Connor Clark & Lunn Investment Management Ltd. Sells 27,770 Shares of Haemonetics Corporation (NYSE:HAE)

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in Haemonetics Corporation by 11% during the first quarter, leaving them with approximately 224,372 shares valued at $14.26 million.
• Haemonetics stock currently has consensus ratings of "Moderate Buy" with a price target averaging around $87.64, though analysis varies significantly among different investment firms.
• The company reported earnings per share (EPS) of $1.10 for the most recent quarter, exceeding analyst expectations, although its revenue dropped 4.4% year-over-year.

Connor Clark & Lunn Investment Management Ltd. cut its holdings in shares of Haemonetics Corporation (NYSE:HAE - Free Report) by 11.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 224,372 shares of the medical instruments supplier's stock after selling 27,770 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.45% of Haemonetics worth $14,259,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. TD Waterhouse Canada Inc. bought a new position in Haemonetics during the fourth quarter valued at about $25,000. Covestor Ltd grew its position in Haemonetics by 146.8% during the fourth quarter. Covestor Ltd now owns 738 shares of the medical instruments supplier's stock worth $58,000 after buying an additional 439 shares in the last quarter. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Haemonetics in the 1st quarter valued at approximately $65,000. KBC Group NV grew its position in Haemonetics by 19.9% in the first quarter. KBC Group NV now owns 2,417 shares of the medical instruments supplier's stock valued at $154,000 after acquiring an additional 401 shares during the period. Finally, Vise Technologies Inc. increased its position in shares of Haemonetics by 8.7% during the 4th quarter. Vise Technologies Inc. now owns 2,825 shares of the medical instruments supplier's stock worth $221,000 after purchasing an additional 225 shares in the last quarter. 99.67% of the stock is currently owned by hedge funds and other institutional investors.

Haemonetics Stock Performance

Shares of NYSE:HAE traded down $1.62 on Thursday, reaching $52.26. 1,398,115 shares of the company's stock were exchanged, compared to its average volume of 797,605. The company has a fifty day moving average of $71.89 and a 200-day moving average of $67.04. Haemonetics Corporation has a twelve month low of $50.68 and a twelve month high of $94.99. The company has a market capitalization of $2.52 billion, a price-to-earnings ratio of 15.98, a PEG ratio of 0.96 and a beta of 0.40. The company has a current ratio of 1.72, a quick ratio of 1.04 and a debt-to-equity ratio of 1.04.

Haemonetics (NYSE:HAE - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The medical instruments supplier reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.09. The business had revenue of $321.39 million for the quarter, compared to analyst estimates of $305.12 million. Haemonetics had a net margin of 12.14% and a return on equity of 26.64%. The firm's revenue for the quarter was down 4.4% on a year-over-year basis. During the same quarter last year, the business posted $1.02 EPS. On average, research analysts predict that Haemonetics Corporation will post 4.55 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on HAE. JMP Securities reiterated a "market outperform" rating and issued a $100.00 target price on shares of Haemonetics in a research note on Tuesday, May 20th. Barrington Research dropped their target price on shares of Haemonetics from $95.00 to $86.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. Raymond James Financial lowered shares of Haemonetics from a "strong-buy" rating to an "outperform" rating and decreased their price target for the company from $105.00 to $78.00 in a report on Monday. Mizuho reduced their target price on shares of Haemonetics from $90.00 to $70.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Finally, Wall Street Zen downgraded shares of Haemonetics from a "buy" rating to a "hold" rating in a research note on Tuesday, May 13th. One analyst has rated the stock with a sell rating, two have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $85.18.

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.