Renaissance Technologies LLC Lowers Position in Iradimed Corporation (NASDAQ:IRMD)

Renaissance Technologies LLC trimmed its holdings in shares of Iradimed Corporation (NASDAQ:IRMD) by 4.9% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 513,012 shares of the medical equipment provider’s stock after selling 26,486 shares during the period. Renaissance Technologies LLC’s holdings in Iradimed were worth $28,216,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Invesco Ltd. bought a new stake in shares of Iradimed during the 4th quarter valued at about $254,000. Aristides Capital LLC raised its stake in Iradimed by 62.0% in the fourth quarter. Aristides Capital LLC now owns 29,925 shares of the medical equipment provider’s stock valued at $1,646,000 after purchasing an additional 11,452 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in Iradimed by 5.2% during the fourth quarter. Envestnet Asset Management Inc. now owns 58,581 shares of the medical equipment provider’s stock valued at $3,222,000 after purchasing an additional 2,909 shares during the last quarter. Wells Fargo & Company MN grew its stake in Iradimed by 41.1% in the 4th quarter. Wells Fargo & Company MN now owns 4,362 shares of the medical equipment provider’s stock worth $240,000 after buying an additional 1,270 shares in the last quarter. Finally, Huntington National Bank increased its holdings in shares of Iradimed by 34.0% in the 4th quarter. Huntington National Bank now owns 1,993 shares of the medical equipment provider’s stock worth $110,000 after buying an additional 506 shares during the last quarter. 92.34% of the stock is currently owned by hedge funds and other institutional investors.

Iradimed Stock Up 4.4 %

NASDAQ IRMD opened at $52.29 on Friday. The firm has a market cap of $664.87 million, a price-to-earnings ratio of 34.86 and a beta of 0.82. Iradimed Corporation has a 12-month low of $40.18 and a 12-month high of $63.29. The company has a 50-day simple moving average of $53.95 and a two-hundred day simple moving average of $54.06.

Iradimed (NASDAQ:IRMD) last released its quarterly earnings data 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). Iradimed had a net margin of 26.26% and a return on equity of 24.12%. The company had revenue of $19.39 million for the quarter, compared to analysts’ expectations of $19.09 million. Equities analysts expect that Iradimed Corporation will post 1.66 earnings per share for the current fiscal year.

Iradimed Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders 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 was Monday, February 24th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.30%. Iradimed’s payout ratio is presently 45.33%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on IRMD shares. Roth Mkm reaffirmed a “buy” rating and set a $72.00 price objective (up from $60.00) on shares of Iradimed in a report on Friday, February 14th. StockNews.com downgraded shares of Iradimed from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 13th.

Iradimed Company 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.