Varex Imaging (NASDAQ:VREX) Stock Has Average Target Price of $16.88

Varex Imaging (NASDAQ:VREX) has been assigned an average recommendation of “Hold” from the seven ratings firms that are presently covering the stock, MarketBeat.com reports. Seven investment analysts have rated the stock with a hold recommendation. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $16.88.

Several research analysts have commented on VREX shares. Weiss Ratings upgraded Varex Imaging from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, October 8th. B. Riley Financial cut shares of Varex Imaging from a “buy” rating to a “hold” rating in a research note on Monday, August 10th. Sidoti reiterated a “neutral” rating and issued a $19.00 target price on shares of Varex Imaging in a research note on Monday, August 10th. CJS Securities downgraded shares of Varex Imaging from an “outperform” rating to a “market perform” rating in a report on Monday, August 17th. Finally, Oppenheimer lowered shares of Varex Imaging from an “outperform” rating to a “market perform” rating in a research report on Monday, August 10th.

Varex Imaging Stock Down 0.1%

VREX stock opened at $18.47 on Wednesday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.53 and a current ratio of 3.38. The company has a market capitalization of $777.59 million, a price-to-earnings ratio of 17.11 and a beta of 0.97. Varex Imaging has a fifty-two week low of $9.09 and a fifty-two week high of $18.63. The stock has a fifty day moving average of $18.11 and a 200-day moving average of $13.36.

Varex Imaging (NASDAQ:VREX) last posted its quarterly earnings results on Monday, August 10th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.10. The company had revenue of $210.50 million for the quarter, compared to analyst estimates of $215.50 million. Varex Imaging had a net margin of 2.55% and a return on equity of 9.19%. As a group, equities research analysts predict that Varex Imaging will post 1.04 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Shubham Maheshwari sold 130,000 shares of the firm’s stock in a transaction on Friday, September 11th. The shares were sold at an average price of $18.46, for a total transaction of $2,399,800.00. Following the sale, the chief financial officer owned 139,972 shares in the company, valued at approximately $2,583,883.12. This trade represents a 48.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Jay K. Kunkel sold 8,121 shares of Varex Imaging stock in a transaction on Monday, September 14th. The stock was sold at an average price of $18.48, for a total transaction of $150,076.08. Following the sale, the director directly owned 15,329 shares of the company’s stock, valued at $283,279.92. This represents a 34.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 4.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Varex Imaging

Institutional investors have recently modified their holdings of the company. Rockefeller Capital Management L.P. purchased a new position in Varex Imaging in the 4th quarter worth $27,000. GAMMA Investing LLC lifted its stake in Varex Imaging by 65.4% in the third quarter. GAMMA Investing LLC now owns 1,657 shares of the company’s stock worth $31,000 after purchasing an additional 655 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new stake in Varex Imaging during the second quarter valued at about $32,000. Legal & General Group Plc bought a new position in shares of Varex Imaging during the second quarter valued at about $43,000. Finally, Farther Finance Advisors LLC grew its stake in shares of Varex Imaging by 177.0% during the third quarter. Farther Finance Advisors LLC now owns 3,559 shares of the company’s stock valued at $66,000 after buying an additional 2,274 shares during the last quarter.

About Varex Imaging

Varex Imaging Corporation (NASDAQ: VREX) develops and manufactures medical imaging components and X-ray products used by original equipment manufacturers, healthcare providers and other customers. Its portfolio includes X-ray tubes, digital detectors, image-processing software and other components that support diagnostic imaging, radiotherapy and industrial inspection systems.

The company’s products are used in a range of applications, including computed tomography, radiography, fluoroscopy, mammography, dental imaging, oncology and image-guided procedures.