Avanos Medical (NYSE:AVNS) Sets New 52-Week Low – Here’s Why

Avanos Medical, Inc. (NYSE:AVNS) reached a new 52-week low on Tuesday . The stock traded as low as $14.24 and last traded at $14.27, with a volume of 189699 shares. The stock had previously closed at $14.40.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Avanos Medical from a “hold” rating to a “buy” rating in a research report on Wednesday, March 19th.

Avanos Medical Stock Performance

The firm has a market capitalization of $658.62 million, a price-to-earnings ratio of 42.11 and a beta of 1.17. The company has a current ratio of 2.22, a quick ratio of 1.46 and a debt-to-equity ratio of 0.12. The stock’s 50-day moving average is $15.73 and its 200-day moving average is $18.48.

Avanos Medical (NYSE:AVNS) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.03. Avanos Medical had a return on equity of 4.70% and a net margin of 2.30%. The company had revenue of $179.60 million during the quarter, compared to analysts’ expectations of $177.23 million. On average, analysts predict that Avanos Medical, Inc. will post 1.32 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Kerr Holbrook sold 7,000 shares of the firm’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $15.25, for a total transaction of $106,750.00. Following the completion of the transaction, the senior vice president now directly owns 82,047 shares in the company, valued at $1,251,216.75. This trade represents a 7.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Natixis Advisors LLC boosted its position in Avanos Medical by 13.6% during the third quarter. Natixis Advisors LLC now owns 21,452 shares of the company’s stock valued at $515,000 after acquiring an additional 2,574 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Avanos Medical by 58.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 45,668 shares of the company’s stock worth $1,097,000 after purchasing an additional 16,929 shares in the last quarter. Intech Investment Management LLC bought a new position in shares of Avanos Medical during the 3rd quarter worth approximately $207,000. The Manufacturers Life Insurance Company lifted its position in shares of Avanos Medical by 34.2% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 22,996 shares of the company’s stock valued at $553,000 after acquiring an additional 5,859 shares during the period. Finally, FMR LLC boosted its stake in Avanos Medical by 34.6% during the third quarter. FMR LLC now owns 133,844 shares of the company’s stock worth $3,216,000 after acquiring an additional 34,421 shares in the last quarter. Institutional investors and hedge funds own 95.17% of the company’s stock.

Avanos Medical Company Profile

Avanos Medical, Inc, a medical technology company, offers medical device solutions in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. It offers a portfolio of chronic care products that include digestive health products, such as Mic-Key enteral feeding tubes, Corpak patient feeding solutions, and NeoMed neonatal and pediatric feeding solutions.