Diamond Hill Capital Management LLC Investment Advisor Takes $1.42 Million Position in Avanos Medical, Inc. $AVNS

Key Points

• Diamond Hill Capital Management acquired 57,247 Avanos Medical shares worth approximately $1.42 million, representing a 0.12% stake. Institutional investors collectively own 95.17% of the company.
• Analyst sentiment remains cautious: Avanos has a consensus rating of “Reduce”, with one analyst rating it Hold and another rating it Sell.
• AVNS shares opened at $24.99, near their 52-week high of $25.49, with a market capitalization of approximately $1.17 billion and a negative price-to-earnings ratio of -15.52.

Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in shares of Avanos Medical, Inc. (NYSE:AVNS - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 57,247 shares of the company's stock, valued at approximately $1,424,000. Diamond Hill Capital Management LLC Investment Advisor owned 0.12% of Avanos Medical at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. EverSource Wealth Advisors LLC lifted its holdings in shares of Avanos Medical by 132.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,496 shares of the company's stock valued at $28,000 after purchasing an additional 1,423 shares during the last quarter. Russell Investments Group Ltd. grew its stake in shares of Avanos Medical by 969.3% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,545 shares of the company's stock worth $31,000 after buying an additional 2,307 shares during the last quarter. Wexford Capital LP bought a new position in Avanos Medical during the 3rd quarter valued at approximately $70,000. Tower Research Capital LLC TRC increased its position in Avanos Medical by 433.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,257 shares of the company's stock valued at $77,000 after buying an additional 5,083 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in Avanos Medical by 15.5% during the first quarter. PNC Financial Services Group Inc. now owns 6,317 shares of the company's stock valued at $89,000 after buying an additional 846 shares during the last quarter. Institutional investors own 95.17% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on AVNS shares. Zacks Research upgraded shares of Avanos Medical from a "strong sell" rating to a "hold" rating in a research note on Friday, June 5th. Weiss Ratings reissued a "sell (d-)" rating on shares of Avanos Medical in a research report on Monday, July 20th. One investment 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, Avanos Medical presently has a consensus rating of "Reduce".

Avanos Medical Stock Performance

Shares of Avanos Medical stock opened at $24.99 on Tuesday. Avanos Medical, Inc. has a 1-year low of $9.30 and a 1-year high of $25.49. The company's fifty day simple moving average is $24.96 and its 200-day simple moving average is $20.73. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.48 and a quick ratio of 1.40. The stock has a market capitalization of $1.17 billion, a PE ratio of -15.52 and a beta of 1.57.

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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