Invacare (IVC) Sets New 1-Year Low After Earnings Miss

Invacare Co. (NYSE:IVC)’s share price hit a new 52-week low during trading on Tuesday following a dissappointing earnings announcement. The company traded as low as $7.90 and last traded at $7.33, with a volume of 137296 shares trading hands. The stock had previously closed at $13.20.

The health services provider reported ($0.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.10). The business had revenue of $244.60 million during the quarter, compared to analysts’ expectations of $250.59 million. Invacare had a negative return on equity of 12.52% and a negative net margin of 6.80%. The business’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.41) EPS.

The company also recently announced a quarterly dividend, which was paid on Friday, October 26th. Shareholders of record on Friday, October 12th were paid a dividend of $0.0125 per share. This represents a $0.05 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date was Thursday, October 11th. Invacare’s payout ratio is -2.59%.

A number of equities research analysts have commented on IVC shares. Zacks Investment Research upgraded shares of Invacare from a “sell” rating to a “hold” rating in a research note on Saturday, September 22nd. TheStreet cut shares of Invacare from a “c” rating to a “d+” rating in a research note on Friday, August 10th. Finally, ValuEngine upgraded shares of Invacare from a “hold” rating to a “buy” rating in a research note on Tuesday, October 2nd. One analyst has rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. Invacare presently has a consensus rating of “Hold” and a consensus target price of $21.50.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IVC. Dalton Greiner Hartman Maher & Co. raised its stake in Invacare by 561.2% during the 2nd quarter. Dalton Greiner Hartman Maher & Co. now owns 817,688 shares of the health services provider’s stock worth $15,209,000 after acquiring an additional 694,027 shares during the period. BlackRock Inc. raised its stake in Invacare by 7.7% during the 2nd quarter. BlackRock Inc. now owns 4,966,290 shares of the health services provider’s stock worth $92,374,000 after acquiring an additional 356,975 shares during the period. Cortina Asset Management LLC bought a new stake in Invacare during the 2nd quarter worth approximately $3,754,000. Spark Investment Management LLC bought a new stake in Invacare during the 2nd quarter worth approximately $2,259,000. Finally, Renaissance Technologies LLC raised its stake in Invacare by 51.1% during the 2nd quarter. Renaissance Technologies LLC now owns 338,600 shares of the health services provider’s stock worth $6,298,000 after acquiring an additional 114,500 shares during the period.

The company has a market capitalization of $455.65 million, a P/E ratio of -3.87 and a beta of 2.07. The company has a current ratio of 2.10, a quick ratio of 1.41 and a debt-to-equity ratio of 0.64.

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About Invacare (NYSE:IVC)

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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