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

Haemonetics Co. (NYSE:HAE) gapped down prior to trading on Thursday after the company announced weaker than expected quarterly earnings. 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 changing hands.

The medical instruments supplier reported $1.19 earnings per share 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%.

Wall Street Analyst Weigh In

HAE has been the subject of several recent research reports. JPMorgan Chase & Co. started coverage on shares of Haemonetics in a report on Friday, December 6th. They set an “overweight” rating and a $116.00 target price for the company. Needham & Company LLC restated a “buy” rating and set a $112.00 price objective on shares of Haemonetics in a research report on Tuesday, December 3rd. Raymond James raised Haemonetics from an “outperform” rating to a “strong-buy” rating and set a $120.00 price target for the company in a research report on Friday, November 8th. Finally, Barrington Research restated an “outperform” rating and issued a $108.00 price objective on shares of Haemonetics in a research report on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $108.78.

Institutional Trading of Haemonetics

Institutional investors have recently made changes to their positions in the stock. Nisa Investment Advisors LLC boosted its holdings in Haemonetics by 124.2% in the third 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 shares of Haemonetics by 25.6% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,176 shares of the medical instruments supplier’s stock worth $92,000 after purchasing an additional 240 shares during the period. KBC Group NV lifted its stake in shares of Haemonetics by 54.6% in the 4th 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. iSAM Funds UK Ltd purchased a new stake in shares of Haemonetics during the 3rd quarter worth about $204,000. Finally, CWC Advisors LLC. acquired a new stake in Haemonetics during the 3rd quarter worth approximately $231,000. 99.67% of the stock is owned by hedge funds and other institutional investors.

Haemonetics Price Performance

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 company’s fifty day moving average is $77.44 and its 200 day moving average is $78.73. The stock has a market cap of $3.25 billion, a PE ratio of 26.50, a price-to-earnings-growth 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.