Squarepoint Ops LLC Acquires Shares of 143,059 Varex Imaging $VREX

Key Points

• Squarepoint Ops LLC acquired 143,059 Varex Imaging shares during the second quarter, worth approximately $1.49 million and representing 0.34% of the company. Several other institutional investors also increased or initiated positions.
• Varex Imaging reported quarterly earnings of $0.31 per share, beating estimates of $0.21, while revenue of $210.5 million fell short of the $215.5 million consensus forecast.
• VREX shares opened at $18.47, near their 52-week high of $18.63. Analysts maintain a consensus “Hold” rating with an average price target of $16.88, while company insiders recently sold shares primarily to cover tax obligations.

Squarepoint Ops LLC bought a new position in shares of Varex Imaging (NASDAQ:VREX - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 143,059 shares of the company's stock, valued at approximately $1,492,000. Squarepoint Ops LLC owned 0.34% of Varex Imaging at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. SG Americas Securities LLC lifted its holdings in shares of Varex Imaging by 4.4% in the 1st quarter. SG Americas Securities LLC now owns 30,202 shares of the company's stock valued at $320,000 after buying an additional 1,272 shares during the period. Glenmede Trust Co. NA grew its holdings in Varex Imaging by 15.5% during the first quarter. Glenmede Trust Co. NA now owns 14,202 shares of the company's stock worth $151,000 after acquiring an additional 1,909 shares during the period. Hsbc Holdings PLC raised its position in Varex Imaging by 5.2% in the fourth quarter. Hsbc Holdings PLC now owns 46,283 shares of the company's stock worth $544,000 after acquiring an additional 2,298 shares in the last quarter. Rockefeller Capital Management L.P. purchased a new position in Varex Imaging in the fourth quarter worth $27,000. Finally, Legal & General Group Plc acquired a new stake in Varex Imaging in the second quarter valued at $43,000.

Varex Imaging Stock Performance

Shares of VREX stock opened at $18.47 on Wednesday. The stock has a fifty day moving average price of $15.11 and a 200 day moving average price of $12.40. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.53 and a current ratio of 3.38. The stock has a market cap of $777.59 million, a PE ratio of 35.52 and a beta of 0.96. 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 posted its earnings results 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. Varex Imaging had a return on equity of 9.19% and a net margin of 2.55%.The company had revenue of $210.50 million for the quarter, compared to analyst estimates of $215.50 million. Sell-side analysts forecast that Varex Imaging will post 1.04 earnings per share for the current fiscal year.

Insider Activity

In other Varex Imaging news, CFO Shubham Maheshwari sold 130,000 shares of Varex Imaging 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 owned 139,972 shares in the company, valued at approximately $2,583,883.12. The trade was a 48.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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 Varex Imaging stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $18.48, for a total transaction of $150,076.08. Following the transaction, the director owned 15,329 shares of the company's stock, valued at approximately $283,279.92. The trade was 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.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Oppenheimer lowered shares of Varex Imaging from an "outperform" rating to a "market perform" rating in a research report on Monday, August 10th. Wall Street Zen upgraded shares of Varex Imaging from a "hold" rating to a "buy" rating in a research note on Saturday, July 4th. Zacks Research cut shares of Varex Imaging from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 27th. CJS Securities downgraded shares of Varex Imaging from an "outperform" rating to a "market perform" rating in a report on Monday, August 17th. Finally, Sidoti restated 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, Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $16.88.

Varex Imaging 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.