Louisiana State Employees Retirement System Acquires Shares of 30,900 RadNet, Inc. $RDNT

Louisiana State Employees Retirement System bought a new position in shares of RadNet, Inc. (NASDAQ:RDNT) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 30,900 shares of the medical research company’s stock, valued at approximately $1,727,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Mairs & Power Inc. lifted its position in shares of RadNet by 68.9% during the 3rd quarter. Mairs & Power Inc. now owns 97,483 shares of the medical research company’s stock valued at $7,429,000 after acquiring an additional 39,752 shares during the period. US Bancorp DE increased its position in shares of RadNet by 485.4% in the third quarter. US Bancorp DE now owns 28,350 shares of the medical research company’s stock worth $2,161,000 after purchasing an additional 23,507 shares during the period. Neuberger Berman Group LLC raised its stake in RadNet by 59.4% in the third quarter. Neuberger Berman Group LLC now owns 456,855 shares of the medical research company’s stock valued at $34,817,000 after purchasing an additional 170,261 shares in the last quarter. Nations Financial Group Inc. IA ADV acquired a new position in RadNet in the fourth quarter valued at about $1,118,000. Finally, First Eagle Investment Management LLC lifted its position in RadNet by 72.0% during the third quarter. First Eagle Investment Management LLC now owns 89,536 shares of the medical research company’s stock worth $6,824,000 after purchasing an additional 37,493 shares during the period. 77.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at RadNet

In related news, CEO Cornelis Wesdorp sold 4,750 shares of the stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total value of $276,022.50. Following the completion of the sale, the chief executive officer directly owned 69,075 shares in the company, valued at $4,013,948.25. This represents a 6.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David L. Swartz sold 2,699 shares of the firm’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $53.89, for a total value of $145,449.11. Following the transaction, the director directly owned 177,013 shares of the company’s stock, valued at approximately $9,539,230.57. This represents a 1.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 5.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on RDNT. Weiss Ratings lowered shares of RadNet from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Barclays reduced their price target on shares of RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 20th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $87.43.

RadNet Stock Performance

Shares of RDNT stock opened at $65.62 on Thursday. The business’s 50-day moving average price is $56.13 and its 200-day moving average price is $63.35. RadNet, Inc. has a 12 month low of $50.76 and a 12 month high of $85.84. The firm has a market capitalization of $5.16 billion, a price-to-earnings ratio of -364.54 and a beta of 1.36. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.79.

RadNet (NASDAQ:RDNT) last released its quarterly earnings data on Monday, May 11th. The medical research company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.14). The firm had revenue of $575.63 million during the quarter, compared to analyst estimates of $557.93 million. RadNet had a negative net margin of 0.66% and a positive return on equity of 2.77%. The business’s quarterly revenue was up 22.1% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.50) EPS. Equities research analysts forecast that RadNet, Inc. will post 0.54 EPS for the current year.

RadNet Profile

RadNet, Inc is a leading independent provider of outpatient diagnostic imaging services in the United States. Through a nationwide network of fixed-site imaging centers and affiliated joint-venture locations, the company delivers a comprehensive suite of radiology services including MRI, CT, PET/CT, ultrasound, X-ray, mammography, bone densitometry, nuclear medicine and interventional radiology procedures. RadNet also offers teleradiology and imaging management solutions to physician practices, hospitals and healthcare systems.

Founded in 1981 and headquartered in Los Angeles, RadNet has expanded its footprint organically and through strategic acquisitions.