Avanos Medical (NYSE:AVNS) Sets New 12-Month Low - Here's What Happened

Key Points

• Avanos Medical's stock reached a new 52-week low, trading as low as $11.15, reflecting a 4.4% decline from its previous close of $11.67.
• In the latest quarterly report, the company reported earnings of $0.26 per share, surpassing expectations and showing a slight revenue increase of 0.8% from the prior year.
• Institutional investors hold 95.17% of Avanos Medical's stock, with various firms significantly increasing their stakes during the fourth quarter.

Avanos Medical, Inc. (NYSE:AVNS - Get Free Report) hit a new 52-week low on Thursday . The stock traded as low as $11.15 and last traded at $11.20, with a volume of 52397 shares. The stock had previously closed at $11.67.

Avanos Medical Trading Down 1.6%

The company has a quick ratio of 1.56, a current ratio of 2.57 and a debt-to-equity ratio of 0.12. The company has a fifty day moving average of $12.11 and a two-hundred day moving average of $13.60. The stock has a market capitalization of $508.41 million, a price-to-earnings ratio of -1.31 and a beta of 1.12.

Avanos Medical (NYSE:AVNS - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.07. Avanos Medical had a positive return on equity of 6.26% and a negative net margin of 55.80%. The firm had revenue of $167.50 million during the quarter, compared to the consensus estimate of $161.75 million. During the same period last year, the company earned $0.22 earnings per share. The company's revenue for the quarter was up .8% on a year-over-year basis. On average, research analysts expect that Avanos Medical, Inc. will post 1.32 EPS for the current year.

Institutional Investors Weigh In On Avanos Medical

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of Avanos Medical by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 5,339,778 shares of the company's stock worth $85,009,000 after buying an additional 19,476 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its stake in shares of Avanos Medical by 24.8% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,757,576 shares of the company's stock worth $53,847,000 after buying an additional 746,264 shares during the last quarter. Armistice Capital LLC acquired a new position in shares of Avanos Medical during the 1st quarter worth $28,660,000. Brown Advisory Inc. raised its stake in shares of Avanos Medical by 1.4% during the 1st quarter. Brown Advisory Inc. now owns 1,931,163 shares of the company's stock worth $27,674,000 after buying an additional 26,069 shares during the last quarter. Finally, Tributary Capital Management LLC raised its stake in shares of Avanos Medical by 10.0% during the 2nd quarter. Tributary Capital Management LLC now owns 810,720 shares of the company's stock worth $9,923,000 after buying an additional 73,518 shares during 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.