Varex Imaging $VREX Shares Purchased by Inspire Investing LLC

Key Points

• Inspire Investing increased its Varex Imaging stake by 154.7% in the third quarter, purchasing 102,455 additional shares and bringing its holdings to 168,685 shares valued at approximately $3.1 million.
• Varex shares opened at $18.42, near their 12-month high of $18.63, after the company reported quarterly EPS of $0.31—beating analyst estimates of $0.21—despite revenue falling short of expectations.
• Analysts maintain a generally cautious outlook, with seven Hold ratings, an average target price of $16.88, and several recent downgrades; meanwhile, company insiders sold shares, including the CFO’s $2.4 million transaction.

Inspire Investing LLC grew its stake in Varex Imaging (NASDAQ:VREX - Free Report) by 154.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 168,685 shares of the company's stock after purchasing an additional 102,455 shares during the period. Inspire Investing LLC owned approximately 0.40% of Varex Imaging worth $3,112,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also bought and sold shares of VREX. Rockefeller Capital Management L.P. bought a new position in shares of Varex Imaging in the fourth quarter valued at approximately $27,000. GAMMA Investing LLC raised its holdings in shares of Varex Imaging by 65.4% in the third quarter. GAMMA Investing LLC now owns 1,657 shares of the company's stock valued at $31,000 after buying an additional 655 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in Varex Imaging during the 2nd quarter worth about $32,000. Legal & General Group Plc acquired a new stake in Varex Imaging in the 2nd quarter valued at about $43,000. Finally, Fortitude Family Office LLC raised its stake in shares of Varex Imaging by 1,643.6% in the third quarter. Fortitude Family Office LLC now owns 2,441 shares of the company's stock worth $45,000 after acquiring an additional 2,301 shares during the last quarter.

Varex Imaging Stock Performance

Shares of VREX opened at $18.42 on Friday. The stock has a market capitalization of $775.48 million, a price-to-earnings ratio of 35.42 and a beta of 0.97. Varex Imaging has a 12 month low of $9.09 and a 12 month high of $18.63. The firm has a fifty day simple moving average of $18.47 and a 200 day simple moving average of $13.78. 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 released its earnings results on Monday, August 10th. The company reported $0.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.21 by $0.10. The business had revenue of $210.50 million for 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%. Research analysts forecast that Varex Imaging will post 1.04 EPS for the current fiscal year.

Insider Buying and Selling at Varex Imaging

In other news, CFO Shubham Maheshwari sold 130,000 shares of the stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $18.46, for a total value of $2,399,800.00. Following the transaction, the chief financial officer directly owned 139,972 shares of the company's stock, valued at $2,583,883.12. This represents a 48.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Jay Kunkel sold 8,121 shares of the stock in a transaction dated 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 transaction, the director directly owned 15,329 shares in the company, valued at approximately $283,279.92. This represents a 34.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 4.60% of the stock is owned by insiders.

Analyst Ratings Changes

VREX has been the subject of a number of recent research reports. Weiss Ratings raised shares of Varex Imaging from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, October 8th. Zacks Research downgraded shares of Varex Imaging from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 27th. CJS Securities cut shares of Varex Imaging from an "outperform" rating to a "market perform" rating in a research report on Monday, August 17th. Oppenheimer downgraded 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 note on Monday, August 10th. Seven equities research analysts have rated the stock with a Hold rating. Based on data from MarketBeat.com, Varex Imaging presently has an average rating of "Hold" and an average price target of $16.88.

Varex Imaging Profile

Varex Imaging Corporation develops and manufactures X-ray imaging components used in medical, industrial, and security applications. Its products are incorporated into systems that support diagnostic imaging, radiation therapy, baggage inspection, cargo screening, and other imaging processes.

The company's product portfolio includes X-ray tubes, digital detectors, image-processing software, high-voltage connectors, and other components for X-ray imaging systems. Varex also provides software and services designed to support image quality, system performance, and equipment integration.

Varex serves equipment manufacturers and other customers worldwide, with applications spanning healthcare, industrial inspection, and security screening.

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