Granahan Investment Management Inc. MA Sells 308,619 Shares of Invacare Corporation (IVC)
Granahan Investment Management Inc. MA cut its holdings in shares of Invacare Corporation (NYSE:IVC) by 37.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 505,111 shares of the health services provider’s stock after selling 308,619 shares during the quarter. Granahan Investment Management Inc. MA owned approximately 1.29% of Invacare worth $7,955,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in IVC. Municipal Employees Retirement System of Michigan lifted its holdings in Invacare by 4.3% during the second quarter. Municipal Employees Retirement System of Michigan now owns 7,580 shares of the health services provider’s stock valued at $100,000 after purchasing an additional 310 shares during the last quarter. 1st Global Advisors Inc. purchased a new stake in Invacare during the second quarter valued at about $138,000. Leucadia National Corp purchased a new stake in Invacare during the second quarter valued at about $161,000. Louisiana State Employees Retirement System lifted its holdings in shares of Invacare by 1.6% in the second quarter. Louisiana State Employees Retirement System now owns 13,100 shares of the health services provider’s stock worth $173,000 after buying an additional 200 shares in the last quarter. Finally, BNP Paribas Arbitrage SA lifted its holdings in shares of Invacare by 39.8% in the second quarter. BNP Paribas Arbitrage SA now owns 14,646 shares of the health services provider’s stock worth $193,000 after buying an additional 4,166 shares in the last quarter. 94.65% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have recently issued reports on IVC shares. Zacks Investment Research downgraded shares of Invacare from a “hold” rating to a “sell” rating in a report on Tuesday, November 14th. KeyCorp reissued a “buy” rating and issued a $18.00 price target on shares of Invacare in a report on Friday, November 10th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $15.00.
Shares of Invacare Corporation (NYSE:IVC) traded down $0.15 during trading on Tuesday, hitting $17.00. 329,100 shares of the stock were exchanged, compared to its average volume of 491,799. Invacare Corporation has a 52-week low of $9.90 and a 52-week high of $17.95. The company has a current ratio of 2.28, a quick ratio of 1.57 and a debt-to-equity ratio of 0.55.
Invacare (NYSE:IVC) last announced its quarterly earnings results on Tuesday, November 7th. The health services provider reported ($0.41) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.02. Invacare had a negative net margin of 7.95% and a negative return on equity of 13.33%. The firm had revenue of $250.91 million for the quarter, compared to the consensus estimate of $239.88 million. During the same period in the prior year, the firm posted ($0.37) earnings per share. The company’s revenue for the quarter was down 6.4% on a year-over-year basis. analysts anticipate that Invacare Corporation will post -2 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 16th. Stockholders of record on Thursday, January 4th will be issued a $0.0125 dividend. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.29%. The ex-dividend date is Wednesday, January 3rd. Invacare’s payout ratio is -2.13%.
In other news, SVP Dean J. Childers sold 6,249 shares of the stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $15.15, for a total value of $94,672.35. Following the sale, the senior vice president now directly owns 44,875 shares of the company’s stock, valued at $679,856.25. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 3.20% of the company’s stock.
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Invacare Corporation is a manufacturer and distributor for medical equipment used in non-acute care settings. The Company’s geographical segments are Europe; North America, which includes North America/Home Medical Equipment (North America/HME) and Institutional Products Group (IPG) segments, and Asia/Pacific.
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