Iradimed (NASDAQ:IRMD) Shares Gap Down on Disappointing Earnings

Iradimed Corporation (NASDAQ:IRMD - Get Free Report) shares gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $60.48, but opened at $57.96. Iradimed shares last traded at $53.17, with a volume of 26,060 shares traded.

The medical equipment provider reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate 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 net margin of 26.12% and a return on equity of 23.99%.

Iradimed Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 5th. Stockholders of record on Monday, February 24th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.23%. This is an increase from Iradimed's previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Monday, February 24th. Iradimed's payout ratio is 41.10%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Roth Mkm reissued a "buy" rating and issued a $72.00 target price (up previously from $60.00) on shares of Iradimed in a research report on Friday. StockNews.com downgraded Iradimed from a "strong-buy" rating to a "buy" rating in a report on Thursday.

Insider Buying and Selling

In other Iradimed news, CFO John Glenn sold 2,500 shares of the company's stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $54.18, for a total transaction of $135,450.00. Following the sale, the chief financial officer now owns 4,383 shares in the company, valued at $237,470.94. This represents a 36.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 37.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Iradimed

Large investors have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. increased its stake in shares of Iradimed by 189.7% during the third 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 during the period. Eagle Asset Management Inc. purchased a new stake in shares of Iradimed in the 3rd quarter valued at approximately $1,239,000. Allspring Global Investments Holdings LLC increased its position in shares of Iradimed by 14.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 20,122 shares of the medical equipment provider's stock valued at $1,012,000 after purchasing an additional 2,538 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Iradimed by 70.2% in the third quarter. JPMorgan Chase & Co. now owns 29,226 shares of the medical equipment provider's stock valued at $1,470,000 after buying an additional 12,051 shares during the last quarter. Finally, Barclays PLC increased its holdings in Iradimed by 113.9% in the third 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 during the last quarter. Hedge funds and other institutional investors own 92.34% of the company's stock.

Iradimed Stock Down 0.3 %

The stock has a market cap of $699.76 million, a PE ratio of 37.83 and a beta of 0.82. The firm has a fifty day moving average of $57.20 and a 200 day moving average of $52.18.

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.