Punch & Associates Investment Management Inc. Has $33.27 Million Position in RadNet, Inc. $RDNT

Key Points

• Punch & Associates Investment Management trimmed its RadNet stake by 8.6% in Q1, but still held 595,280 shares valued at about $33.27 million, making RDNT its 6th-largest holding.
• Several analysts remain mixed on RadNet: Barclays lowered its price target to $65, while the overall consensus from MarketBeat is still a Moderate Buy with a target price of $87.43.
• RadNet insiders have recently sold shares, including Director David L. Swartz and CEO Cornelis Wesdorp, even as the company reported 22.1% revenue growth year over year in its latest quarter despite missing EPS estimates.

Punch & Associates Investment Management Inc. reduced its position in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 8.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 595,280 shares of the medical research company's stock after selling 55,889 shares during the period. RadNet makes up 1.9% of Punch & Associates Investment Management Inc.'s portfolio, making the stock its 6th biggest holding. Punch & Associates Investment Management Inc. owned about 0.76% of RadNet worth $33,270,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Nations Financial Group Inc. IA ADV bought a new position in shares of RadNet in the 4th quarter worth $1,118,000. Campbell Newman Asset Management Inc. bought a new stake in shares of RadNet during the 4th quarter worth $1,773,000. Van Berkom & Associates Inc. lifted its holdings in shares of RadNet by 24.9% during the 1st quarter. Van Berkom & Associates Inc. now owns 1,028,586 shares of the medical research company's stock worth $57,488,000 after acquiring an additional 204,858 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in RadNet in the fourth quarter worth $756,000. Finally, Bessemer Group Inc. grew its position in RadNet by 11.4% in the fourth quarter. Bessemer Group Inc. now owns 493,999 shares of the medical research company's stock worth $35,248,000 after acquiring an additional 50,690 shares in the last quarter. Institutional investors own 77.90% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on RDNT shares. Weiss Ratings downgraded RadNet from a "sell (d)" rating to a "sell (d-)" rating in a research report on Tuesday, May 12th. Barclays cut their price objective on RadNet from $70.00 to $65.00 and set an "overweight" rating for the company in a report on Wednesday, May 20th. Finally, Zacks Research lowered RadNet from a "hold" rating to a "strong sell" rating in a research report on Monday, July 13th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $87.43.

Insider Transactions at RadNet

In other news, Director David L. Swartz sold 2,699 shares of the business's stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $53.89, for a total value of $145,449.11. Following the completion of the sale, the director owned 177,013 shares of the company's stock, valued at approximately $9,539,230.57. The trade was a 1.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Cornelis Wesdorp sold 4,750 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $58.11, for a total value of $276,022.50. Following the sale, the chief executive officer owned 69,075 shares of the company's stock, valued at $4,013,948.25. This represents a 6.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 5.60% of the stock is currently owned by company insiders.

RadNet Price Performance

Shares of RadNet stock opened at $61.57 on Friday. RadNet, Inc. has a 52-week low of $50.76 and a 52-week high of $85.84. The stock has a market capitalization of $4.84 billion, a price-to-earnings ratio of -342.04 and a beta of 1.37. The company has a fifty day moving average of $58.66 and a 200-day moving average of $62.39. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.17 and a current ratio of 1.17.

RadNet (NASDAQ:RDNT - Get Free Report) last issued its earnings results on Monday, May 11th. The medical research company reported ($0.28) EPS for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.14). The business had revenue of $575.63 million during the quarter, compared to analysts' expectations of $557.93 million. RadNet had a positive return on equity of 2.77% and a negative net margin of 0.66%.RadNet's revenue for the quarter was up 22.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.50) EPS. Equities research analysts expect 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.

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