Teacher Retirement System of Texas Trims Holdings in Iradimed Corporation (NASDAQ:IRMD)

Teacher Retirement System of Texas cut its stake in Iradimed Corporation (NASDAQ:IRMD) by 28.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 50,287 shares of the medical equipment provider’s stock after selling 19,856 shares during the period. Teacher Retirement System of Texas owned about 0.40% of Iradimed worth $2,766,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in IRMD. Principal Financial Group Inc. purchased a new position in shares of Iradimed during the third quarter worth approximately $246,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in Iradimed by 54.3% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 13,385 shares of the medical equipment provider’s stock worth $673,000 after purchasing an additional 4,708 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Iradimed by 189.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 66,632 shares of the medical equipment provider’s stock worth $3,351,000 after purchasing an additional 43,635 shares during the period. Eagle Asset Management Inc. bought a new stake in Iradimed during the 3rd quarter valued at $1,239,000. Finally, Algert Global LLC lifted its holdings in shares of Iradimed by 16.4% in the 3rd quarter. Algert Global LLC now owns 31,158 shares of the medical equipment provider’s stock worth $1,567,000 after buying an additional 4,384 shares during the period. Hedge funds and other institutional investors own 92.34% of the company’s stock.

Iradimed Price Performance

Shares of NASDAQ IRMD opened at $52.96 on Wednesday. The business has a fifty day moving average price of $56.44 and a 200 day moving average price of $53.79. Iradimed Corporation has a 1-year low of $40.18 and a 1-year high of $63.29. The stock has a market capitalization of $673.39 million, a P/E ratio of 35.31 and a beta of 0.83.

Iradimed (NASDAQ:IRMD) last released its quarterly earnings results on Thursday, February 13th. The medical equipment provider reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.05). The firm 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%. As a group, equities research analysts anticipate that Iradimed Corporation will post 1.66 earnings per share for the current fiscal year.

Iradimed Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Monday, February 24th were given a $0.17 dividend. This is a boost from Iradimed’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Monday, February 24th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.28%. Iradimed’s dividend payout ratio (DPR) is presently 45.33%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on IRMD. StockNews.com downgraded Iradimed from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 13th. Roth Mkm reaffirmed a “buy” rating and issued a $72.00 price target (up previously from $60.00) on shares of Iradimed in a research report on Friday, February 14th.

Iradimed Profile

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.