Invacare (NYSE:IVC) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Invacare (NYSE:IVC) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning, Zacks.com reports.

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. “

Several other analysts have also issued reports on IVC. ValuEngine lowered Invacare from a buy rating to a hold rating in a report on Monday, June 8th. Needham & Company LLC reiterated a buy rating on shares of Invacare in a report on Tuesday, July 14th.

IVC opened at $6.88 on Tuesday. The stock has a fifty day moving average of $6.95 and a 200-day moving average of $6.69. The firm has a market capitalization of $236.80 million, a P/E ratio of -5.46 and a beta of 1.23. Invacare has a 12-month low of $3.90 and a 12-month high of $11.63. The company has a quick ratio of 0.88, a current ratio of 1.41 and a debt-to-equity ratio of 0.76.

Invacare (NYSE:IVC) last released its earnings results on Wednesday, August 5th. The health services provider reported ($0.21) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.27) by $0.06. The company had revenue of $196.30 million during the quarter, compared to analyst estimates of $196.00 million. Invacare had a negative return on equity of 9.36% and a negative net margin of 4.82%. During the same quarter in the prior year, the company earned ($0.31) earnings per share. On average, analysts expect that Invacare will post -0.88 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. grew its position in shares of Invacare by 4.9% during the 2nd quarter. Principal Financial Group Inc. now owns 279,751 shares of the health services provider’s stock worth $1,782,000 after purchasing an additional 12,945 shares in the last quarter. Stephens Inc. AR grew its position in shares of Invacare by 9.1% during the 2nd quarter. Stephens Inc. AR now owns 303,927 shares of the health services provider’s stock worth $1,936,000 after purchasing an additional 25,457 shares in the last quarter. Engineers Gate Manager LP grew its position in shares of Invacare by 273.1% during the 2nd quarter. Engineers Gate Manager LP now owns 73,382 shares of the health services provider’s stock worth $467,000 after purchasing an additional 53,714 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its position in shares of Invacare by 33.6% during the 2nd quarter. Jacobs Levy Equity Management Inc. now owns 64,305 shares of the health services provider’s stock worth $410,000 after purchasing an additional 16,179 shares in the last quarter. Finally, Jane Street Group LLC acquired a new position in shares of Invacare during the 2nd quarter worth approximately $301,000.

Invacare Company Profile

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 Europe, North America/Home Medical Equipment, Institutional Products Group, and the Asia/Pacific segments.

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