Bank of America Corp DE Purchases New Holdings in Avanos Medical, Inc. $AVNS

Key Points

• Bank of America acquired 185,957 shares of Avanos Medical during the second quarter, worth approximately $4.6 million and representing about 0.40% of the company.
• Institutional ownership remains high at 95.17%, with major investors including BlackRock, Armistice Capital, Polar Asset Management, and Samson Rock Capital holding or adding sizable positions.
• Analyst sentiment is cautious: Avanos has received one Hold and one Sell rating, producing a consensus rating of “Reduce.” The stock recently traded at $24.99, near its 52-week high of $25.49.

Bank of America Corp DE acquired a new stake in Avanos Medical, Inc. (NYSE:AVNS - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 185,957 shares of the company's stock, valued at approximately $4,627,000. Bank of America Corp DE owned about 0.40% of Avanos Medical as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Avanos Medical in the 2nd quarter valued at about $185,824,000. Armistice Capital LLC raised its holdings in Avanos Medical by 28.0% during the fourth quarter. Armistice Capital LLC now owns 3,200,000 shares of the company's stock worth $35,936,000 after acquiring an additional 700,000 shares in the last quarter. Polar Asset Management Partners Inc. acquired a new position in Avanos Medical during the second quarter valued at approximately $18,701,000. Samson Rock Capital LLP bought a new position in Avanos Medical in the second quarter valued at approximately $14,928,000. Finally, Bank of New York Mellon Corp bought a new position in Avanos Medical in the second quarter valued at approximately $7,694,000. Institutional investors and hedge funds own 95.17% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Avanos Medical in a research note on Monday, July 20th. Zacks Research upgraded shares of Avanos Medical from a "strong sell" rating to a "hold" rating in a research note on Friday, June 5th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Reduce".

Avanos Medical Price Performance

NYSE:AVNS opened at $24.99 on Tuesday. Avanos Medical, Inc. has a one year low of $9.30 and a one year high of $25.49. The company has a market cap of $1.17 billion, a P/E ratio of -15.52 and a beta of 1.57. The firm's fifty day moving average price is $24.99 and its two-hundred day moving average price is $23.02. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.48 and a quick ratio of 1.40.

About Avanos Medical

Avanos Medical, Inc NYSE: AVNS is a medical technology company that develops and markets devices designed to improve patient care and support healthcare providers. Its products are used in areas including pain management, digestive health, and other procedural and specialty-care applications.

The company's portfolio includes the COOLIEF radiofrequency ablation system and ON-Q pain relief systems for non-opioid pain management, as well as MIC-KEY feeding tubes and the CORTRAK* 2 Enteral Access System for enteral nutrition and feeding-tube placement.

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