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 has a 50-day moving average of $11.59 and a 200 day moving average of $11.93. Invacare Corp. has a 52-week low of $9.89 and a 52-week high of $20.41. The firm’s market cap is $389.63 million.
Invacare Corp. (NYSE:IVC) last issued its quarterly earnings data on Thursday, July 28th. The company reported ($0.33) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.24) by $0.09. The firm had revenue of $275 million for the quarter, compared to the consensus estimate of $270.10 million. Invacare Corp. had a negative return on equity of 5.16% and a negative net margin of 2.81%. Invacare Corp.’s quarterly revenue was down 3.9% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.23) earnings per share. On average, equities research analysts forecast that Invacare Corp. will post ($0.95) earnings per share for the current year.
The company 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 dividend of $0.0125 per share. The ex-dividend date is Tuesday, October 11th. This represents a $0.05 annualized dividend and a yield of 0.42%. Invacare Corp.’s dividend payout ratio is -5.21%.
Institutional investors have recently made changes to their positions in the company. Prudential Financial Inc. raised its position in shares of Invacare Corp. by 56.4% in the first quarter. Prudential Financial Inc. now owns 244,283 shares of the company’s stock worth $3,217,000 after buying an additional 88,100 shares during the last quarter. Franklin Resources Inc. raised its position in shares of Invacare Corp. by 16.9% in the first quarter. Franklin Resources Inc. now owns 2,494,237 shares of the company’s stock worth $32,849,000 after buying an additional 360,000 shares during the last quarter. BlackRock Fund Advisors raised its position in shares of Invacare Corp. by 2.6% in the first quarter. BlackRock Fund Advisors now owns 2,141,482 shares of the company’s stock worth $28,203,000 after buying an additional 54,587 shares during the last quarter. JPMorgan Chase & Co. bought a new position in shares of Invacare Corp. during the first quarter worth about $2,666,000. Finally, Menta Capital LLC bought a new position in shares of Invacare Corp. during the first quarter worth about $212,000.
About Invacare Corp.
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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