Zacks Investment Research Downgrades Cross Country Healthcare Inc. (CCRN) to Sell
Cross Country Healthcare Inc. (NASDAQ:CCRN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
According to Zacks, “Cross Country, Inc. is a provider of healthcare staffing services. They also provide staffing of clinical research professionals and allied healthcare professionals, such as radiology technicians, rehabilitation therapists and respiratory therapists. Their staffing operations are complemented by other human capital management services, including search and recruitment, consulting, education and training and resource management services. “
Other equities analysts have also issued research reports about the company. Cantor Fitzgerald reissued a “buy” rating and issued a $17.00 target price on shares of Cross Country Healthcare in a research note on Sunday, August 7th. BMO Capital Markets reaffirmed a “buy” rating and set a $16.00 price target on shares of Cross Country Healthcare in a research report on Friday, August 5th. Finally, TheStreet lowered Cross Country Healthcare from a “buy” rating to a “hold” rating in a research report on Friday, August 5th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $16.33.
Shares of Cross Country Healthcare (NASDAQ:CCRN) opened at 12.22 on Tuesday. Cross Country Healthcare has a 12-month low of $9.72 and a 12-month high of $18.76. The company has a 50-day moving average price of $12.07 and a 200 day moving average price of $13.09. The firm’s market capitalization is $403.06 million.
Cross Country Healthcare (NASDAQ:CCRN) last released its earnings results on Wednesday, August 3rd. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.03. Cross Country Healthcare had a return on equity of 25.27% and a net margin of 0.09%. The firm had revenue of $199.40 million for the quarter, compared to analyst estimates of $203.56 million. During the same quarter in the prior year, the firm posted $0.10 earnings per share. The company’s quarterly revenue was up 3.5% on a year-over-year basis. Equities research analysts expect that Cross Country Healthcare will post $0.62 earnings per share for the current fiscal year.
In other news, insider William J. Grubbs acquired 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 10th. The stock was acquired at an average cost of $12.03 per share, for a total transaction of $120,300.00. Following the completion of the acquisition, the insider now owns 347,892 shares in the company, valued at $4,185,140.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director W Larry Cash acquired 3,000 shares of the firm’s stock in a transaction that occurred on Friday, August 12th. The shares were purchased at an average price of $12.22 per share, with a total value of $36,660.00. Following the completion of the acquisition, the director now owns 99,253 shares of the company’s stock, valued at approximately $1,212,871.66. The disclosure for this purchase can be found here. Insiders own 4.20% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Prudential Financial Inc. increased its position in Cross Country Healthcare by 1.7% in the first quarter. Prudential Financial Inc. now owns 76,528 shares of the company’s stock worth $890,000 after buying an additional 1,300 shares during the last quarter. JPMorgan Chase & Co. increased its position in Cross Country Healthcare by 0.6% in the first quarter. JPMorgan Chase & Co. now owns 2,940,651 shares of the company’s stock worth $34,200,000 after buying an additional 17,675 shares during the last quarter. Wellington Management Group LLP increased its position in Cross Country Healthcare by 528.5% in the first quarter. Wellington Management Group LLP now owns 2,816,921 shares of the company’s stock worth $32,760,000 after buying an additional 2,368,747 shares during the last quarter. Kennedy Capital Management Inc. increased its position in Cross Country Healthcare by 53.8% in the first quarter. Kennedy Capital Management Inc. now owns 189,536 shares of the company’s stock worth $2,204,000 after buying an additional 66,338 shares during the last quarter. Finally, Wealthsource Partners LLC purchased a new position in Cross Country Healthcare during the first quarter worth about $145,000. Institutional investors and hedge funds own 96.46% of the company’s stock.
About Cross Country Healthcare
Cross Country Healthcare, Inc (CCRN) is engaged in providing healthcare recruiting, staffing and workforce solutions. The Company operates in three segments: Nurse and Allied Staffing, Physician Staffing and Other Human Capital Management Services. Its nurse and allied staffing segment is engaged in providing traditional staffing, including temporary and permanent placement of travel nurses and allied professionals, and branch-based local nurses and allied staffing through its Cross Country Staffing brand, MSN, AHG, Mediscan and DirectEd brands.
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