Connor Clark & Lunn Investment Management Ltd. Boosts Holdings in Iradimed Corporation (NASDAQ:IRMD)

Connor Clark & Lunn Investment Management Ltd. raised its holdings in Iradimed Corporation (NASDAQ:IRMD) by 21.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,306 shares of the medical equipment provider’s stock after buying an additional 2,921 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.13% of Iradimed worth $897,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in IRMD. Principal Financial Group Inc. purchased a new stake in Iradimed in the 3rd quarter valued at about $246,000. Quest Partners LLC lifted its stake in shares of Iradimed by 32.9% in the 3rd quarter. Quest Partners LLC now owns 13,071 shares of the medical equipment provider’s stock valued at $657,000 after purchasing an additional 3,236 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of 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. purchased a new stake in shares of Iradimed during the 3rd quarter worth about $1,239,000. Finally, Algert Global LLC grew its holdings in shares of Iradimed by 16.4% during the 3rd quarter. Algert Global LLC now owns 31,158 shares of the medical equipment provider’s stock worth $1,567,000 after purchasing an additional 4,384 shares during the period. Hedge funds and other institutional investors own 92.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Roth Mkm reiterated a “buy” rating and set a $72.00 target price (up previously from $60.00) on shares of Iradimed in a report on Friday, February 14th. StockNews.com cut Iradimed from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 13th.

Iradimed Stock Down 0.3 %

NASDAQ IRMD opened at $52.33 on Friday. The stock has a market cap of $665.38 million, a PE ratio of 34.89 and a beta of 0.83. Iradimed Corporation has a fifty-two week low of $40.18 and a fifty-two week high of $63.29. The business has a 50 day moving average price of $56.60 and a two-hundred day moving average price of $53.58.

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 company had revenue of $19.39 million during the quarter, compared to analysts’ expectations of $19.09 million. Iradimed had a return on equity of 24.12% and a net margin of 26.26%. Sell-side analysts anticipate that Iradimed Corporation will post 1.66 EPS for the current fiscal year.

Iradimed Increases Dividend

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

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.