Bank of New York Mellon Corp Purchases 48,534 Shares of Iradimed Corporation (NASDAQ:IRMD)

Bank of New York Mellon Corp lifted its position in Iradimed Corporation (NASDAQ:IRMD - Free Report) by 94.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 100,108 shares of the medical equipment provider's stock after purchasing an additional 48,534 shares during the period. Bank of New York Mellon Corp owned about 0.79% of Iradimed worth $5,506,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its stake in 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 buying an additional 43,635 shares in the last quarter. Eagle Asset Management Inc. bought a new stake in Iradimed during the 3rd quarter valued at approximately $1,239,000. JPMorgan Chase & Co. lifted its holdings in Iradimed by 70.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 29,226 shares of the medical equipment provider's stock worth $1,470,000 after purchasing an additional 12,051 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Iradimed by 11.2% in the 4th quarter. Principal Financial Group Inc. now owns 5,440 shares of the medical equipment provider's stock worth $299,000 after purchasing an additional 546 shares during the period. Finally, Barclays PLC grew its holdings 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 buying an additional 12,657 shares in the last quarter. 92.34% of the stock is currently owned by institutional investors.

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Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on IRMD. StockNews.com lowered shares of 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 previously from $60.00) on shares of Iradimed in a report on Friday, February 14th.

Iradimed Stock Performance

Shares of IRMD traded down $0.53 during mid-day trading on Thursday, hitting $52.33. 10,655 shares of the stock were exchanged, compared to its average volume of 43,625. The company has a market cap of $665.31 million, a PE ratio of 35.03 and a beta of 0.83. Iradimed Corporation has a 52-week low of $40.18 and a 52-week high of $63.29. The firm has a 50-day moving average of $56.80 and a two-hundred day moving average of $53.55.

Iradimed (NASDAQ:IRMD - Get Free Report) last released its quarterly earnings data 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 net margin of 26.26% and a return on equity of 24.12%. The business had revenue of $19.39 million for the quarter, compared to the consensus estimate of $19.09 million. On average, sell-side analysts predict that Iradimed Corporation will post 1.66 EPS for the current year.

Iradimed Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th were paid a dividend of $0.17 per share. This is a boost from Iradimed's previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a yield of 1.30%. The ex-dividend date was Monday, February 24th. Iradimed's payout ratio is presently 45.33%.

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.