Zacks Investment Research cut shares of Haynes International (NASDAQ:HAYN) from a buy rating to a hold rating in a report issued on Tuesday. They currently have $50.00 price target on the basic materials company’s stock.
According to Zacks, “Haynes International, Inc. is a technology-oriented company devoted primarily to the development and manufacture of high-performance nickel- and cobalt-based alloys for service in severe corrosion and high-temperature applications. Superior customer service and technical support are provided worldwide by well-trained professionals within the company. Haynes’ service centers and affiliates have available in-stock sheet, plate, bar, wire, tubing, forging stock, fittings, and flanges. “
Several other analysts have also weighed in on the company. BidaskClub upgraded Haynes International from a hold rating to a buy rating in a report on Sunday, February 11th. JPMorgan Chase & Co. upgraded Haynes International from a neutral rating to an overweight rating in a report on Monday, February 5th. ValuEngine lowered Haynes International from a hold rating to a sell rating in a report on Friday, February 2nd. Finally, KeyCorp restated a hold rating on shares of Haynes International in a report on Thursday, November 16th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. Haynes International has an average rating of Hold and a consensus target price of $41.00.
Haynes International (NASDAQ:HAYN) last announced its quarterly earnings results on Thursday, February 1st. The basic materials company reported ($0.24) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.34) by $0.10. Haynes International had a negative return on equity of 3.76% and a negative net margin of 8.18%. The company had revenue of $89.70 million during the quarter, compared to analyst estimates of $94.95 million. During the same quarter in the previous year, the firm posted ($0.06) EPS. The firm’s quarterly revenue was down 3.9% on a year-over-year basis. sell-side analysts expect that Haynes International will post 0.94 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Thursday, March 1st will be issued a $0.22 dividend. The ex-dividend date of this dividend is Wednesday, February 28th. This represents a $0.88 annualized dividend and a dividend yield of 1.99%. Haynes International’s dividend payout ratio (DPR) is -33.98%.
In other news, Director Dawne S. Hickton acquired 2,000 shares of the business’s stock in a transaction dated Thursday, December 14th. The stock was acquired at an average price of $31.50 per share, for a total transaction of $63,000.00. Following the completion of the acquisition, the director now directly owns 5,300 shares in the company, valued at approximately $166,950. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 4.56% of the company’s stock.
Several institutional investors have recently made changes to their positions in HAYN. SG Americas Securities LLC acquired a new stake in shares of Haynes International in the fourth quarter valued at $111,000. Municipal Employees Retirement System of Michigan raised its position in shares of Haynes International by 59.0% during the third quarter. Municipal Employees Retirement System of Michigan now owns 4,690 shares of the basic materials company’s stock worth $168,000 after purchasing an additional 1,740 shares during the period. MetLife Investment Advisors LLC acquired a new stake in shares of Haynes International during the fourth quarter worth $213,000. Virtu Financial LLC acquired a new stake in shares of Haynes International during the fourth quarter worth $226,000. Finally, BNP Paribas Arbitrage SA raised its position in shares of Haynes International by 63.8% during the third quarter. BNP Paribas Arbitrage SA now owns 6,713 shares of the basic materials company’s stock worth $241,000 after purchasing an additional 2,615 shares during the period. Institutional investors and hedge funds own 98.56% of the company’s stock.
Haynes International Company Profile
Haynes International, Inc (Haynes) is a producer of nickel- and cobalt-based alloys in flat product forms, such as sheet, coil and plate forms. The Company also produces its products as seamless and welded tubulars, and in slab, bar, billet and wire forms. It focuses on developing, manufacturing, marketing and distributing alloys, which are sold in the aerospace, chemical processing and industrial gas turbine industries.
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