Haemonetics (NYSE:HAE) Hits New 12-Month Low – Here’s What Happened

Haemonetics Co. (NYSE:HAE)’s share price hit a new 52-week low on Tuesday . The company traded as low as $69.25 and last traded at $69.35, with a volume of 603380 shares trading hands. The stock had previously closed at $71.29.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on HAE. Barrington Research reaffirmed an “outperform” rating and issued a $108.00 target price on shares of Haemonetics in a research note on Wednesday, December 4th. Needham & Company LLC reiterated a “buy” rating and issued a $112.00 target price on shares of Haemonetics in a report on Tuesday, December 3rd. JPMorgan Chase & Co. began coverage on shares of Haemonetics in a report on Friday, December 6th. They set an “overweight” rating and a $116.00 price target for the company. Finally, Raymond James upgraded Haemonetics from an “outperform” rating to a “strong-buy” rating and set a $120.00 price objective on the stock in a report on Friday, November 8th. Three research 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 company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $108.78.

Haemonetics Stock 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 stock has a fifty day moving average price of $79.26 and a 200-day moving average price of $79.45. The firm has a market cap of $3.49 billion, a price-to-earnings ratio of 28.85, a price-to-earnings-growth ratio of 1.14 and a beta of 0.41.

Haemonetics (NYSE:HAE) last issued its quarterly earnings results on Thursday, November 7th. The medical instruments supplier reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.03. The business had revenue of $345.50 million for the quarter, compared to analyst estimates of $342.57 million. Haemonetics had a net margin of 9.10% and a return on equity of 22.67%. The business’s revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.99 earnings per share. On average, analysts expect that Haemonetics Co. will post 4.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Haemonetics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Envestnet Asset Management Inc. grew its position in shares of Haemonetics by 15.4% in the second quarter. Envestnet Asset Management Inc. now owns 41,712 shares of the medical instruments supplier’s stock valued at $3,451,000 after purchasing an additional 5,556 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Haemonetics by 327.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 307,564 shares of the medical instruments supplier’s stock valued at $25,445,000 after buying an additional 235,535 shares during the last quarter. Creative Planning purchased a new position in Haemonetics during the second quarter worth $368,000. Quarry LP acquired a new position in shares of Haemonetics in the second quarter worth $39,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Haemonetics in the second quarter valued at $140,000. Institutional investors and hedge funds own 99.67% of the company’s stock.

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.