Cross Country Healthcare (NASDAQ:CCRN) Posts Earnings Results

Cross Country Healthcare (NASDAQ:CCRN – Get Rating) posted its earnings results on Wednesday. The business services provider reported $1.70 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.30, MarketWatch Earnings reports. Cross Country Healthcare had a return on equity of 66.94% and a net margin of 8.17%. The firm had revenue of $788.70 million for the quarter, compared to the consensus estimate of $745.54 million. During the same quarter in the prior year, the business earned $0.58 EPS. The business’s revenue for the quarter was up 139.6% on a year-over-year basis. Cross Country Healthcare updated its Q2 guidance to $1.30-$1.40 EPS.

CCRN stock traded down $0.50 during midday trading on Friday, hitting $17.21. The company’s stock had a trading volume of 525,466 shares, compared to its average volume of 516,323. The company has a market cap of $655.01 million, a PE ratio of 3.72, a P/E/G ratio of 0.84 and a beta of 1.09. Cross Country Healthcare has a 12 month low of $14.23 and a 12 month high of $30.40. The company has a current ratio of 2.54, a quick ratio of 2.54 and a debt-to-equity ratio of 0.59. The firm’s 50-day moving average is $20.60 and its 200-day moving average is $22.67.

In related news, General Counsel Susan E. Ball sold 17,458 shares of the company’s stock in a transaction that occurred on Monday, March 7th. The stock was sold at an average price of $20.72, for a total value of $361,729.76. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO William J. Burns sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, March 7th. The shares were sold at an average price of $20.54, for a total value of $205,400.00. The disclosure for this sale can be found here. Corporate insiders own 5.00% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Advisor Group Holdings Inc. lifted its holdings in shares of Cross Country Healthcare by 176.0% during the 1st quarter. Advisor Group Holdings Inc. now owns 8,179 shares of the business services provider’s stock valued at $177,000 after buying an additional 5,216 shares during the period. CIBC World Markets Inc. bought a new position in shares of Cross Country Healthcare during the 4th quarter valued at $237,000. Royal Bank of Canada lifted its holdings in shares of Cross Country Healthcare by 106.7% during the 2nd quarter. Royal Bank of Canada now owns 8,860 shares of the business services provider’s stock valued at $147,000 after buying an additional 4,574 shares during the period. Virtu Financial LLC bought a new position in shares of Cross Country Healthcare during the 4th quarter valued at $307,000. Finally, MetLife Investment Management LLC lifted its holdings in shares of Cross Country Healthcare by 20.5% during the 4th quarter. MetLife Investment Management LLC now owns 12,489 shares of the business services provider’s stock valued at $347,000 after buying an additional 2,121 shares during the period. 89.46% of the stock is currently owned by hedge funds and other institutional investors.

Several analysts recently weighed in on the company. Benchmark upped their price target on Cross Country Healthcare from $33.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday, February 24th. Zacks Investment Research upgraded Cross Country Healthcare from a “hold” rating to a “strong-buy” rating and set a $22.00 price target on the stock in a research note on Friday, January 21st. StockNews.com assumed coverage on Cross Country Healthcare in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Barrington Research upped their price target on Cross Country Healthcare from $33.00 to $44.00 in a research note on Monday, April 11th. Finally, Jefferies Financial Group upgraded Cross Country Healthcare from a “hold” rating to a “buy” rating and upped their price target for the stock from $18.00 to $27.00 in a research note on Thursday, January 27th. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cross Country Healthcare has an average rating of “Buy” and an average target price of $28.14.

About Cross Country Healthcare (Get Rating)

Cross Country Healthcare, Inc provides talent management and other consultative services for healthcare clients in the United States. The company operates in two segments, Nurse and Allied Staffing and Physician Staffing. The Nurse and Allied Staffing segment offers traditional staffing, including temporary and permanent placement of travel nurses and allied professionals, local nurses, and allied staffing; staffing solutions for registered nurses, licensed practical nurses, certified nurse assistants, practitioners, pharmacists, and other allied professionals on per diem and short-term assignments; and clinical and non-clinical professionals on long-term contract assignments, as well as workforce solutions, including MSP, RPO, and consulting services.

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