Iradimed (NASDAQ:IRMD) Cut to “Buy” at StockNews.com

StockNews.com downgraded shares of Iradimed (NASDAQ:IRMD) from a strong-buy rating to a buy rating in a research report report published on Tuesday morning.

Separately, Roth Mkm reissued a “buy” rating and issued a $72.00 price target (up from $60.00) on shares of Iradimed in a research note on Friday, February 14th.

Iradimed Stock Down 1.3 %

IRMD stock opened at $52.39 on Tuesday. The company has a market cap of $663.94 million, a PE ratio of 34.93 and a beta of 0.82. The business has a 50-day simple moving average of $57.48 and a 200 day simple moving average of $53.10. Iradimed has a 52 week low of $40.18 and a 52 week high of $63.29.

Iradimed (NASDAQ:IRMD) last released its earnings results on Thursday, February 13th. The medical equipment provider reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.05). The business had revenue of $19.39 million during the quarter, compared to the consensus estimate of $19.09 million. Iradimed had a net margin of 26.26% and a return on equity of 24.12%. On average, analysts anticipate that Iradimed will post 1.66 EPS for the current fiscal year.

Iradimed Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Monday, February 24th were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.30%. The ex-dividend date of this dividend was Monday, February 24th. This is an increase from Iradimed’s previous quarterly dividend of $0.15. Iradimed’s dividend payout ratio (DPR) is 45.33%.

Institutional Investors Weigh In On Iradimed

Large investors have recently added to or reduced their stakes in the company. R Squared Ltd bought a new stake in shares of Iradimed in the fourth quarter worth about $30,000. US Bancorp DE lifted its holdings in shares of Iradimed by 476.6% during the fourth quarter. US Bancorp DE now owns 617 shares of the medical equipment provider’s stock valued at $34,000 after purchasing an additional 510 shares during the last quarter. Huntington National Bank lifted its holdings in shares of Iradimed by 51.3% during the third quarter. Huntington National Bank now owns 1,487 shares of the medical equipment provider’s stock valued at $75,000 after purchasing an additional 504 shares during the last quarter. Gladius Capital Management LP raised its holdings in Iradimed by 126.6% in the 3rd quarter. Gladius Capital Management LP now owns 1,727 shares of the medical equipment provider’s stock worth $87,000 after acquiring an additional 965 shares during the last quarter. Finally, Quantbot Technologies LP raised its holdings in Iradimed by 83.0% in the 3rd quarter. Quantbot Technologies LP now owns 2,320 shares of the medical equipment provider’s stock worth $117,000 after acquiring an additional 1,052 shares during the last quarter. Hedge funds and other institutional investors own 92.34% of the company’s stock.

About Iradimed

IRadimed Corp. engages in the development, manufacture, marketing, and distribution of Magnetic Resonance Imaging compatible medical devices. It also provides a non-magnetic Intravenous infusion pump system that is specifically designed for use during MRI procedures. The company was founded by Roger Susi in July 1992 and is headquartered in Winter Springs, FL.