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 sent to investors on Tuesday.

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

Iradimed Stock Performance

Shares of NASDAQ IRMD opened at $52.39 on Tuesday. The firm has a market cap of $663.94 million, a P/E ratio of 34.93 and a beta of 0.82. Iradimed has a 1 year low of $40.18 and a 1 year high of $63.29. The firm’s 50 day moving average price is $57.48 and its 200 day moving average price is $53.10.

Iradimed (NASDAQ:IRMD) last issued its earnings results on Thursday, February 13th. The medical equipment provider reported $0.40 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 analysts’ expectations of $19.09 million. Iradimed had a net margin of 26.26% and a return on equity of 24.12%. As a group, equities analysts predict that Iradimed will post 1.66 EPS for the current year.

Iradimed Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Monday, February 24th were paid a dividend of $0.17 per share. This is a boost from Iradimed’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a yield of 1.30%. The ex-dividend date of this dividend was Monday, February 24th. Iradimed’s dividend payout ratio is presently 45.33%.

Institutional Investors Weigh In On Iradimed

Several institutional investors and hedge funds have recently bought and sold shares of the business. Principal Financial Group Inc. bought a new stake in Iradimed during the 3rd quarter worth about $246,000. Huntington National Bank increased its stake in Iradimed by 51.3% during the 3rd quarter. Huntington National Bank now owns 1,487 shares of the medical equipment provider’s stock worth $75,000 after purchasing an additional 504 shares in the last quarter. Gladius Capital Management LP increased its stake in Iradimed by 126.6% during the 3rd quarter. Gladius Capital Management LP now owns 1,727 shares of the medical equipment provider’s stock worth $87,000 after purchasing an additional 965 shares in the last quarter. Quest Partners LLC increased its stake in Iradimed by 32.9% during the 3rd quarter. Quest Partners LLC now owns 13,071 shares of the medical equipment provider’s stock worth $657,000 after purchasing an additional 3,236 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Iradimed by 54.3% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 13,385 shares of the medical equipment provider’s stock worth $673,000 after acquiring an additional 4,708 shares in the last quarter. 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.