Rosenblatt Downgrades Haynes International to Neutral

Brokerage firm Rosenblatt Downgrades its rating on Haynes International(NASDAQ:HAYN). The shares have been rated Neutral. Previously, the analysts had a Buy rating on the shares. The rating by Rosenblatt was issued on Aug 29, 2016.

Haynes International (HAYN) made into the market gainers list on Thursdays trading session with the shares advancing 0.81% or 0.3 points. Due to strong positive momentum, the stock ended at $37.19, which is also near the day’s high of $37.3. The stock began the session at $37.06 and the volume stood at 72,511 shares. The 52-week high of the shares is $43.0745 and the 52 week low is $25.53. The company has a current market capitalization of $465 M and it has 1,24,91,149 shares in outstanding.

Haynes International(HAYN) last announced its earnings results on Aug 4, 2016 for Fiscal Year 2016 and Q3.Company reported revenue of $101.25M. Analysts had an estimated revenue of $103.52M. Earnings per share were $0.15. Analysts had estimated an EPS of $-0.02.

Several Insider Transactions has been reported to the SEC. On Jun 2, 2016, Janice Gunst (VP-General Counsel & Secretary) purchased 142 shares at $29.04 per share price.Also, 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.

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