Todays Report: The Zacks Investment Research Downgrades Invacare Corp. (IVC) to Sell

The Zacks Investment Research Downgrades Invacare Corp. (IVC) to Sell

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

According to Zacks, “Invacare Corporation is the world’s leading manufacturer and distributor of non-acute health care products based upon its distribution channels, the breadth of its product line and sales. The company designs, manufactures and distributes an extensive line of health care products for the non-acute care environment including the home health care, retail and extended care markets. The company’s products are sold through its world-wide distribution network byits sales force, telemarketing employees and various organizations of independent manufacturer’s representatives. “

Separately, KeyCorp set a $17.00 target price on Invacare Corp. and gave the company a “buy” rating in a research note on Thursday, October 6th.

Shares of Invacare Corp. (NYSE:IVC) opened at 11.38 on Tuesday. The stock’s market capitalization is $369.50 million. The company has a 50-day moving average price of $11.57 and a 200 day moving average price of $11.92. Invacare Corp. has a 52 week low of $9.89 and a 52 week high of $20.41.

Invacare Corp. (NYSE:IVC) last released its quarterly earnings results on Thursday, July 28th. The company reported ($0.33) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.24) by $0.09. Invacare Corp. had a negative net margin of 2.81% and a negative return on equity of 5.16%. The business had revenue of $275 million for the quarter, compared to analyst estimates of $270.10 million. During the same period in the prior year, the business earned ($0.23) earnings per share. The company’s revenue for the quarter was down 3.9% on a year-over-year basis. Analysts forecast that Invacare Corp. will post ($0.95) earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 21st. Stockholders of record on Thursday, October 13th will be paid a $0.0125 dividend. The ex-dividend date is Tuesday, October 11th. This represents a $0.05 annualized dividend and a dividend yield of 0.44%. Invacare Corp.’s dividend payout ratio (DPR) is currently -5.21%.

Large investors have recently added to or reduced their stakes in the stock. Franklin Resources Inc. boosted its stake in shares of Invacare Corp. by 16.9% in the first quarter. Franklin Resources Inc. now owns 2,494,237 shares of the company’s stock worth $32,849,000 after buying an additional 360,000 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Invacare Corp. by 0.6% in the second quarter. Dimensional Fund Advisors LP now owns 2,475,603 shares of the company’s stock worth $30,029,000 after buying an additional 15,633 shares during the period. Vanguard Group Inc. boosted its stake in shares of Invacare Corp. by 3.8% in the second quarter. Vanguard Group Inc. now owns 2,429,363 shares of the company’s stock worth $29,468,000 after buying an additional 89,667 shares during the period. BlackRock Fund Advisors boosted its stake in shares of Invacare Corp. by 7.8% in the second quarter. BlackRock Fund Advisors now owns 2,308,515 shares of the company’s stock worth $28,002,000 after buying an additional 167,033 shares during the period. Finally, Brandes Investment Partners LP boosted its stake in shares of Invacare Corp. by 754.3% in the second quarter. Brandes Investment Partners LP now owns 951,052 shares of the company’s stock worth $11,536,000 after buying an additional 839,722 shares during the period.

About Invacare Corp.

Invacare Corporation is a manufacturer and distributor for medical equipment used in non-acute care settings. The Company’s geographical segments are Europe; North America, which includes North America/Home Medical Equipment (North America/HME) and Institutional Products Group (IPG) segments, and Asia/Pacific.

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