Varex Imaging Corp (NASDAQ:VREX) was down 20.3% during trading on Friday following a weaker than expected earnings announcement. The stock traded as low as $34.36 and last traded at $34.61. Approximately 2,274,293 shares changed hands during trading, an increase of 662% from the average daily volume of 298,625 shares. The stock had previously closed at $43.43.
The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.17). The company had revenue of $176.20 million during the quarter, compared to the consensus estimate of $194.00 million. The company’s revenue for the quarter was up 11.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.37 earnings per share.
Several analysts recently issued reports on VREX shares. Jefferies Group lifted their target price on Varex Imaging to $39.00 and gave the company a “buy” rating in a research note on Friday, November 10th. Zacks Investment Research raised Varex Imaging from a “strong sell” rating to a “buy” rating and set a $45.00 target price on the stock in a research note on Saturday, December 23rd. Finally, JPMorgan Chase & Co. raised Varex Imaging from an “underweight” rating to a “neutral” rating in a research note on Wednesday, December 20th.
In related news, insider Sunny Sanyal sold 50,000 shares of Varex Imaging stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $36.50, for a total transaction of $1,825,000.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.60% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. Ameritas Investment Partners Inc. bought a new stake in Varex Imaging during the 2nd quarter valued at approximately $112,000. Pinebridge Investments L.P. purchased a new position in Varex Imaging during the 2nd quarter valued at approximately $167,000. Tufton Capital Management purchased a new position in Varex Imaging during the 3rd quarter valued at approximately $201,000. Welch & Forbes LLC purchased a new position in Varex Imaging during the 4th quarter valued at approximately $205,000. Finally, Public Employees Retirement Association of Colorado purchased a new position in Varex Imaging during the 3rd quarter valued at approximately $206,000. 92.25% of the stock is currently owned by institutional investors.
The company has a quick ratio of 1.72, a current ratio of 3.26 and a debt-to-equity ratio of 1.22.
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Varex Imaging Company Profile
Varex Imaging Corporation is a supplier of medical X-ray tubes and image processing solutions. The Company’s segments include Medical and Industrial. The X-ray imaging system manufacturers use the Company’s components for medical imaging, cargo screening and border security, to detect, diagnose and protect.
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