Haynes International Inc. (HAYN) Stock Rating Lowered by Zacks Investment Research
Haynes International Inc. (NASDAQ:HAYN) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued on Wednesday.
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 equities analysts have also issued reports on HAYN. Rosenblatt Securities lowered Haynes International from a “buy” rating to a “neutral” rating and set a $39.00 price target on the stock. in a research note on Monday, August 29th. JPMorgan Chase & Co. reissued a “buy” rating on shares of Haynes International in a research note on Friday, August 5th.
Shares of Haynes International (NASDAQ:HAYN) traded down 1.089% during midday trading on Wednesday, hitting $36.528. The company had a trading volume of 6,960 shares. The firm’s 50-day moving average is $37.13 and its 200-day moving average is $35.18. The firm has a market capitalization of $451.85 million, a P/E ratio of 59.589 and a beta of 1.80. Haynes International has a 12-month low of $25.53 and a 12-month high of $43.07.
Haynes International (NASDAQ:HAYN) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.17. Haynes International had a return on equity of 1.99% and a net margin of 1.84%. The business had revenue of $101.30 million for the quarter, compared to analyst estimates of $103.52 million. During the same quarter in the prior year, the firm posted $0.62 earnings per share. The firm’s revenue for the quarter was down 16.5% compared to the same quarter last year. On average, analysts predict that Haynes International will post $0.45 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.38%. The ex-dividend date of this dividend was Tuesday, August 30th. Haynes International’s payout ratio is 144.26%.
A number of institutional investors have recently added to or reduced their stakes in HAYN. Foundry Partners LLC raised its position in Haynes International by 25.4% in the second quarter. Foundry Partners LLC now owns 96,630 shares of the company’s stock valued at $3,100,000 after buying an additional 19,555 shares during the last quarter. BNP Paribas Arbitrage SA raised its stake in Haynes International by 120.5% in the second quarter. BNP Paribas Arbitrage SA now owns 4,573 shares of the company’s stock worth $147,000 after buying an additional 2,499 shares in the last quarter. Royal Bank of Canada raised its stake in Haynes International by 2,243.9% in the first quarter. Royal Bank of Canada now owns 5,602 shares of the company’s stock worth $204,000 after buying an additional 5,363 shares in the last quarter. Arizona State Retirement System raised its stake in Haynes International by 4.9% in the first quarter. Arizona State Retirement System now owns 6,365 shares of the company’s stock worth $232,000 after buying an additional 300 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in Haynes International by 22.1% in the first quarter. Legal & General Group Plc now owns 3,005 shares of the company’s stock worth $113,000 after buying an additional 543 shares in the last quarter. 99.20% of the stock is currently owned by hedge funds and other institutional investors.
About Haynes International
Haynes International, Inc produces nickel- and cobalt-based alloys in flat product forms, such as sheet, coil and plate forms. The Company operates through the segment of design, manufacture, marketing and distribution of technologically advanced, high-performance alloys for use in the aerospace, land-based gas turbine, chemical processing and other industries.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Haynes International Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Haynes International Inc. and related companies with MarketBeat.com's FREE daily email newsletter.