BlackRock Inc. Buys Shares of 7,468,794 Avanos Medical, Inc. $AVNS

Key Points

• BlackRock acquired 7.47 million shares of Avanos Medical during the second quarter, investing approximately $185.8 million and taking a 15.94% stake.
• Institutional investors own 95.17% of Avanos Medical, while the stock recently traded near its 52-week high at $24.99, compared with a range of $9.30 to $25.49.
• Analyst sentiment remains cautious: Avanos has received one Hold and one Sell rating, resulting in a MarketBeat consensus rating of “Reduce.”

BlackRock Inc. purchased a new position in Avanos Medical, Inc. (NYSE:AVNS - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 7,468,794 shares of the company's stock, valued at approximately $185,824,000. BlackRock Inc. owned 15.94% of Avanos Medical at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its holdings in Avanos Medical by 132.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,496 shares of the company's stock worth $28,000 after purchasing an additional 1,423 shares during the period. Russell Investments Group Ltd. grew its holdings in Avanos Medical by 969.3% during the second quarter. Russell Investments Group Ltd. now owns 2,545 shares of the company's stock valued at $31,000 after purchasing an additional 2,307 shares during the period. Longfellow Investment Management Co. LLC bought a new stake in Avanos Medical during the second quarter valued at about $75,000. Wexford Capital LP purchased a new stake in Avanos Medical in the third quarter worth about $70,000. Finally, Tower Research Capital LLC TRC increased its position in Avanos Medical by 433.0% in the second quarter. Tower Research Capital LLC TRC now owns 6,257 shares of the company's stock worth $77,000 after buying an additional 5,083 shares in the last quarter. Institutional investors own 95.17% of the company's stock.

Avanos Medical Price Performance

NYSE:AVNS opened at $24.99 on Friday. The company has a quick ratio of 1.40, a current ratio of 2.48 and a debt-to-equity ratio of 0.11. The business's 50-day simple moving average is $24.96 and its two-hundred day simple moving average is $21.37. The stock has a market cap of $1.17 billion, a PE ratio of -15.52 and a beta of 1.57. Avanos Medical, Inc. has a 52 week low of $9.30 and a 52 week high of $25.49.

Analyst Ratings Changes

A number of research firms have recently weighed in on AVNS. Zacks Research raised Avanos Medical from a "strong sell" rating to a "hold" rating in a research report on Friday, June 5th. Weiss Ratings reissued a "sell (d-)" rating on shares of Avanos Medical in a report on Monday, July 20th. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Reduce".

Avanos Medical Company Profile

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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