Zacks Investment Research Downgrades Invacare (NYSE:IVC) to Hold

Invacare (NYSE:IVC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors 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. “

A number of other research firms have also commented on IVC. Needham & Company LLC reissued a “buy” rating and issued a $15.00 price objective on shares of Invacare in a research note on Wednesday, November 6th. ValuEngine cut Invacare from a “sell” rating to a “strong sell” rating in a report on Thursday, November 14th.

NYSE:IVC opened at $9.20 on Friday. The stock has a market capitalization of $296.86 million, a P/E ratio of -6.97 and a beta of 2.03. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.83. Invacare has a 1 year low of $3.05 and a 1 year high of $11.63. The firm has a 50 day moving average of $8.57 and a 200-day moving average of $6.45.

Invacare (NYSE:IVC) last released its quarterly earnings results on Wednesday, November 6th. The health services provider reported ($0.15) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.20) by $0.05. Invacare had a negative return on equity of 9.30% and a negative net margin of 3.82%. The business had revenue of $235.80 million for the quarter, compared to analyst estimates of $244.81 million. During the same period in the prior year, the company earned ($0.40) EPS. Invacare’s revenue for the quarter was down 3.6% on a year-over-year basis. As a group, analysts forecast that Invacare will post -1.02 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of IVC. Metropolitan Life Insurance Co NY acquired a new position in shares of Invacare during the first quarter worth approximately $102,000. Connor Clark & Lunn Investment Management Ltd. raised its position in Invacare by 13.3% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 85,402 shares of the health services provider’s stock worth $443,000 after purchasing an additional 10,052 shares during the last quarter. Acadian Asset Management LLC raised its position in Invacare by 129.4% in the 2nd quarter. Acadian Asset Management LLC now owns 362,135 shares of the health services provider’s stock worth $1,879,000 after purchasing an additional 204,264 shares during the last quarter. Bank of Montreal Can lifted its holdings in Invacare by 86.0% during the 2nd quarter. Bank of Montreal Can now owns 6,162 shares of the health services provider’s stock worth $32,000 after buying an additional 2,849 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Invacare by 3.1% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 538,403 shares of the health services provider’s stock worth $2,795,000 after buying an additional 16,014 shares in the last quarter.

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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