Bausch + Lomb (NYSE:BLCO) Shares Gap Down Following Weak Earnings

Bausch + Lomb Co. (NYSE:BLCO) gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $13.72, but opened at $11.70. Bausch + Lomb shares last traded at $10.71, with a volume of 499,441 shares changing hands.

The company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.10). Bausch + Lomb had a negative net margin of 6.62% and a positive return on equity of 3.35%. The company had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same quarter last year, the company posted $0.07 EPS. The firm’s quarterly revenue was up 3.5% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on BLCO. Bank of America decreased their price target on shares of Bausch + Lomb from $18.00 to $17.00 and set an “underperform” rating on the stock in a research note on Thursday, February 20th. HC Wainwright reiterated a “buy” rating and issued a $23.00 price target on shares of Bausch + Lomb in a research note on Tuesday, February 18th. Citigroup decreased their price target on shares of Bausch + Lomb from $14.00 to $13.00 and set a “neutral” rating on the stock in a research note on Thursday. Royal Bank of Canada decreased their price target on shares of Bausch + Lomb from $18.00 to $17.00 and set an “outperform” rating on the stock in a research note on Friday, April 4th. Finally, Evercore ISI cut their price objective on shares of Bausch + Lomb from $19.00 to $15.50 and set an “outperform” rating for the company in a report on Thursday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Bausch + Lomb has a consensus rating of “Hold” and an average target price of $16.86.

Institutional Investors Weigh In On Bausch + Lomb

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. increased its stake in shares of Bausch + Lomb by 68.3% in the 4th quarter. Blue Trust Inc. now owns 2,474 shares of the company’s stock valued at $48,000 after purchasing an additional 1,004 shares during the last quarter. FNY Investment Advisers LLC bought a new position in shares of Bausch + Lomb in the 4th quarter valued at $72,000. Commonwealth Equity Services LLC bought a new position in shares of Bausch + Lomb in the 4th quarter valued at $181,000. Alpine Global Management LLC bought a new position in shares of Bausch + Lomb in the 4th quarter valued at $181,000. Finally, Covestor Ltd bought a new position in shares of Bausch + Lomb in the 4th quarter valued at $188,000. 11.07% of the stock is currently owned by institutional investors.

Bausch + Lomb Stock Performance

The company has a 50 day moving average price of $14.00 and a 200-day moving average price of $16.98. The company has a current ratio of 1.60, a quick ratio of 1.01 and a debt-to-equity ratio of 0.72. The company has a market cap of $4.10 billion, a P/E ratio of -12.74, a price-to-earnings-growth ratio of 0.85 and a beta of 0.54.

About Bausch + Lomb

Bausch + Lomb Corporation operates as an eye health company in the United States, Puerto Rico, China, France, Japan, Germany, the United Kingdom, Canada, Russia, Spain, Italy, Mexico, Poland, South Korea, and internationally. It operates in three segments: Vision Care, Pharmaceuticals, and Surgical. The Vision Care segment provides contact lens that covers the spectrum of wearing modalities, including daily disposable and frequently replaced contact lenses; and contact lens care products comprising over-the-counter eye drops, eye vitamins, and mineral supplements that address various conditions, such as eye allergies, conjunctivitis, dry eye, and redness relief.