Varex Imaging (VREX) Downgraded by TheStreet

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Varex Imaging (NASDAQ:VREX) was downgraded by equities researchers at TheStreet from a “c-” rating to a “d+” rating in a research note issued to investors on Friday.

Several other research analysts have also recently issued reports on the company. Jefferies Financial Group reduced their price objective on Varex Imaging to $33.00 and set a “buy” rating for the company in a research note on Friday, August 3rd. Zacks Investment Research upgraded Varex Imaging from a “strong sell” rating to a “hold” rating in a research note on Thursday, October 4th. Finally, ValuEngine upgraded Varex Imaging from a “hold” rating to a “buy” rating in a research note on Thursday, July 26th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Varex Imaging currently has an average rating of “Hold” and a consensus price target of $37.00.

Shares of NASDAQ:VREX opened at $25.18 on Friday. Varex Imaging has a 52-week low of $24.06 and a 52-week high of $43.76. The stock has a market capitalization of $937.38 million, a PE ratio of 13.99, a PEG ratio of 1.55 and a beta of 1.88. The company has a debt-to-equity ratio of 0.89, a current ratio of 3.16 and a quick ratio of 1.42.

Varex Imaging (NASDAQ:VREX) last announced its quarterly earnings data on Thursday, August 2nd. The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.17). Varex Imaging had a return on equity of 15.16% and a net margin of 5.39%. The firm had revenue of $191.20 million during the quarter, compared to analysts’ expectations of $196.88 million. During the same quarter in the previous year, the business earned $0.44 earnings per share. The company’s revenue for the quarter was up 12.4% compared to the same quarter last year. As a group, equities analysts predict that Varex Imaging will post 1.33 earnings per share for the current fiscal year.

In related news, CFO Clarence R. Verhoef bought 3,300 shares of the company’s stock in a transaction that occurred on Friday, August 17th. The shares were purchased at an average cost of $29.58 per share, with a total value of $97,614.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sunny Sanyal bought 7,000 shares of the company’s stock in a transaction that occurred on Friday, August 10th. The shares were bought at an average cost of $28.18 per share, for a total transaction of $197,260.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 20,300 shares of company stock valued at $578,774. Company insiders own 1.60% of the company’s stock.

A number of institutional investors have recently bought and sold shares of VREX. BlackRock Inc. grew its holdings in Varex Imaging by 9.5% during the second quarter. BlackRock Inc. now owns 5,549,006 shares of the company’s stock worth $205,812,000 after acquiring an additional 479,694 shares during the period. WINTON GROUP Ltd grew its holdings in Varex Imaging by 1,106.1% during the second quarter. WINTON GROUP Ltd now owns 494,541 shares of the company’s stock worth $18,343,000 after acquiring an additional 453,536 shares during the period. Cooke & Bieler LP grew its holdings in Varex Imaging by 46.0% during the second quarter. Cooke & Bieler LP now owns 640,460 shares of the company’s stock worth $23,755,000 after acquiring an additional 201,929 shares during the period. Wells Fargo & Company MN grew its holdings in Varex Imaging by 85.7% during the second quarter. Wells Fargo & Company MN now owns 340,406 shares of the company’s stock worth $12,627,000 after acquiring an additional 157,139 shares during the period. Finally, Bank of Montreal Can grew its holdings in Varex Imaging by 2,297.1% during the second quarter. Bank of Montreal Can now owns 134,168 shares of the company’s stock worth $4,977,000 after acquiring an additional 128,571 shares during the period. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

Varex Imaging Company Profile

Varex Imaging Corporation designs and manufactures X-ray imaging components. The company operates in two segments, Medical and Industrial. The Medical segment designs, manufactures, sells, and services X-ray imaging components comprising X-ray tubes, digital flat panel image detectors, high voltage connectors, image-processing software and workstations, computer-aided diagnostic software, collimators, automatic exposure control devices, generators, ionization chambers, and buckys.

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