Diamond Hill Capital Management Inc. Acquires Shares of 195,364 Avanos Medical, Inc. (NYSE:AVNS)

Key Points

• Diamond Hill Capital Management Inc. acquired 195,364 shares of Avanos Medical, Inc. for about $2.8 million, representing 0.42% of the company's stock.
• Other hedge funds like T. Rowe Price and JPMorgan Chase have also increased their stakes in Avanos, indicating significant institutional interest in the company.
• Avanos Medical recently reported an **earnings per share** of $0.26 for the quarter, surpassing analysts’ expectations, with a revenue increase of 0.8% year-over-year.

Diamond Hill Capital Management Inc. bought a new stake in shares of Avanos Medical, Inc. (NYSE:AVNS - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 195,364 shares of the company's stock, valued at approximately $2,800,000. Diamond Hill Capital Management Inc. owned 0.42% of Avanos Medical as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. raised its holdings in shares of Avanos Medical by 27.2% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,011,312 shares of the company's stock worth $47,941,000 after buying an additional 644,267 shares in the last quarter. Brown Advisory Inc. boosted its position in shares of Avanos Medical by 12.0% in the 4th quarter. Brown Advisory Inc. now owns 1,905,094 shares of the company's stock worth $30,329,000 after purchasing an additional 204,218 shares during the last quarter. D. E. Shaw & Co. Inc. lifted its holdings in Avanos Medical by 43.1% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 494,627 shares of the company's stock worth $7,874,000 after acquiring an additional 148,902 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Avanos Medical by 189.8% in the 4th quarter. JPMorgan Chase & Co. now owns 201,634 shares of the company's stock valued at $3,210,000 after purchasing an additional 132,063 shares during the period. Finally, Bridgeway Capital Management LLC raised its stake in shares of Avanos Medical by 87.6% in the 4th quarter. Bridgeway Capital Management LLC now owns 273,251 shares of the company's stock valued at $4,350,000 after purchasing an additional 127,591 shares during the period. Institutional investors own 95.17% of the company's stock.

Avanos Medical Stock Performance

NYSE AVNS traded up $0.13 during trading on Friday, reaching $12.01. 397,298 shares of the company's stock were exchanged, compared to its average volume of 420,827. The business has a 50 day moving average price of $12.23 and a 200-day moving average price of $13.74. The stock has a market capitalization of $555.25 million, a P/E ratio of -1.43 and a beta of 1.12. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.57 and a quick ratio of 1.56. Avanos Medical, Inc. has a fifty-two week low of $11.21 and a fifty-two week high of $25.36.

Avanos Medical (NYSE:AVNS - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.19 by $0.07. The company had revenue of $167.50 million during the quarter, compared to analysts' expectations of $161.75 million. Avanos Medical had a positive return on equity of 6.26% and a negative net margin of 55.80%. The business's revenue was up .8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.22 earnings per share. Sell-side analysts forecast that Avanos Medical, Inc. will post 1.32 earnings per share for the current fiscal year.

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.