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

StockNews.com lowered shares of Iradimed (NASDAQ:IRMD) from a strong-buy rating to a buy rating in a report issued on Thursday.

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

Iradimed Trading Up 2.0 %

NASDAQ:IRMD opened at $52.45 on Thursday. The company has a 50-day moving average price of $57.09 and a 200-day moving average price of $53.44. Iradimed has a 12 month low of $40.18 and a 12 month high of $63.29. The stock has a market cap of $666.90 million, a price-to-earnings ratio of 34.97 and a beta of 0.83.

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

Iradimed Increases Dividend

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. increased its stake in shares of Iradimed by 189.7% in 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 acquiring an additional 43,635 shares in the last quarter. Eagle Asset Management Inc. bought a new position in shares of Iradimed in the 3rd quarter worth about $1,239,000. JPMorgan Chase & Co. increased its stake in Iradimed by 70.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 29,226 shares of the medical equipment provider’s stock valued at $1,470,000 after purchasing an additional 12,051 shares in the last quarter. Principal Financial Group Inc. increased its stake in Iradimed by 11.2% during the 4th quarter. Principal Financial Group Inc. now owns 5,440 shares of the medical equipment provider’s stock valued at $299,000 after purchasing an additional 546 shares in the last quarter. Finally, Barclays PLC increased its stake in Iradimed by 113.9% during the 3rd quarter. Barclays PLC now owns 23,774 shares of the medical equipment provider’s stock valued at $1,196,000 after purchasing an additional 12,657 shares in the last quarter. 92.34% of the stock is currently owned by institutional investors.

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.