Bank of New York Mellon Corp Invests $7.69 Million in Avanos Medical, Inc. $AVNS

Key Points

• Bank of New York Mellon purchased 309,230 Avanos Medical shares worth approximately $7.69 million, taking a 0.66% stake. Institutional investors collectively own 95.17% of the company.
• AVNS shares opened at $24.99, near their 52-week high of $25.49, with a market capitalization of approximately $1.17 billion.
• Analyst sentiment remains cautious: one analyst rates Avanos Medical “Hold” and another “Sell,” resulting in a consensus rating of “Reduce.”

Bank of New York Mellon Corp purchased a new position in Avanos Medical, Inc. (NYSE:AVNS - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 309,230 shares of the company's stock, valued at approximately $7,694,000. Bank of New York Mellon Corp owned 0.66% of Avanos Medical at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of AVNS. Northwestern Mutual Wealth Management Co. raised its stake in shares of Avanos Medical by 1,596,514.5% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 14,896,413 shares of the company's stock worth $167,287,000 after buying an additional 14,895,480 shares during the last quarter. Armistice Capital LLC grew its position in shares of Avanos Medical by 28.0% in the fourth quarter. Armistice Capital LLC now owns 3,200,000 shares of the company's stock valued at $35,936,000 after purchasing an additional 700,000 shares during the last quarter. Millennium Management LLC grew its position in shares of Avanos Medical by 312.4% in the third quarter. Millennium Management LLC now owns 896,242 shares of the company's stock valued at $10,361,000 after purchasing an additional 678,898 shares during the last quarter. Samson Rock Capital LLP purchased a new position in shares of Avanos Medical during the 2nd quarter worth approximately $14,928,000. Finally, Ameriprise Financial Inc. increased its stake in shares of Avanos Medical by 356.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 591,181 shares of the company's stock worth $6,834,000 after purchasing an additional 461,706 shares in the last quarter. 95.17% of the stock is owned by hedge funds and other institutional investors.

Avanos Medical Price Performance

AVNS stock opened at $24.99 on Friday. The company has a 50 day moving average price of $24.97 and a two-hundred day moving average price of $21.73. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.40 and a current ratio of 2.48. The stock has a market capitalization of $1.17 billion, a P/E ratio of -15.52 and a beta of 1.57. Avanos Medical, Inc. has a one year low of $9.30 and a one year high of $25.49.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on AVNS shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Avanos Medical in a research note on Monday, July 20th. Zacks Research raised Avanos Medical from a "strong sell" rating to a "hold" rating in a report on Friday, June 5th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Reduce".

About Avanos Medical

Avanos Medical is a global medical technology company that develops and markets a broad portfolio of medical devices intended to improve patient outcomes in hospital, outpatient and post-acute care settings. The company's products focus on three core therapy areas—pain management, enteral feeding and respiratory care—designed to help clinicians manage post-operative pain, deliver nutrition support and assist breathing for patients across a variety of acute and chronic conditions.

In its pain management segment, Avanos offers both non-opioid drug delivery systems and cryoanalgesia devices, including ambulatory infusion pumps and cooled radiofrequency ablation platforms.

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