Varex Imaging (NASDAQ:VREX) Shares Gap Down After Earnings Miss

Shares of Varex Imaging Co. (NASDAQ:VREX) gapped down before the market opened on Friday following a weaker than expected earnings announcement. The stock had previously closed at $16.43, but opened at $14.57. Varex Imaging shares last traded at $15.68, with a volume of 273,337 shares trading hands.

The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.07). The firm had revenue of $206.20 million for the quarter, compared to analysts’ expectations of $205.15 million. Varex Imaging had a return on equity of 9.21% and a net margin of 5.08%. The company’s revenue was down 9.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.26 earnings per share.

Analyst Upgrades and Downgrades

Separately, TheStreet lowered shares of Varex Imaging from a “b-” rating to a “c” rating in a research note on Tuesday, February 6th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of VREX. Pacer Advisors Inc. purchased a new position in Varex Imaging in the 4th quarter valued at about $20,481,000. Pzena Investment Management LLC lifted its stake in Varex Imaging by 68.7% in the 1st quarter. Pzena Investment Management LLC now owns 1,815,759 shares of the company’s stock worth $32,865,000 after purchasing an additional 739,224 shares in the last quarter. First Eagle Investment Management LLC purchased a new position in Varex Imaging in the 3rd quarter worth approximately $5,098,000. Knights of Columbus Asset Advisors LLC lifted its stake in Varex Imaging by 99.1% in the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 338,876 shares of the company’s stock worth $6,947,000 after purchasing an additional 168,644 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Varex Imaging by 6.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,519,686 shares of the company’s stock worth $51,654,000 after purchasing an additional 145,968 shares in the last quarter.

Varex Imaging Price Performance

The company has a debt-to-equity ratio of 0.76, a quick ratio of 2.37 and a current ratio of 4.30. The stock’s 50 day simple moving average is $17.32 and its two-hundred day simple moving average is $18.49. The firm has a market capitalization of $632.95 million, a PE ratio of 16.24, a price-to-earnings-growth ratio of 2.39 and a beta of 0.72.

Varex Imaging Company Profile

Varex Imaging Corporation designs, manufactures, and sells X-ray imaging components. The company operates through two segments, Medical and Industrial. The Medical segment designs, manufactures, sells, and services X-ray imaging components, comprising X-ray tubes, digital detectors and accessories, ionization chambers, high voltage connectors, image-processing software and workstations, 3D reconstruction software, computer-aided diagnostic software, collimators, automatic exposure control devices, generators, and heat exchangers.