Comerica Bank Cuts Holdings in VAREX IMAGING $VREX

Key Points

• Comerica Bank reduced its holdings in VAREX IMAGING by 60.3%, owning 18,628 shares worth $216,000 after selling 28,296 shares in the first quarter of 2023.
• VAREX IMAGING reported $0.18 earnings per share, exceeding estimates, with a revenue of $203 million for the latest quarter.
• Analysts have given VAREX IMAGING an average rating of "Buy" with a price target of $19.50, indicating positive market sentiment towards the company.

Comerica Bank decreased its position in shares of VAREX IMAGING (NASDAQ:VREX - Free Report) by 60.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,628 shares of the company's stock after selling 28,296 shares during the period. Comerica Bank's holdings in VAREX IMAGING were worth $216,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the stock. JB Capital Partners LP increased its stake in VAREX IMAGING by 340.0% during the 1st quarter. JB Capital Partners LP now owns 110,000 shares of the company's stock valued at $1,276,000 after purchasing an additional 85,000 shares in the last quarter. Jump Financial LLC increased its stake in VAREX IMAGING by 144.7% during the 1st quarter. Jump Financial LLC now owns 53,848 shares of the company's stock valued at $625,000 after purchasing an additional 31,844 shares in the last quarter. Martingale Asset Management L P acquired a new position in VAREX IMAGING during the 1st quarter valued at approximately $198,000. Hsbc Holdings PLC increased its stake in VAREX IMAGING by 56.9% during the 1st quarter. Hsbc Holdings PLC now owns 39,700 shares of the company's stock valued at $458,000 after purchasing an additional 14,405 shares in the last quarter. Finally, Quantbot Technologies LP increased its stake in VAREX IMAGING by 108.4% during the 1st quarter. Quantbot Technologies LP now owns 37,816 shares of the company's stock valued at $439,000 after purchasing an additional 19,672 shares in the last quarter.

Wall Street Analysts Forecast Growth

VREX has been the topic of a number of recent analyst reports. B. Riley restated a "buy" rating and set a $16.00 price target (up previously from $12.00) on shares of VAREX IMAGING in a research note on Friday, August 8th. Wall Street Zen lowered shares of VAREX IMAGING from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 9th. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, VAREX IMAGING currently has an average rating of "Buy" and an average target price of $19.50.

VAREX IMAGING Stock Performance

Shares of NASDAQ:VREX traded down $0.20 during midday trading on Friday, reaching $11.30. The company's stock had a trading volume of 259,039 shares, compared to its average volume of 359,044. The firm has a market capitalization of $468.95 million, a PE ratio of -3.52 and a beta of 0.87. VAREX IMAGING has a twelve month low of $6.76 and a twelve month high of $16.93. The stock has a fifty day moving average of $9.51 and a 200 day moving average of $9.30. The company has a quick ratio of 1.82, a current ratio of 3.51 and a debt-to-equity ratio of 0.78.

VAREX IMAGING (NASDAQ:VREX - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.18 earnings per share for the quarter, topping analysts' consensus estimates of $0.04 by $0.14. VAREX IMAGING had a negative net margin of 16.13% and a positive return on equity of 5.54%. The firm had revenue of $203.00 million for the quarter, compared to analyst estimates of $190.32 million. VAREX IMAGING has set its Q4 2025 guidance at 0.100-0.300 EPS. On average, equities analysts expect that VAREX IMAGING will post 0.53 EPS for the current fiscal year.

About VAREX IMAGING

Varex Imaging Corporation designs, manufactures, and sells X-ray imaging components. The company operates through two segments, Medical and Industrial. The Medical segment designs, manufactures, sells, and services X-ray imaging components, comprising X-ray tubes, digital detectors and accessories, ionization chambers, high voltage connectors, image-processing software and workstations, 3D reconstruction software, computer-aided diagnostic software, collimators, automatic exposure control devices, generators, and heat exchangers.