Varex Imaging (NASDAQ:VREX) Director Sells 8,121 Shares of Stock

Key Points

• Director Jay Kunkel sold 8,121 Varex Imaging shares at an average price of $18.48, generating approximately $150,076 and reducing his position by 34.63%.
• Varex shares traded near a 52-week high at $18.47, while the company’s latest quarterly earnings of $0.31 per share exceeded estimates, despite revenue falling short of forecasts.
• Analyst sentiment remains cautious: seven analysts rate the stock “Hold,” with an average price target of $16.88, below its current trading price.

Varex Imaging (NASDAQ:VREX - Get Free Report) Director Jay Kunkel sold 8,121 shares of Varex Imaging stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $18.48, for a total value of $150,076.08. Following the transaction, the director owned 15,329 shares in the company, valued at approximately $283,279.92. The trade was a 34.63% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Varex Imaging Trading Up 0.1%

NASDAQ:VREX traded up $0.01 during trading hours on Tuesday, hitting $18.47. The company had a trading volume of 548,724 shares, compared to its average volume of 526,859. Varex Imaging has a 1 year low of $9.09 and a 1 year high of $18.63. The company has a market cap of $777.59 million, a P/E ratio of 35.52 and a beta of 0.96. The company has a 50-day moving average of $14.95 and a 200 day moving average of $12.37. 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 posted its quarterly earnings results on Monday, August 10th. The company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.21 by $0.10. The business had revenue of $210.50 million for the quarter, compared to analyst estimates of $215.50 million. Varex Imaging had a return on equity of 9.19% and a net margin of 2.55%. Sell-side analysts expect that Varex Imaging will post 1.04 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Pzena Investment Management LLC acquired a new stake in shares of Varex Imaging during the second quarter valued at about $45,312,000. BlackRock Inc. acquired a new position in shares of Varex Imaging in the 2nd quarter worth approximately $40,624,000. Cooke & Bieler LP boosted its position in shares of Varex Imaging by 2.2% during the 4th quarter. Cooke & Bieler LP now owns 1,632,525 shares of the company's stock worth $19,019,000 after purchasing an additional 35,042 shares during the period. Rice Hall James & Associates LLC purchased a new position in shares of Varex Imaging during the 2nd quarter worth approximately $15,080,000. Finally, LSV Asset Management increased its holdings in Varex Imaging by 210.7% in the 4th quarter. LSV Asset Management now owns 1,244,329 shares of the company's stock valued at $14,496,000 after purchasing an additional 843,805 shares during the last quarter.

Analysts Set New Price Targets

Several research firms have weighed in on VREX. Sidoti reiterated a "neutral" rating and issued a $19.00 target price on shares of Varex Imaging in a report on Monday, August 10th. Zacks Research downgraded shares of Varex Imaging from a "strong-buy" rating to a "hold" rating in a report on Monday, July 27th. Weiss Ratings raised shares of Varex Imaging from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, August 26th. CJS Securities cut Varex Imaging from an "outperform" rating to a "market perform" rating in a report on Monday, August 17th. Finally, Wall Street Zen upgraded Varex Imaging from a "hold" rating to a "buy" rating in a research report on Saturday, July 4th. Seven equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $16.88.

About Varex Imaging

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.

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