Invacare Corp. (IVC) Cut to Sell at Zacks Investment Research
Invacare Corp. (NYSE:IVC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.
According to Zacks, “Invacare Corporation is the world’s leading manufacturer and distributor of non-acute health care products based upon its distribution channels, the breadth of its product line and sales. The company designs, manufactures and distributes an extensive line of health care products for the non-acute care environment including the home health care, retail and extended care markets. The company’s products are sold through its world-wide distribution network byits sales force, telemarketing employees and various organizations of independent manufacturer’s representatives. “
Separately, KeyCorp set a $17.00 price objective on shares of Invacare Corp. and gave the stock a “buy” rating in a research note on Thursday, October 6th.
Invacare Corp. (NYSE:IVC) opened at 12.00 on Tuesday. The firm’s market capitalization is $389.63 million. The stock’s 50 day moving average is $11.59 and its 200-day moving average is $11.93. Invacare Corp. has a 12 month low of $9.89 and a 12 month high of $20.41.
Invacare Corp. (NYSE:IVC) last posted its earnings results on Thursday, July 28th. The company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by $0.09. The company had revenue of $275 million for the quarter, compared to analyst estimates of $270.10 million. Invacare Corp. had a negative return on equity of 5.16% and a negative net margin of 2.81%. The business’s quarterly revenue was down 3.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.23) EPS. Equities analysts anticipate that Invacare Corp. will post ($0.95) earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 21st. Shareholders of record on Thursday, October 13th will be paid a $0.0125 dividend. This represents a $0.05 annualized dividend and a yield of 0.42%. The ex-dividend date is Tuesday, October 11th. Invacare Corp.’s dividend payout ratio (DPR) is -5.21%.
A number of hedge funds have recently modified their holdings of IVC. Brandes Investment Partners LP boosted its stake in shares of Invacare Corp. by 754.3% in the second quarter. Brandes Investment Partners LP now owns 951,052 shares of the company’s stock valued at $11,536,000 after buying an additional 839,722 shares during the period. Emerald Acquisition Ltd. purchased a new position in Invacare Corp. during the second quarter valued at approximately $6,796,000. JPMorgan Chase & Co. raised its position in Invacare Corp. by 276.3% in the second quarter. JPMorgan Chase & Co. now owns 761,713 shares of the company’s stock valued at $9,240,000 after buying an additional 559,308 shares in the last quarter. Franklin Resources Inc. raised its position in Invacare Corp. by 16.9% in the first quarter. Franklin Resources Inc. now owns 2,494,237 shares of the company’s stock valued at $32,849,000 after buying an additional 360,000 shares in the last quarter. Finally, Tocqueville Asset Management L.P. purchased a new position in Invacare Corp. during the second quarter valued at approximately $2,582,000.
Invacare Corp. Company Profile
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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