Ballast Asset Management LP Cuts Stake in Iradimed Corporation (NASDAQ:IRMD)

Ballast Asset Management LP cut its position in Iradimed Corporation (NASDAQ:IRMD) by 3.3% in the 4th quarter, Holdings Channel reports. The institutional investor owned 40,320 shares of the medical equipment provider’s stock after selling 1,388 shares during the quarter. Ballast Asset Management LP’s holdings in Iradimed were worth $2,218,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. R Squared Ltd purchased a new position in Iradimed in the 4th quarter worth approximately $30,000. US Bancorp DE raised its stake in shares of Iradimed by 476.6% in the fourth quarter. US Bancorp DE now owns 617 shares of the medical equipment provider’s stock worth $34,000 after purchasing an additional 510 shares during the last quarter. Quantbot Technologies LP raised its stake in shares of Iradimed by 83.0% in the third quarter. Quantbot Technologies LP now owns 2,320 shares of the medical equipment provider’s stock worth $117,000 after purchasing an additional 1,052 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Iradimed during the third quarter valued at $126,000. Finally, Avantax Advisory Services Inc. purchased a new stake in shares of Iradimed during the fourth quarter valued at $217,000. Institutional investors own 92.34% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on IRMD shares. StockNews.com lowered Iradimed from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 13th. Roth Mkm reissued 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.

Iradimed Price Performance

Shares of IRMD opened at $52.48 on Tuesday. Iradimed Corporation has a one year low of $40.18 and a one year high of $63.29. The business has a fifty day moving average of $55.95 and a 200 day moving average of $53.96. The firm has a market capitalization of $667.28 million, a P/E ratio of 34.99 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 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.05). The business had revenue of $19.39 million for 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%. Analysts expect that Iradimed Corporation 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. Stockholders of record on Monday, February 24th were given a dividend of $0.17 per share. This is an increase 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%.

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.