Zacks Investment Research Lowers Cross Country Healthcare (CCRN) to Sell

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Zacks Investment Research lowered shares of Cross Country Healthcare (NASDAQ:CCRN) from a hold rating to a sell rating in a research report released on Tuesday morning.

According to Zacks, “Cross Country Healthcare, Inc. is a national leader in providing innovative healthcare workforce solutions and staffing services. Their diverse client base includes both clinical and nonclinical settings, servicing acute care hospitals, physician practice groups, outpatient and ambulatory-care centers, nursing facilities, both public schools and charter schools, rehabilitation and sports medicine clinics, government facilities, and homecare. They are able to place clinicians on travel and per diem assignments, local short-term contracts and permanent positions. They are a market leader in providing flexible workforce management solutions, which include managed services programs (MSP), internal resource pool consulting and development, electronic medical record (EMR) transition staffing, recruitment process outsourcing, predictive modeling and other outsourcing and consultative services. “

A number of other research firms also recently issued reports on CCRN. ValuEngine downgraded Cross Country Healthcare from a sell rating to a strong sell rating in a research note on Friday, August 3rd. BidaskClub downgraded Cross Country Healthcare from a strong-buy rating to a buy rating in a research note on Friday, June 8th. Barrington Research restated an outperform rating on shares of Cross Country Healthcare in a research note on Thursday, August 9th. Cantor Fitzgerald restated a hold rating and set a $10.00 price target (down previously from $11.00) on shares of Cross Country Healthcare in a research note on Wednesday, August 1st. Finally, Credit Suisse Group dropped their price target on Cross Country Healthcare from $11.50 to $9.00 and set a neutral rating on the stock in a research note on Thursday, August 2nd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $13.14.

CCRN opened at $9.22 on Tuesday. Cross Country Healthcare has a one year low of $7.41 and a one year high of $14.65. The stock has a market capitalization of $335.00 million, a PE ratio of 15.11, a price-to-earnings-growth ratio of 3.13 and a beta of 0.79. The company has a current ratio of 2.33, a quick ratio of 2.33 and a debt-to-equity ratio of 0.38.

Cross Country Healthcare (NASDAQ:CCRN) last released its quarterly earnings data on Wednesday, August 1st. The business services provider reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). The business had revenue of $204.57 million during the quarter, compared to analysts’ expectations of $209.29 million. Cross Country Healthcare had a net margin of 4.39% and a return on equity of 7.90%. The company’s revenue was down 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.16 EPS. research analysts expect that Cross Country Healthcare will post 0.24 earnings per share for the current year.

In related news, General Counsel Susan E. Ball acquired 5,091 shares of the firm’s stock in a transaction on Thursday, August 9th. The stock was bought at an average cost of $9.65 per share, with a total value of $49,128.15. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Joseph Trunfio acquired 10,650 shares of the firm’s stock in a transaction on Friday, August 10th. The shares were bought at an average cost of $9.43 per share, with a total value of $100,429.50. Following the completion of the transaction, the director now directly owns 139,034 shares in the company, valued at approximately $1,311,090.62. The disclosure for this purchase can be found here. Insiders have purchased a total of 37,341 shares of company stock worth $344,203 in the last 90 days. 3.40% of the stock is currently owned by company insiders.

Institutional investors have recently bought and sold shares of the business. Mackay Shields LLC acquired a new stake in Cross Country Healthcare during the 2nd quarter worth approximately $451,000. Pitcairn Co. lifted its position in Cross Country Healthcare by 50.6% during the 1st quarter. Pitcairn Co. now owns 35,090 shares of the business services provider’s stock worth $390,000 after acquiring an additional 11,786 shares during the period. Systematic Financial Management LP lifted its position in Cross Country Healthcare by 53.2% during the 2nd quarter. Systematic Financial Management LP now owns 634,924 shares of the business services provider’s stock worth $7,143,000 after acquiring an additional 220,357 shares during the period. Heartland Advisors Inc. acquired a new stake in Cross Country Healthcare during the 1st quarter worth approximately $5,443,000. Finally, Dimensional Fund Advisors LP lifted its position in Cross Country Healthcare by 9.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,743,635 shares of the business services provider’s stock worth $19,372,000 after acquiring an additional 151,751 shares during the period. 89.98% of the stock is owned by institutional investors.

Cross Country Healthcare Company Profile

Cross Country Healthcare, Inc provides healthcare staffing, recruiting, and workforce solutions in the United States. The company operates in three segments: Nurse and Allied Staffing, Physician Staffing, and Other Human Capital Management Services. The Nurse and Allied Staffing segment offers traditional staffing, including temporary and permanent placement of travel nurses and allied professionals, branch-based local nurses, and allied staffing; short-term staffing of registered nurses, licensed practical nurses, certified nurse assistants, practitioners, pharmacists, and other allied professionals on per diem and short-term assignments; and travel allied professionals on long-term contract assignments.

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