Haemonetics (NYSE:HAE) Shares Gap Down After Earnings Miss

Shares of Haemonetics Co. (NYSE:HAE) gapped down prior to trading on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $71.24, but opened at $64.00. Haemonetics shares last traded at $65.71, with a volume of 431,971 shares traded.

The medical instruments supplier reported $1.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.20 by ($0.01). Haemonetics had a net margin of 9.10% and a return on equity of 22.67%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Barrington Research reduced their price objective on Haemonetics from $108.00 to $95.00 and set an “outperform” rating on the stock in a research report on Friday. JMP Securities lowered their target price on Haemonetics from $125.00 to $100.00 and set a “market outperform” rating for the company in a research note on Friday. Raymond James reaffirmed a “strong-buy” rating and set a $115.00 target price (down previously from $120.00) on shares of Haemonetics in a research note on Friday. Needham & Company LLC reduced their price objective on shares of Haemonetics from $112.00 to $108.00 and set a “buy” rating for the company in a research note on Friday. Finally, Bank of America lowered Haemonetics from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $95.00 to $68.00 in a research report on Friday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $101.67.

Institutional Investors Weigh In On Haemonetics

Several hedge funds have recently bought and sold shares of the stock. Nisa Investment Advisors LLC raised its holdings in Haemonetics by 124.2% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,141 shares of the medical instruments supplier’s stock valued at $92,000 after acquiring an additional 632 shares during the last quarter. Parkside Financial Bank & Trust raised its holdings in Haemonetics by 25.6% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,176 shares of the medical instruments supplier’s stock valued at $92,000 after acquiring an additional 240 shares in the last quarter. AlphaQuest LLC raised its stake in Haemonetics by 36,520.0% in the fourth quarter. AlphaQuest LLC now owns 1,831 shares of the medical instruments supplier’s stock valued at $143,000 after buying an additional 1,826 shares in the last quarter. KBC Group NV boosted its holdings in Haemonetics by 54.6% in the fourth quarter. KBC Group NV now owns 2,016 shares of the medical instruments supplier’s stock valued at $157,000 after purchasing an additional 712 shares in the last quarter. Finally, iSAM Funds UK Ltd purchased a new stake in shares of Haemonetics in the 3rd quarter valued at about $204,000. Hedge funds and other institutional investors own 99.67% of the company’s stock.

Haemonetics Price Performance

The company has a fifty day moving average price of $76.94 and a two-hundred day moving average price of $78.62. The company has a quick ratio of 2.09, a current ratio of 3.49 and a debt-to-equity ratio of 1.39. The firm has a market capitalization of $2.98 billion, a price-to-earnings ratio of 24.62, a P/E/G ratio of 1.07 and a beta of 0.39.

About Haemonetics

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.