Fairpointe Capital LLC Boosts Position in Varex Imaging Corp (VREX)
Fairpointe Capital LLC increased its stake in shares of Varex Imaging Corp (NASDAQ:VREX) by 0.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,058,880 shares of the company’s stock after purchasing an additional 2,568 shares during the quarter. Fairpointe Capital LLC owned approximately 2.79% of Varex Imaging worth $39,274,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Putnam Investments LLC acquired a new position in Varex Imaging during the 2nd quarter worth approximately $1,024,000. Bank of America Corp DE increased its position in Varex Imaging by 11.1% during the 2nd quarter. Bank of America Corp DE now owns 979,130 shares of the company’s stock worth $36,315,000 after purchasing an additional 97,742 shares in the last quarter. Renaissance Technologies LLC increased its position in Varex Imaging by 1.0% during the 2nd quarter. Renaissance Technologies LLC now owns 271,900 shares of the company’s stock worth $10,085,000 after purchasing an additional 2,700 shares in the last quarter. Commonwealth Bank of Australia increased its position in Varex Imaging by 16.5% during the 2nd quarter. Commonwealth Bank of Australia now owns 812,907 shares of the company’s stock worth $30,145,000 after purchasing an additional 115,342 shares in the last quarter. Finally, Citadel Advisors LLC bought a new stake in Varex Imaging during the 2nd quarter worth approximately $2,047,000. Institutional investors and hedge funds own 93.60% of the company’s stock.
A number of equities research analysts have weighed in on VREX shares. Jefferies Financial Group reduced their target price on shares of Varex Imaging to $33.00 and set a “buy” rating on the stock in a report on Friday, August 3rd. ValuEngine raised shares of Varex Imaging from a “hold” rating to a “buy” rating in a report on Thursday, July 26th. Finally, Zacks Investment Research raised shares of Varex Imaging from a “strong sell” rating to a “hold” rating in a report on Thursday, October 4th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $37.00.
Varex Imaging (NASDAQ:VREX) last posted its quarterly earnings data on Thursday, August 2nd. The company reported $0.34 EPS for the quarter, missing the Zacks’ consensus estimate of $0.51 by ($0.17). Varex Imaging had a net margin of 5.39% and a return on equity of 15.16%. The firm had revenue of $191.20 million during the quarter, compared to the consensus estimate of $196.88 million. During the same period in the prior year, the company posted $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, sell-side analysts anticipate that Varex Imaging Corp will post 1.33 earnings per share for the current year.
In other Varex Imaging news, Director Walter M. Rosebrough, Jr. acquired 10,000 shares of the stock in a transaction on Tuesday, August 7th. The shares were purchased at an average price of $28.39 per share, for a total transaction of $283,900.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Clarence R. Verhoef acquired 3,300 shares of the stock in a transaction on Friday, August 17th. The shares were acquired at an average price of $29.58 per share, for a total transaction of $97,614.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 20,300 shares of company stock worth $578,774 in the last quarter. 1.60% of the stock is owned by corporate insiders.
Varex Imaging 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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