Millrace Asset Group Inc. reduced its stake in shares of Avanos Medical, Inc. (NYSE:AVNS) by 11.7% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 36,379 shares of the company’s stock after selling 4,821 shares during the period. Millrace Asset Group Inc. owned about 0.08% of Avanos Medical worth $1,591,000 as of its most recent filing with the SEC.
Other hedge funds have also added to or reduced their stakes in the company. Simplex Trading LLC bought a new position in shares of Avanos Medical in the first quarter valued at approximately $28,000. Phoenix Wealth Advisors bought a new position in shares of Avanos Medical in the fourth quarter valued at approximately $34,000. Abundance Wealth Counselors bought a new position in shares of Avanos Medical in the first quarter valued at approximately $35,000. Teacher Retirement System of Texas bought a new position in shares of Avanos Medical in the fourth quarter valued at approximately $201,000. Finally, Hilton Capital Management LLC bought a new position in Avanos Medical during the first quarter valued at $202,000. 91.55% of the stock is owned by institutional investors.
Separately, Zacks Investment Research raised Avanos Medical from a “hold” rating to a “strong-buy” rating and set a $51.00 price objective for the company in a report on Wednesday, April 21st.
Avanos Medical (NYSE:AVNS) last posted its earnings results on Thursday, May 6th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.05. The firm had revenue of $181.00 million for the quarter, compared to the consensus estimate of $175.68 million. Avanos Medical had a positive return on equity of 3.23% and a negative net margin of 5.38%. The business’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.16 earnings per share. On average, analysts anticipate that Avanos Medical, Inc. will post 1.2 earnings per share for the current fiscal year.
Avanos Medical Company Profile
Avanos Medical, Inc operates as a medical technology company that focuses on delivering medical device solutions to improve patients' quality of life 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; and respiratory health products, such as closed airway suction systems and other airway management devices under the Ballard, Microcuff, and Endoclear brands.
Further Reading: Green Investing
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