Avanos Medical (NYSE:AVNS) Trading 6.5% Higher After Strong Earnings

Shares of Avanos Medical, Inc. (NYSE:AVNS) traded up 6.5% on Tuesday following a better than expected earnings announcement. The stock traded as high as $13.20 and last traded at $12.99. 85,289 shares changed hands during trading, a decline of 75% from the average session volume of 339,818 shares. The stock had previously closed at $12.19.

The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.07. Avanos Medical had a return on equity of 4.70% and a net margin of 2.30%. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.22 EPS.

Wall Street Analyst Weigh In

Separately, StockNews.com raised shares of Avanos Medical from a “hold” rating to a “buy” rating in a research note on Wednesday, March 19th.

Insider Activity

In other news, SVP Kerr Holbrook sold 7,000 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $15.25, for a total transaction of $106,750.00. Following the transaction, the senior vice president now directly owns 82,047 shares in the company, valued at $1,251,216.75. The trade was a 7.86 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.64% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Barclays PLC boosted its stake in Avanos Medical by 446.2% during the third quarter. Barclays PLC now owns 96,194 shares of the company’s stock worth $2,311,000 after buying an additional 78,583 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Avanos Medical by 6.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 69,571 shares of the company’s stock valued at $1,672,000 after purchasing an additional 4,472 shares during the period. Tributary Capital Management LLC lifted its holdings in shares of Avanos Medical by 38.1% during the 4th quarter. Tributary Capital Management LLC now owns 893,008 shares of the company’s stock valued at $14,217,000 after purchasing an additional 246,379 shares in the last quarter. Empowered Funds LLC raised its holdings in shares of Avanos Medical by 141.3% during the fourth quarter. Empowered Funds LLC now owns 153,834 shares of the company’s stock worth $2,449,000 after acquiring an additional 90,091 shares during the period. Finally, New York State Teachers Retirement System boosted its position in Avanos Medical by 4.0% during the 4th quarter. New York State Teachers Retirement System now owns 75,215 shares of the company’s stock worth $1,197,000 after acquiring an additional 2,921 shares during the last quarter. Institutional investors and hedge funds own 95.17% of the company’s stock.

Avanos Medical Stock Performance

The stock has a market capitalization of $593.90 million, a P/E ratio of 38.04 and a beta of 1.13. The stock has a 50 day simple moving average of $13.62 and a two-hundred day simple moving average of $16.26. The company has a quick ratio of 1.46, a current ratio of 2.22 and a debt-to-equity ratio of 0.12.

Avanos Medical Company Profile

Avanos Medical, Inc, a medical technology company, offers medical device solutions in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. It offers a portfolio of chronic care products that include digestive health products, such as Mic-Key enteral feeding tubes, Corpak patient feeding solutions, and NeoMed neonatal and pediatric feeding solutions.