Avanos Medical (NYSE:AVNS) Upgraded to Strong-Buy by StockNews.com

StockNews.com upgraded shares of Avanos Medical (NYSE:AVNS) from a buy rating to a strong-buy rating in a report published on Tuesday morning.

Avanos Medical Stock Down 1.2 %

Shares of NYSE:AVNS opened at $23.32 on Tuesday. The firm’s 50 day moving average price is $23.47 and its 200 day moving average price is $21.34. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of -17.53 and a beta of 0.91. Avanos Medical has a fifty-two week low of $17.24 and a fifty-two week high of $25.36. The company has a quick ratio of 1.49, a current ratio of 2.28 and a debt-to-equity ratio of 0.13.

Avanos Medical (NYSE:AVNS) last issued its earnings results on Wednesday, July 31st. The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.05. The firm had revenue of $171.70 million for the quarter, compared to analysts’ expectations of $170.67 million. Avanos Medical had a net margin of 1.13% and a return on equity of 4.48%. The firm’s revenue was up 1.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.24 earnings per share. As a group, equities research analysts predict that Avanos Medical will post 1.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Avanos Medical

Several hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC purchased a new position in Avanos Medical in the third quarter valued at approximately $473,000. Algert Global LLC increased its stake in Avanos Medical by 7.5% in the second quarter. Algert Global LLC now owns 66,476 shares of the company’s stock valued at $1,324,000 after purchasing an additional 4,646 shares during the last quarter. Mackenzie Financial Corp grew its position in shares of Avanos Medical by 51.2% during the second quarter. Mackenzie Financial Corp now owns 25,922 shares of the company’s stock worth $516,000 after acquiring an additional 8,775 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Avanos Medical by 3.6% during the second quarter. The Manufacturers Life Insurance Company now owns 17,137 shares of the company’s stock worth $341,000 after acquiring an additional 590 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C purchased a new position in shares of Avanos Medical during the second quarter worth approximately $551,000. 95.17% of the stock is currently owned by hedge funds and other institutional investors.

About Avanos Medical

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.