Norges Bank Takes $33.25 Million Position in Avanos Medical Inc (AVNS)

Norges Bank purchased a new position in Avanos Medical Inc (NYSE:AVNS) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 742,430 shares of the company’s stock, valued at approximately $33,253,000. Norges Bank owned 1.57% of Avanos Medical as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. bought a new position in Avanos Medical in the third quarter valued at $4,038,000. Prudential Financial Inc. bought a new position in Avanos Medical in the third quarter valued at $2,217,000. Bank of New York Mellon Corp bought a new position in Avanos Medical in the third quarter valued at $52,359,000. FMR LLC bought a new position in Avanos Medical in the third quarter valued at $16,590,000. Finally, Great West Life Assurance Co. Can bought a new position in Avanos Medical in the third quarter valued at $1,776,000. 92.70% of the stock is currently owned by hedge funds and other institutional investors.

AVNS has been the topic of a number of research analyst reports. Barclays cut Avanos Medical from an “equal weight” rating to an “underweight” rating in a research note on Friday, January 4th. KeyCorp reduced their target price on Avanos Medical from $68.00 to $67.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 18th. ValuEngine cut Avanos Medical from a “buy” rating to a “hold” rating in a research note on Monday, March 11th. Finally, Zacks Investment Research raised Avanos Medical from a “sell” rating to a “hold” rating in a research note on Thursday, January 17th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $66.75.

Shares of NYSE:AVNS opened at $45.47 on Wednesday. Avanos Medical Inc has a 12-month low of $38.00 and a 12-month high of $72.96. The stock has a market cap of $2.14 billion, a PE ratio of 55.45 and a beta of 1.44. The company has a current ratio of 2.70, a quick ratio of 2.24 and a debt-to-equity ratio of 0.19.

Avanos Medical (NYSE:AVNS) last announced its quarterly earnings data on Tuesday, February 26th. The company reported $0.33 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.09. Avanos Medical had a return on equity of 7.20% and a net margin of 8.81%. The firm had revenue of $169.90 million for the quarter, compared to analysts’ expectations of $166.88 million. During the same period last year, the firm earned $0.73 earnings per share. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, analysts anticipate that Avanos Medical Inc will post 1.25 EPS for the current year.

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Avanos Medical Company Profile

Avanos Medical, Inc operates as a medical technology company that focuses on delivering medical device solutions to improve patients' quality of life worldwide. It provides a portfolio of products focuses on respiratory and digestive health; pain management solutions; and minimally invasive interventional pain therapies, closed airway suction systems, and enteral feeding tubes.

Further Reading: What is Cost of Goods Sold (COGS)?

Institutional Ownership by Quarter for Avanos Medical (NYSE:AVNS)

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