Haemonetics (NYSE:HAE) Reaches New 1-Year Low Following Analyst Downgrade

Key Points

• Haemonetics Corporation's stock hit a new **52-week low** of $54.49 after Mizuho cut its price target from **$90.00 to $70.00**, while maintaining an "outperform" rating.
• The company reported **$321.39 million in revenue** for the last quarter, exceeding expectations, but showed a **4.4% decline** year-over-year.
• Institutional investors own **99.67%** of Haemonetics' stock, with Voya Investment Management LLC increasing its position by **820.5%** in the last quarter.

Haemonetics Corporation (NYSE:HAE - Get Free Report) hit a new 52-week low during mid-day trading on Friday after Raymond James Financial downgraded the stock from a strong-buy rating to an outperform rating. Raymond James Financial now has a $78.00 price target on the stock, down from their previous price target of $105.00. Haemonetics traded as low as $54.49 and last traded at $54.59, with a volume of 165503 shares traded. The stock had previously closed at $55.63.

A number of other analysts have also recently weighed in on HAE. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $62.00 price target (down previously from $85.00) on shares of Haemonetics in a research report on Friday. JMP Securities reaffirmed a "market outperform" rating and set a $100.00 price objective on shares of Haemonetics in a report on Tuesday, May 20th. Robert W. Baird initiated coverage on Haemonetics in a research note on Thursday, June 26th. They set an "outperform" rating and a $87.00 price objective on the stock. Citigroup upgraded Haemonetics from a "neutral" rating to a "buy" rating and set a $90.00 price objective for the company in a report on Wednesday, July 9th. Finally, Mizuho reduced their price objective on Haemonetics from $90.00 to $70.00 and set an "outperform" rating for the company in a report on Friday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Haemonetics currently has a consensus rating of "Moderate Buy" and a consensus price target of $85.18.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of HAE. Voya Investment Management LLC increased its position in shares of Haemonetics by 820.5% during the fourth quarter. Voya Investment Management LLC now owns 316,952 shares of the medical instruments supplier's stock valued at $24,748,000 after buying an additional 282,521 shares during the period. Envestnet Asset Management Inc. lifted its position in Haemonetics by 9.6% during the fourth quarter. Envestnet Asset Management Inc. now owns 48,068 shares of the medical instruments supplier's stock valued at $3,753,000 after purchasing an additional 4,217 shares during the period. Stifel Financial Corp increased its holdings in Haemonetics by 7.3% during the fourth quarter. Stifel Financial Corp now owns 14,776 shares of the medical instruments supplier's stock valued at $1,154,000 after buying an additional 1,006 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in Haemonetics by 434.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 314,067 shares of the medical instruments supplier's stock valued at $24,522,000 after buying an additional 255,338 shares during the last quarter. Finally, Hood River Capital Management LLC increased its holdings in Haemonetics by 6.8% during the fourth quarter. Hood River Capital Management LLC now owns 214,290 shares of the medical instruments supplier's stock valued at $16,732,000 after buying an additional 13,710 shares during the last quarter. 99.67% of the stock is owned by institutional investors.

Haemonetics Trading Down 1.2%

The stock's fifty day simple moving average is $72.56 and its 200 day simple moving average is $67.23. The company has a quick ratio of 1.04, a current ratio of 1.72 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $2.50 billion, a PE ratio of 15.88, a PEG ratio of 0.88 and a beta of 0.40.

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

Haemonetics Company Profile

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.