Invacare (NYSE:IVC) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research downgraded shares of Invacare (NYSE:IVC) from a hold rating to a sell rating in a research note released on Friday, Zacks.com reports.

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. “

Separately, ValuEngine raised Invacare from a sell rating to a hold rating in a report on Thursday, August 1st.

Shares of IVC stock opened at $7.12 on Friday. The stock’s 50-day simple moving average is $5.46 and its 200-day simple moving average is $6.44. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.26 and a current ratio of 1.90. The firm has a market capitalization of $249.23 million, a PE ratio of -5.39 and a beta of 2.03. Invacare has a fifty-two week low of $3.05 and a fifty-two week high of $16.40.

Invacare (NYSE:IVC) last announced its quarterly earnings data on Monday, August 5th. The health services provider reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.03). The firm had revenue of $235.90 million during the quarter, compared to analyst estimates of $238.32 million. Invacare had a negative net margin of 4.20% and a negative return on equity of 11.26%. The firm’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same period in the prior year, the company posted ($0.41) earnings per share. Sell-side analysts forecast that Invacare will post -1.13 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 11th will be issued a $0.125 dividend. The ex-dividend date is Thursday, October 10th. This is a positive change from Invacare’s previous quarterly dividend of $0.01. This represents a $0.50 dividend on an annualized basis and a dividend yield of 7.02%. Invacare’s dividend payout ratio is currently -3.79%.

Several hedge funds have recently made changes to their positions in the company. Crossmark Global Holdings Inc. increased its holdings in shares of Invacare by 8.0% in the first quarter. Crossmark Global Holdings Inc. now owns 25,006 shares of the health services provider’s stock valued at $209,000 after purchasing an additional 1,850 shares during the period. US Bancorp DE increased its holdings in shares of Invacare by 12.9% in the second quarter. US Bancorp DE now owns 20,648 shares of the health services provider’s stock valued at $107,000 after purchasing an additional 2,363 shares during the period. Magnus Financial Group LLC increased its holdings in shares of Invacare by 16.9% in the first quarter. Magnus Financial Group LLC now owns 17,499 shares of the health services provider’s stock valued at $146,000 after purchasing an additional 2,532 shares during the period. Bank of Montreal Can increased its holdings in shares of Invacare by 86.0% in the second quarter. Bank of Montreal Can now owns 6,162 shares of the health services provider’s stock valued at $32,000 after purchasing an additional 2,849 shares during the period. Finally, Nisa Investment Advisors LLC increased its holdings in shares of Invacare by 16.6% in the second quarter. Nisa Investment Advisors LLC now owns 21,100 shares of the health services provider’s stock valued at $110,000 after purchasing an additional 3,000 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 Europe, North America/Home Medical Equipment, Institutional Products Group, and the Asia/Pacific segments.

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