Varex Imaging (NASDAQ:VREX) Updates Q2 Earnings Guidance

Varex Imaging (NASDAQ:VREXGet Free Report) updated its second quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $0.10-$0.30 for the period, compared to the consensus earnings per share estimate of $0.20. The company issued revenue guidance of $195-$215 million, compared to the consensus revenue estimate of $206.88 million. Varex Imaging also updated its Q2 2024 guidance to 0.100-0.300 EPS.

Varex Imaging Stock Up 0.9 %

Shares of VREX traded up $0.18 during trading hours on Tuesday, hitting $19.44. The stock had a trading volume of 825,908 shares, compared to its average volume of 250,225. The firm has a market capitalization of $787.90 million, a P/E ratio of 18.45, a price-to-earnings-growth ratio of 0.86 and a beta of 0.73. The company has a debt-to-equity ratio of 0.76, a current ratio of 4.04 and a quick ratio of 2.34. Varex Imaging has a 1-year low of $17.05 and a 1-year high of $23.90. The firm has a 50 day simple moving average of $19.92 and a 200-day simple moving average of $19.71.

Varex Imaging (NASDAQ:VREXGet Free Report) last issued its quarterly earnings data on Tuesday, November 14th. The company reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.12. The company had revenue of $227.40 million for the quarter, compared to the consensus estimate of $233.38 million. Varex Imaging had a return on equity of 9.60% and a net margin of 5.40%. The firm’s revenue was down 1.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.32 earnings per share. Sell-side analysts predict that Varex Imaging will post 1.02 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on VREX. Oppenheimer decreased their target price on shares of Varex Imaging from $42.00 to $30.00 and set an outperform rating on the stock in a research report on Wednesday, November 15th. TheStreet upgraded shares of Varex Imaging from a c+ rating to a b- rating in a report on Wednesday, January 3rd. Finally, StockNews.com cut shares of Varex Imaging from a strong-buy rating to a buy rating in a research note on Thursday, November 23rd.

Check Out Our Latest Report on Varex Imaging

Insiders Place Their Bets

In other news, SVP Kimberley E. Honeysett sold 6,174 shares of the stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $19.72, for a total transaction of $121,751.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 5.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Varex Imaging

A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. lifted its stake in shares of Varex Imaging by 0.6% in the second quarter. BlackRock Inc. now owns 7,498,401 shares of the company’s stock worth $176,737,000 after acquiring an additional 47,691 shares in the last quarter. Vanguard Group Inc. raised its stake in Varex Imaging by 1.8% during the third quarter. Vanguard Group Inc. now owns 4,452,336 shares of the company’s stock valued at $94,122,000 after buying an additional 76,727 shares in the last quarter. Shapiro Capital Management LLC raised its stake in Varex Imaging by 5.7% during the first quarter. Shapiro Capital Management LLC now owns 3,146,292 shares of the company’s stock valued at $66,985,000 after buying an additional 168,322 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Varex Imaging by 12.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,226,831 shares of the company’s stock worth $40,505,000 after buying an additional 238,208 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Varex Imaging by 8.1% during the 2nd quarter. State Street Corp now owns 2,083,046 shares of the company’s stock valued at $44,556,000 after acquiring an additional 156,521 shares during the last quarter.

Varex Imaging Company Profile

(Get Free Report)

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.

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