BlackRock Inc. Acquires 185,860 Shares of Iradimed Corp (IRMD)

BlackRock Inc. boosted its holdings in Iradimed Corp (NASDAQ:IRMD) by 427.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 229,353 shares of the medical equipment provider’s stock after buying an additional 185,860 shares during the quarter. BlackRock Inc. owned 2.15% of Iradimed worth $4,759,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Bank of New York Mellon Corp grew its position in Iradimed by 46.4% in the second quarter. Bank of New York Mellon Corp now owns 22,588 shares of the medical equipment provider’s stock worth $469,000 after buying an additional 7,156 shares during the last quarter. EAM Investors LLC grew its position in Iradimed by 25.0% in the second quarter. EAM Investors LLC now owns 36,774 shares of the medical equipment provider’s stock worth $763,000 after buying an additional 7,348 shares during the last quarter. Russell Investments Group Ltd. grew its position in Iradimed by 49.2% in the second quarter. Russell Investments Group Ltd. now owns 88,223 shares of the medical equipment provider’s stock worth $1,831,000 after buying an additional 29,105 shares during the last quarter. Cadence Capital Management LLC grew its position in Iradimed by 27.9% in the second quarter. Cadence Capital Management LLC now owns 143,966 shares of the medical equipment provider’s stock worth $2,987,000 after buying an additional 31,437 shares during the last quarter. Finally, Northern Trust Corp grew its position in Iradimed by 27.9% in the first quarter. Northern Trust Corp now owns 26,791 shares of the medical equipment provider’s stock worth $386,000 after buying an additional 5,850 shares during the last quarter. Hedge funds and other institutional investors own 19.79% of the company’s stock.

Several research firms have issued reports on IRMD. ValuEngine lowered shares of Iradimed from a “strong-buy” rating to a “buy” rating in a research report on Saturday. BidaskClub upgraded shares of Iradimed from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, September 12th. Roth Capital set a $35.00 price objective on shares of Iradimed and gave the stock a “buy” rating in a research report on Thursday, September 20th. Zacks Investment Research upgraded shares of Iradimed from a “hold” rating to a “strong-buy” rating and set a $30.00 price objective on the stock in a research report on Tuesday. Finally, TheStreet upgraded shares of Iradimed from a “c+” rating to a “b-” rating in a research report on Monday, August 27th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $28.00.

In other Iradimed news, VP Francis X. Casey sold 55,000 shares of Iradimed stock in a transaction on Friday, September 14th. The shares were sold at an average price of $29.30, for a total transaction of $1,611,500.00. Following the completion of the sale, the vice president now owns 98,779 shares of the company’s stock, valued at approximately $2,894,224.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 61.20% of the company’s stock.

NASDAQ IRMD opened at $24.57 on Friday. Iradimed Corp has a twelve month low of $12.51 and a twelve month high of $38.78. The company has a market cap of $289.33 million, a price-to-earnings ratio of 307.13 and a beta of 1.90.

Iradimed (NASDAQ:IRMD) last posted its quarterly earnings data on Tuesday, October 30th. The medical equipment provider reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.04. Iradimed had a net margin of 16.59% and a return on equity of 12.20%. The firm had revenue of $7.62 million for the quarter, compared to analysts’ expectations of $7.43 million. As a group, equities analysts anticipate that Iradimed Corp will post 0.39 earnings per share for the current year.

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Iradimed Company Profile

IRadimed Corporation develops, manufactures, markets, and distributes magnetic resonance imaging (MRI) compatible medical devices, and related accessories and services in the United States and internationally. It offers MRI compatible intravenous (IV) infusion pump system with associated disposable IV tubing sets under the MRidium name; and MRI compatible patient vital signs monitoring system under the IRadimed name.

Further Reading: What is a stock split?

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Institutional Ownership by Quarter for Iradimed (NASDAQ:IRMD)

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