Zacks Investment Research upgraded shares of Haynes International (NASDAQ:HAYN) from a hold rating to a buy rating in a research note published on Wednesday. The brokerage currently has $48.00 target price 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. “
A number of other brokerages have also recently commented on HAYN. BidaskClub raised shares of Haynes International from a hold rating to a buy rating in a research note on Sunday, February 11th. JPMorgan Chase & Co. raised shares of Haynes International from a neutral rating to an overweight rating in a research note on Monday, February 5th. KeyCorp reissued a hold rating on shares of Haynes International in a research note on Thursday, November 16th. Finally, ValuEngine cut shares of Haynes International from a hold rating to a sell rating in a research note on Friday, February 2nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. The company presently has an average rating of Buy and an average price target of $40.33.
Haynes International (NASDAQ:HAYN) last issued its quarterly earnings data on Thursday, February 1st. The basic materials company reported ($0.24) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.34) by $0.10. The firm had revenue of $89.70 million for the quarter, compared to analysts’ expectations of $94.95 million. Haynes International had a negative net margin of 8.18% and a negative return on equity of 3.76%. The firm’s revenue was down 3.9% on a year-over-year basis. During the same period in the prior year, the company earned ($0.06) EPS. analysts predict that Haynes International will post 0.94 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Thursday, March 1st will be issued a $0.22 dividend. The ex-dividend date is Wednesday, February 28th. This represents a $0.88 dividend on an annualized basis and a yield of 2.00%. Haynes International’s dividend payout ratio (DPR) is -33.98%.
In other news, Director Dawne S. Hickton bought 2,000 shares of Haynes International stock in a transaction on Thursday, December 14th. The shares were bought at an average cost of $31.50 per share, for a total transaction of $63,000.00. Following the acquisition, the director now owns 5,300 shares in the company, valued at $166,950. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.41% of the stock is currently owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC purchased a new position in Haynes International in the 4th quarter valued at about $111,000. Municipal Employees Retirement System of Michigan lifted its holdings in Haynes International by 59.0% in the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 4,690 shares of the basic materials company’s stock valued at $168,000 after purchasing an additional 1,740 shares in the last quarter. MetLife Investment Advisors LLC purchased a new position in Haynes International in the 4th quarter valued at about $213,000. Virtu Financial LLC purchased a new position in Haynes International in the 4th quarter valued at about $226,000. Finally, BNP Paribas Arbitrage SA lifted its holdings in Haynes International by 63.8% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 6,713 shares of the basic materials company’s stock valued at $241,000 after purchasing an additional 2,615 shares in the last quarter. Institutional investors own 99.93% of the company’s stock.
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About Haynes International
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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