Zacks: Analysts Anticipate Varex Imaging Corp (NASDAQ:VREX) to Announce $0.31 Earnings Per Share

Wall Street analysts expect Varex Imaging Corp (NASDAQ:VREX) to announce earnings per share (EPS) of $0.31 for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Varex Imaging’s earnings. The highest EPS estimate is $0.34 and the lowest is $0.27. Varex Imaging reported earnings per share of $0.34 during the same quarter last year, which indicates a negative year-over-year growth rate of 8.8%. The business is scheduled to issue its next quarterly earnings results after the market closes on Tuesday, August 6th.

On average, analysts expect that Varex Imaging will report full-year earnings of $1.36 per share for the current fiscal year, with EPS estimates ranging from $1.35 to $1.36. For the next fiscal year, analysts anticipate that the company will post earnings of $1.49 per share, with EPS estimates ranging from $1.40 to $1.57. Zacks’ earnings per share averages are an average based on a survey of research analysts that that provide coverage for Varex Imaging.

Varex Imaging (NASDAQ:VREX) last issued its earnings results on Tuesday, May 7th. The company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.01. The company had revenue of $195.80 million for the quarter, compared to analyst estimates of $194.76 million. Varex Imaging had a net margin of 1.65% and a return on equity of 10.93%. The company’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.45 EPS.

Several research analysts recently weighed in on the stock. Northland Securities reissued a “buy” rating and set a $42.00 price objective on shares of Varex Imaging in a research note on Wednesday, May 15th. CJS Securities upgraded shares of Varex Imaging from a “market perform” rating to an “outperform” rating in a report on Tuesday, June 11th. Finally, Zacks Investment Research downgraded shares of Zai Lab from a “buy” rating to a “hold” rating in a report on Saturday, June 15th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $34.60.

In other news, insider Kevin Bruce Yankton sold 1,149 shares of Varex Imaging stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $31.00, for a total value of $35,619.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Kimberley E. Honeysett sold 916 shares of the firm’s stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $30.00, for a total transaction of $27,480.00. The disclosure for this sale can be found here. Insiders sold 2,905 shares of company stock worth $87,677 over the last quarter. 2.40% of the stock is owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in the stock. Arizona State Retirement System raised its holdings in shares of Varex Imaging by 1.0% during the 2nd quarter. Arizona State Retirement System now owns 59,411 shares of the company’s stock valued at $1,821,000 after buying an additional 607 shares in the last quarter. Confluence Investment Management LLC increased its stake in shares of Varex Imaging by 0.9% during the second quarter. Confluence Investment Management LLC now owns 163,972 shares of the company’s stock valued at $5,026,000 after buying an additional 1,421 shares during the period. Bessemer Group Inc. boosted its position in shares of Varex Imaging by 28.5% during the second quarter. Bessemer Group Inc. now owns 24,600 shares of the company’s stock valued at $754,000 after purchasing an additional 5,459 shares in the last quarter. CWM Advisors LLC boosted its position in shares of Varex Imaging by 15.8% during the second quarter. CWM Advisors LLC now owns 7,310 shares of the company’s stock valued at $224,000 after purchasing an additional 996 shares in the last quarter. Finally, First Hawaiian Bank boosted its holdings in Varex Imaging by 13.4% in the second quarter. First Hawaiian Bank now owns 13,662 shares of the company’s stock worth $419,000 after acquiring an additional 1,611 shares in the last quarter. 94.04% of the stock is owned by institutional investors and hedge funds.

Varex Imaging stock traded up $0.38 during midday trading on Friday, hitting $31.99. 181,900 shares of the stock were exchanged, compared to its average volume of 287,331. The firm has a fifty day moving average price of $30.01. Varex Imaging has a 52 week low of $21.57 and a 52 week high of $39.39. The stock has a market capitalization of $1.25 billion, a PE ratio of 24.61, a PEG ratio of 2.41 and a beta of 1.79. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.80 and a quick ratio of 1.13.

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 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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