Shares of Hain Celestial Group Inc. today hit a new 52-week high, trading at $56.12, above its previous 52-week high of $55.98.
The stock rose after an analyst at Suntrust initiated coverage of the company with a “buy” rating. According to Bloomberg News, the analyst set a target price for Hain of $65.
The Melville-based company, which produces natural and organic food and personal products, plans to move its headquarters to Lake Success. It recently expressed interest in obtaining potatoes for its chips from farmland and other parcels purchased by Nassau County to preserve open space.
Its shares were trading at $55.73 at 2:01 p.m., up 69 cents.
The company has a stock market capitalization of $2.49 billion.
Pictured: Hain Celestial chief executive Irwin D. Simon.