Zacks Investment Research Lowers Invacare Corporation (IVC) to Sell
Zacks Investment Research cut shares of Invacare Corporation (NYSE:IVC) from a hold rating to a sell rating in a report issued on Tuesday morning.
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. “
Several other equities research analysts have also recently weighed in on IVC. ValuEngine raised Invacare Corporation from a sell rating to a hold rating in a research note on Friday, August 4th. KeyCorp reaffirmed a buy rating and set a $18.00 target price on shares of Invacare Corporation in a research note on Friday, November 10th. Finally, BidaskClub cut Invacare Corporation from a sell rating to a strong sell rating in a research note on Wednesday, August 2nd. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $15.00.
Shares of Invacare Corporation (NYSE:IVC) opened at $17.60 on Tuesday. 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 Corporation has a one year low of $9.90 and a one year high of $17.95.
Invacare Corporation (NYSE:IVC) last issued its quarterly earnings results on Tuesday, November 7th. The health services provider reported ($0.41) earnings per share for the quarter, beating the consensus estimate of ($0.43) by $0.02. The company had revenue of $250.91 million during the quarter, compared to analysts’ expectations of $239.88 million. Invacare Corporation had a negative return on equity of 13.33% and a negative net margin of 7.95%. The business’s quarterly revenue was down 6.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.37) earnings per share. research analysts predict that Invacare Corporation will post -1.93 EPS for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Thursday, January 4th will be paid a dividend of $0.0125 per share. The ex-dividend date of this dividend is Wednesday, January 3rd. This represents a $0.05 annualized dividend and a yield of 0.28%. Invacare Corporation’s dividend payout ratio is currently -2.14%.
In related news, SVP Dean J. Childers sold 6,249 shares of the firm’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $15.15, for a total transaction of $94,672.35. Following the completion of the sale, the senior vice president now owns 44,875 shares of the company’s stock, valued at $679,856.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in Invacare Corporation by 3.8% during the second quarter. Vanguard Group Inc. now owns 2,934,593 shares of the health services provider’s stock worth $38,736,000 after purchasing an additional 107,359 shares during the period. Dimensional Fund Advisors LP grew its stake in Invacare Corporation by 3.3% during the first quarter. Dimensional Fund Advisors LP now owns 2,669,248 shares of the health services provider’s stock worth $31,764,000 after purchasing an additional 84,507 shares during the period. Royce & Associates LP grew its stake in Invacare Corporation by 4.4% during the third quarter. Royce & Associates LP now owns 1,414,169 shares of the health services provider’s stock worth $22,273,000 after purchasing an additional 59,430 shares during the period. Northpointe Capital LLC grew its stake in Invacare Corporation by 96.8% in the third quarter. Northpointe Capital LLC now owns 1,151,700 shares of the health services provider’s stock valued at $18,139,000 after acquiring an additional 566,574 shares during the period. Finally, Elk Creek Partners LLC grew its stake in Invacare Corporation by 17.5% in the third quarter. Elk Creek Partners LLC now owns 869,081 shares of the health services provider’s stock valued at $13,688,000 after acquiring an additional 129,676 shares during the period. 94.65% of the stock is owned by institutional investors and hedge funds.
About Invacare Corporation
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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