Invacare (IVC) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Invacare (NYSE:IVC) from a hold rating to a buy rating in a report issued on Saturday morning. They currently have $20.00 price objective on the health services provider’s stock.

According to Zacks, “Invacare Corporation is a leading manufacturer and distributor in its markets for medical equipment used in non-acute care settings. At its core, the company designs, manufactures and distributes medical devices that help people to move, breathe, rest and perform essential hygiene. The company provides clinically complex medical device solutions for congenital (e.g., cerebral palsy, muscular dystrophy, spina bifida), acquired (e.g., stroke, spinal cord injury, traumatic brain injury, post-acute recovery, pressure ulcers) and degenerative (e.g., ALS, multiple sclerosis, chronic obstructive pulmonary disease (COPD), elderly, bariatric) ailments. The company’s products are important parts of care for people with a wide range of challenges, from those who are active and involved in work or school each day and may need additional mobility or respiratory support, to those who are cared for in residential care settings, at home and in rehabilitation centers. “

IVC has been the subject of a number of other research reports. ValuEngine upgraded Invacare from a hold rating to a buy rating in a research report on Saturday, April 7th. KeyCorp dropped their price objective on Invacare from $24.00 to $23.00 and set an overweight rating for the company in a research report on Wednesday, May 9th. Finally, UBS upgraded Invacare from a sell rating to a neutral rating in a research report on Wednesday, May 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $18.33.

Invacare opened at $17.30 on Friday, reports. The firm has a market cap of $687.54 million, a PE ratio of -8.96 and a beta of 2.52. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.10 and a quick ratio of 1.48. Invacare has a 52-week low of $17.25 and a 52-week high of $17.55.

Invacare (NYSE:IVC) last released its quarterly earnings results on Monday, May 7th. The health services provider reported ($0.35) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.38) by $0.03. The business had revenue of $237.06 million during the quarter, compared to the consensus estimate of $234.08 million. Invacare had a negative return on equity of 13.88% and a negative net margin of 7.60%. The business’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.47) EPS. analysts expect that Invacare will post -1.02 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 18th. Investors of record on Wednesday, April 4th were given a dividend of $0.0125 per share. This represents a $0.05 dividend on an annualized basis and a yield of 0.29%. The ex-dividend date was Tuesday, April 3rd. Invacare’s dividend payout ratio is presently -2.59%.

In related news, Director C Martin Harris sold 3,443 shares of Invacare stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $18.15, for a total transaction of $62,490.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.10% of the company’s stock.

A number of institutional investors have recently bought and sold shares of IVC. Elk Creek Partners LLC grew its holdings in Invacare by 53.0% in the 1st quarter. Elk Creek Partners LLC now owns 1,388,380 shares of the health services provider’s stock valued at $24,158,000 after buying an additional 480,755 shares during the period. WINTON GROUP Ltd purchased a new stake in Invacare in the 4th quarter valued at about $5,602,000. Millennium Management LLC grew its holdings in Invacare by 118.0% in the 4th quarter. Millennium Management LLC now owns 347,888 shares of the health services provider’s stock valued at $5,862,000 after buying an additional 188,331 shares during the period. Royce & Associates LP grew its holdings in Invacare by 11.4% in the 4th quarter. Royce & Associates LP now owns 1,574,733 shares of the health services provider’s stock valued at $26,534,000 after buying an additional 160,564 shares during the period. Finally, BlackRock Inc. grew its holdings in Invacare by 3.2% in the 1st quarter. BlackRock Inc. now owns 4,609,315 shares of the health services provider’s stock valued at $80,203,000 after buying an additional 143,659 shares during the period.

About Invacare

Invacare Corporation, together with its subsidiaries, designs, manufactures, distributes, and exports medical equipment for use in home health care, retail, and extended care markets worldwide. The company operates through four segments: North America/Home Medical Equipment, Institutional Products Group, Europe, and the Asia/Pacific.

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