Haynes International (HAYN) is Downgraded by Rosenblatt to Neutral, Price Target at $39

Haynes International (HAYN) was Downgraded by Rosenblatt to ” Neutral” and the brokerage firm has set the Price Target at $39. Earlier the firm had a rating of “Buy ” on the company shares. Rosenblatt advised their investors in a research report released on Aug 29, 2016.

Many Wall Street Analysts have commented on Haynes International. Rosenblatt Upgraded Haynes International on Jul 7, 2016 to ” Buy”, Price Target of the shares are set at $37.

On the company’s financial health, Haynes International reported $0.15 EPS for the quarter, beating the analyst consensus estimate by $ 0.19 according to the earnings call on Aug 4, 2016. Analyst had a consensus of $-0.04. The company had revenue of $101.30 million for the quarter, compared to analysts expectations of $103.09 million. The company’s revenue was down -16.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.62 EPS.

Haynes International opened for trading at $39.78 and hit $40 on the upside on Tuesday, eventually ending the session at $39.45, with a gain of 0.15% or 0.06 points. The heightened volatility saw the trading volume jump to 39,700 shares. Company has a market cap of $493 M.

In a different news, on Jun 2, 2016, Janice Gunst (VP-General Counsel & Secretary) purchased 142 shares at $29.04 per share price. According to the SEC, on May 25, 2016, Jean C Neel (VP – Corporate Affairs) purchased 1,000 shares at $27.99 per share price. On May 20, 2016, Mark Comerford (CEO) purchased 2,500 shares at $26.25 per share price, according to the Form-4 filing with the securities and exchange commission.

Haynes International Inc. (Haynes) is the producer of nickel- and cobalt-based alloys in sheet coil and plate forms. The Company is focused on developing manufacturing marketing and distributing technologically advanced high-performance alloys which are used primarily in the aerospace chemical processing and land-based gas turbine industries. Its products consist of high-temperature resistant alloys (HTA) products and corrosion-resistant alloys (CRA) products. HTA products are used by manufacturers of equipment that is subjected to high temperatures such as jet engines for the aerospace market gas turbine engines used for power generation and waste incineration and industrial heating equipment. CRA products are used in applications that require resistance to corrosive media found in chemical processing power plant emissions control and hazardous waste treatment. It has manufacturing facilities in Kokomo Indiana; Arcadia Louisiana and Mountain Home North Carolina.

Haynes International

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