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

Haemonetics Co. (NYSE:HAE) shares gapped down before the market opened 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 trading hands.

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%.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Haemonetics

Several institutional investors have recently modified their holdings of HAE. Wellington Management Group LLP boosted its stake in Haemonetics by 9.5% in the third quarter. Wellington Management Group LLP now owns 4,201,565 shares of the medical instruments supplier’s stock valued at $337,722,000 after acquiring an additional 363,702 shares during the last quarter. Royce & Associates LP boosted its position in shares of Haemonetics by 2.6% in the 3rd quarter. Royce & Associates LP now owns 1,210,546 shares of the medical instruments supplier’s stock worth $97,304,000 after purchasing an additional 30,868 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Haemonetics by 1.8% during the third quarter. Geode Capital Management LLC now owns 1,193,927 shares of the medical instruments supplier’s stock worth $95,986,000 after purchasing an additional 21,547 shares during the period. Thrivent Financial for Lutherans grew its stake in shares of Haemonetics by 29.5% during the third quarter. Thrivent Financial for Lutherans now owns 1,100,183 shares of the medical instruments supplier’s stock worth $88,433,000 after purchasing an additional 250,833 shares during the period. Finally, Boston Trust Walden Corp increased its holdings in Haemonetics by 13.1% in the fourth quarter. Boston Trust Walden Corp now owns 915,722 shares of the medical instruments supplier’s stock valued at $71,500,000 after purchasing an additional 106,114 shares during the last quarter. Institutional investors and hedge funds own 99.67% of the company’s stock.

Haemonetics Stock Performance

The stock has a market cap of $3.16 billion, a P/E ratio of 26.12, a PEG ratio of 1.07 and a beta of 0.39. The stock has a fifty day simple moving average of $77.44 and a 200-day simple moving average of $78.73. The company has a quick ratio of 2.09, a current ratio of 3.49 and a debt-to-equity ratio of 1.39.

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.