Adams Diversified Equity Fund Inc. Cuts Stake in RadNet Inc. (RDNT)

Adams Diversified Equity Fund Inc. lowered its position in shares of RadNet Inc. (NASDAQ:RDNT) by 6.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 60,900 shares of the medical research company’s stock after selling 4,400 shares during the period. Adams Diversified Equity Fund Inc. owned about 0.13% of RadNet worth $917,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in RDNT. FMR LLC purchased a new position in shares of RadNet during the second quarter valued at $21,532,000. Renaissance Technologies LLC increased its stake in shares of RadNet by 20.7% during the second quarter. Renaissance Technologies LLC now owns 2,414,812 shares of the medical research company’s stock valued at $36,222,000 after buying an additional 413,312 shares during the period. BlackRock Inc. increased its stake in shares of RadNet by 17.2% during the second quarter. BlackRock Inc. now owns 2,552,195 shares of the medical research company’s stock valued at $38,283,000 after buying an additional 374,945 shares during the period. Dalton Greiner Hartman Maher & Co. purchased a new position in shares of RadNet during the third quarter valued at $5,026,000. Finally, Phocas Financial Corp. grew its stake in RadNet by 318.7% in the second quarter. Phocas Financial Corp. now owns 423,217 shares of the medical research company’s stock valued at $6,348,000 after purchasing an additional 322,145 shares during the last quarter. Hedge funds and other institutional investors own 61.05% of the company’s stock.

RDNT opened at $15.05 on Tuesday. RadNet Inc. has a 1 year low of $9.50 and a 1 year high of $16.54. The company has a debt-to-equity ratio of 4.49, a quick ratio of 1.06 and a current ratio of 1.06. The stock has a market capitalization of $722.83 million, a price-to-earnings ratio of 51.90, a P/E/G ratio of 5.27 and a beta of 0.27.



RadNet (NASDAQ:RDNT) last posted its earnings results on Thursday, August 9th. The medical research company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.02). RadNet had a negative net margin of 0.64% and a positive return on equity of 17.00%. The company had revenue of $244.40 million during the quarter, compared to analysts’ expectations of $239.34 million. During the same quarter last year, the firm earned $0.11 EPS. RadNet’s revenue for the quarter was up 6.3% on a year-over-year basis. Sell-side analysts predict that RadNet Inc. will post 0.36 EPS for the current fiscal year.

Several equities analysts have issued reports on the company. BidaskClub lowered RadNet from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 11th. Zacks Investment Research lowered RadNet from a “hold” rating to a “sell” rating in a research note on Wednesday, August 15th. Four analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $15.50.

In other RadNet news, insider Norman R. Hames sold 10,000 shares of RadNet stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $14.06, for a total value of $140,600.00. Following the transaction, the insider now owns 613,000 shares in the company, valued at $8,618,780. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Norman R. Hames sold 14,000 shares of RadNet stock in a transaction dated Thursday, September 20th. The shares were sold at an average price of $15.59, for a total value of $218,260.00. Following the completion of the transaction, the insider now owns 589,000 shares in the company, valued at approximately $9,182,510. The disclosure for this sale can be found here. Insiders sold 34,000 shares of company stock worth $506,660 in the last quarter. 7.56% of the stock is owned by insiders.

About RadNet

RadNet, Inc, together with its subsidiaries, provides outpatient diagnostic imaging services in the United States. Its services include magnetic resonance imaging, computed tomography, positron emission tomography, nuclear medicine, mammography, ultrasound, diagnostic radiology, fluoroscopy, and other related procedures, as well as multi-modality imaging services.

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Institutional Ownership by Quarter for RadNet (NASDAQ:RDNT)

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