Haemonetics (NYSE:HAE) Stock Price Down 3.2% – What’s Next?

Haemonetics Co. (NYSE:HAE)’s stock price was down 3.2% during mid-day trading on Wednesday . The company traded as low as $77.23 and last traded at $77.41. Approximately 140,726 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 345,667 shares. The stock had previously closed at $79.96.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on HAE. Raymond James raised shares of Haemonetics from an “outperform” rating to a “strong-buy” rating and set a $120.00 price objective for the company in a research note on Friday, November 8th. JPMorgan Chase & Co. started coverage on shares of Haemonetics in a research note on Friday, December 6th. They set an “overweight” rating and a $116.00 price target on the stock. Barrington Research reissued an “outperform” rating and set a $108.00 price objective on shares of Haemonetics in a research note on Wednesday, December 4th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $112.00 target price on shares of Haemonetics in a research report on Tuesday, December 3rd. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $108.78.

Haemonetics Price Performance

The company has a market cap of $3.70 billion, a PE ratio of 30.55, a P/E/G ratio of 1.19 and a beta of 0.41. The company has a debt-to-equity ratio of 1.39, a current ratio of 3.49 and a quick ratio of 2.09. The company has a 50-day moving average price of $82.60 and a two-hundred day moving average price of $80.39.

Haemonetics (NYSE:HAE) last issued its quarterly earnings data on Thursday, November 7th. The medical instruments supplier reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.03. Haemonetics had a net margin of 9.10% and a return on equity of 22.67%. The company had revenue of $345.50 million during the quarter, compared to the consensus estimate of $342.57 million. During the same quarter last year, the company earned $0.99 earnings per share. Haemonetics’s revenue for the quarter was up 8.6% on a year-over-year basis. Sell-side analysts expect that Haemonetics Co. will post 4.59 earnings per share for the current fiscal year.

Institutional Trading of Haemonetics

Several large investors have recently modified their holdings of the business. Commonwealth Equity Services LLC boosted its holdings in Haemonetics by 3.3% in the second quarter. Commonwealth Equity Services LLC now owns 3,673 shares of the medical instruments supplier’s stock valued at $304,000 after purchasing an additional 117 shares during the last quarter. Envestnet Asset Management Inc. grew its position in shares of Haemonetics by 15.4% during the second quarter. Envestnet Asset Management Inc. now owns 41,712 shares of the medical instruments supplier’s stock worth $3,451,000 after buying an additional 5,556 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Haemonetics by 6.3% in the second quarter. Dimensional Fund Advisors LP now owns 978,735 shares of the medical instruments supplier’s stock worth $80,972,000 after buying an additional 57,665 shares during the last quarter. Renaissance Technologies LLC bought a new stake in shares of Haemonetics in the second quarter worth $4,592,000. Finally, Mercer Global Advisors Inc. ADV boosted its stake in Haemonetics by 40.7% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 5,941 shares of the medical instruments supplier’s stock valued at $491,000 after acquiring an additional 1,718 shares during the last quarter. 99.67% of the stock is currently owned by institutional investors and hedge funds.

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.