New low for CHS shares: $1.81

Shares of Franklin, Tenn.-based Community Health Systems closed Aug. 27 at $1.81, its lowest closing price ever and down 2.69 percent from the day prior.

The 105-hospital chain's shares traded between $1.79 and $1.90 on Aug. 27 after closing Aug. 26 at $1.86 per share. CHS' share price fell 1.06 percent on Aug. 26 and was down 3.6 percent on Aug. 23.

In the last year, CHS shares have traded between $1.79 and $5.35.

CHS has been selling off hospitals in recent years to improve its financial position and reduce its heavy debt load. In late 2017, the company announced a plan to sell a group of hospitals with combined annual revenue of $2 billion. During 2018, the company completed 11 hospital divestitures and permanently closed three hospitals. As of Aug. 1, CHS had completed the divestiture of nine hospitals this year.

CHS carried $13.88 billion in long-term debt when it announced its divestiture plan at the end of 2017. Its long-term debt totaled $13.39 billion as of June 30.

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