Avanos Medical (NYSE:AVNS) Posts Earnings Results, Misses Expectations By $0.01 EPS

Key Points

• Avanos Medical reported a quarterly EPS of $0.17, missing the consensus estimate of $0.18 by $0.01.
• The company's stock dropped by 14.3% in midday trading, resulting in a price of $9.64.
• Institutional investors and hedge funds collectively own 95.17% of Avanos Medical's stock, indicating strong institutional support.

Avanos Medical (NYSE:AVNS - Get Free Report) released its quarterly earnings results on Tuesday. The company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.01), Zacks reports. Avanos Medical had a negative net margin of 55.80% and a positive return on equity of 6.26%. During the same period in the prior year, the firm earned $0.34 EPS.

Avanos Medical Stock Down 14.3%

AVNS stock traded down $1.61 during midday trading on Tuesday, hitting $9.64. The company's stock had a trading volume of 310,183 shares, compared to its average volume of 501,153. The firm has a market capitalization of $445.71 million, a P/E ratio of -1.17 and a beta of 1.12. Avanos Medical has a 52-week low of $9.66 and a 52-week high of $25.36. The firm has a 50-day simple moving average of $12.09 and a 200-day simple moving average of $13.53. The company has a quick ratio of 1.56, a current ratio of 2.57 and a debt-to-equity ratio of 0.12.

Hedge Funds Weigh In On Avanos Medical

Several large investors have recently bought and sold shares of AVNS. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Avanos Medical by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,955 shares of the company's stock valued at $386,000 after acquiring an additional 1,121 shares during the last quarter. Empowered Funds LLC lifted its position in Avanos Medical by 5.4% in the 1st quarter. Empowered Funds LLC now owns 162,182 shares of the company's stock worth $2,324,000 after buying an additional 8,348 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Avanos Medical by 17.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 140,810 shares of the company's stock valued at $2,018,000 after buying an additional 20,541 shares during the period. AQR Capital Management LLC boosted its holdings in Avanos Medical by 46.4% in the first quarter. AQR Capital Management LLC now owns 192,864 shares of the company's stock worth $2,700,000 after acquiring an additional 61,095 shares in the last quarter. Finally, Intech Investment Management LLC boosted its holdings in Avanos Medical by 154.3% in the first quarter. Intech Investment Management LLC now owns 124,061 shares of the company's stock worth $1,778,000 after acquiring an additional 75,279 shares in the last quarter. Institutional investors and hedge funds own 95.17% of the company's stock.

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.

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