of "Hold" and an average price target of $16.88.

Varex Imaging Profile

Varex Imaging Corporation is a global provider of X-ray imaging components and solutions for the medical, security and industrial markets. The company designs, develops and manufactures a broad range of products that convert X-ray energy into high-resolution digital images. Its portfolio includes X-ray tubes, flat panel detectors, digital sensors, specialty radiographic tubes and related software, all engineered to meet the demanding requirements of original equipment manufacturers (OEMs) in diagnostic imaging, computed tomography (CT), fluoroscopy, mammography, dental radiography and non-destructive testing applications.

The company's medical imaging offerings support a wide spectrum of clinical modalities, from portable radiography systems to advanced CT scanners, enhancing image quality and dose efficiency for healthcare providers.

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