Haynes International (NASDAQ:HAYN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports.

According to Zacks, “Haynes International, Inc. is a technology-oriented company devoted primarily to the development and manufacture of high-performance nickel- and cobalt-based alloys for service in severe corrosion and high-temperature applications. Superior customer service and technical support are provided worldwide by well-trained professionals within the company. Haynes’ service centers and affiliates have available in-stock sheet, plate, bar, wire, tubing, forging stock, fittings, and flanges. “

Other equities research analysts also recently issued reports about the stock. BidaskClub downgraded shares of Haynes International from a “hold” rating to a “sell” rating in a research report on Friday, July 12th. ValuEngine downgraded shares of Haynes International from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st.

HAYN stock traded up $0.26 during trading on Wednesday, reaching $30.23. The stock had a trading volume of 54,183 shares, compared to its average volume of 56,816. Haynes International has a one year low of $24.46 and a one year high of $39.57. The company has a quick ratio of 1.57, a current ratio of 5.56 and a debt-to-equity ratio of 0.03. The company’s 50 day moving average is $30.37 and its two-hundred day moving average is $32.02. The company has a market capitalization of $369.14 million, a price-to-earnings ratio of -431.86 and a beta of 1.67.

Haynes International (NASDAQ:HAYN) last issued its quarterly earnings data on Thursday, August 1st. The basic materials company reported $0.30 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.39 by ($0.09). Haynes International had a return on equity of 2.06% and a net margin of 1.21%. The firm had revenue of $126.03 million during the quarter, compared to the consensus estimate of $130.14 million. During the same period in the previous year, the company posted $0.05 earnings per share. The company’s revenue for the quarter was up 11.4% on a year-over-year basis. As a group, research analysts predict that Haynes International will post 0.6 earnings per share for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its position in shares of Haynes International by 8.8% during the 4th quarter. Geode Capital Management LLC now owns 138,845 shares of the basic materials company’s stock valued at $3,665,000 after acquiring an additional 11,286 shares during the period. Bank of Montreal Can grew its position in shares of Haynes International by 3.8% during the 1st quarter. Bank of Montreal Can now owns 219,451 shares of the basic materials company’s stock valued at $7,204,000 after acquiring an additional 8,005 shares during the period. Victory Capital Management Inc. grew its position in shares of Haynes International by 16.2% during the 1st quarter. Victory Capital Management Inc. now owns 49,600 shares of the basic materials company’s stock valued at $1,628,000 after acquiring an additional 6,900 shares during the period. SG Americas Securities LLC bought a new position in shares of Haynes International during the 1st quarter valued at approximately $160,000. Finally, BNP Paribas Arbitrage SA grew its position in shares of Haynes International by 882.0% during the 1st quarter. BNP Paribas Arbitrage SA now owns 2,887 shares of the basic materials company’s stock valued at $95,000 after acquiring an additional 2,593 shares during the period. 92.34% of the stock is owned by hedge funds and other institutional investors.

About Haynes International

Haynes International, Inc engages in the development, manufacture, and marketing of nickel-and cobalt-based alloys used in corrosion and high-temperature applications. It supports a range of industries such as aerospace, chemical processing, and industrial gas turbine. The company was founded by Elwood P.

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