Zacks Investment Research Upgrades Invacare (IVC) to “Hold”
Invacare (NYSE:IVC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “Invacare Corporation is a leading manufacturer and distributor in its markets for medical equipment used in non-acute care settings. At its core, the company designs, manufactures and distributes medical devices that help people to move, breathe, rest and perform essential hygiene. The company provides clinically complex medical device solutions for congenital (e.g., cerebral palsy, muscular dystrophy, spina bifida), acquired (e.g., stroke, spinal cord injury, traumatic brain injury, post-acute recovery, pressure ulcers) and degenerative (e.g., ALS, multiple sclerosis, chronic obstructive pulmonary disease (COPD), elderly, bariatric) ailments. The company’s products are important parts of care for people with a wide range of challenges, from those who are active and involved in work or school each day and may need additional mobility or respiratory support, to those who are cared for in residential care settings, at home and in rehabilitation centers. “
Separately, ValuEngine raised Invacare from a “hold” rating to a “buy” rating in a report on Tuesday, October 2nd. Three investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Invacare presently has an average rating of “Hold” and a consensus target price of $21.50.
Invacare (NYSE:IVC) last announced its quarterly earnings results on Monday, November 5th. The health services provider reported ($0.40) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.30) by ($0.10). The business had revenue of $244.60 million during the quarter, compared to analyst estimates of $250.59 million. Invacare had a negative net margin of 6.17% and a negative return on equity of 12.98%. The business’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same period last year, the company earned ($0.41) earnings per share. On average, equities analysts anticipate that Invacare will post -1.55 EPS for the current fiscal year.
In other news, VP Kathleen P. Leneghan acquired 6,500 shares of Invacare stock in a transaction on Tuesday, November 20th. The stock was bought at an average price of $5.52 per share, for a total transaction of $35,880.00. Following the completion of the purchase, the vice president now owns 45,416 shares in the company, valued at $250,696.32. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Matthew E. Monaghan acquired 13,750 shares of Invacare stock in a transaction on Thursday, November 8th. The stock was purchased at an average price of $7.26 per share, with a total value of $99,825.00. Following the purchase, the chairman now owns 243,897 shares of the company’s stock, valued at approximately $1,770,692.22. The disclosure for this purchase can be found here. Insiders purchased 29,250 shares of company stock valued at $184,485 over the last ninety days. 2.10% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of IVC. SG Americas Securities LLC purchased a new stake in Invacare in the second quarter valued at approximately $234,000. Schwab Charles Investment Management Inc. lifted its stake in Invacare by 6.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 395,203 shares of the health services provider’s stock valued at $7,351,000 after buying an additional 22,733 shares during the last quarter. BlackRock Inc. lifted its stake in Invacare by 7.7% in the second quarter. BlackRock Inc. now owns 4,966,290 shares of the health services provider’s stock valued at $92,374,000 after buying an additional 356,975 shares during the last quarter. Legal & General Group Plc lifted its stake in Invacare by 6.7% in the second quarter. Legal & General Group Plc now owns 65,335 shares of the health services provider’s stock valued at $1,223,000 after buying an additional 4,127 shares during the last quarter. Finally, Brown Advisory Inc. purchased a new stake in shares of Invacare during the second quarter worth approximately $207,000.
Invacare Corporation, together with its subsidiaries, designs, manufactures, distributes, and exports medical equipment for use in home health care, retail, and extended care markets worldwide. The company operates through four segments: North America/Home Medical Equipment, Institutional Products Group, Europe, and the Asia/Pacific.
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