Credit Industriel ET Commercial Buys Shares of 79,200 Fonar Corporation $FONR

Credit Industriel ET Commercial acquired a new position in shares of Fonar Corporation (NASDAQ:FONR) in the 1st quarter, HoldingsChannel reports. The institutional investor acquired 79,200 shares of the medical equipment provider’s stock, valued at approximately $1,470,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. CIBC Private Wealth Group LLC acquired a new position in Fonar during the third quarter worth about $90,000. PenderFund Capital Management Ltd. bought a new stake in shares of Fonar during the 4th quarter valued at approximately $150,000. Empowered Funds LLC increased its position in Fonar by 7.7% during the 1st quarter. Empowered Funds LLC now owns 21,139 shares of the medical equipment provider’s stock worth $296,000 after purchasing an additional 1,504 shares in the last quarter. Lakewood Asset Management LLC increased its position in Fonar by 15.1% during the 4th quarter. Lakewood Asset Management LLC now owns 19,057 shares of the medical equipment provider’s stock worth $354,000 after purchasing an additional 2,493 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in Fonar in the 4th quarter valued at approximately $523,000. Institutional investors own 50.64% of the company’s stock.

Insiders Place Their Bets

In related news, major shareholder Hilary Shane bought 225,426 shares of the company’s stock in a transaction dated Thursday, May 28th. The shares were bought at an average price of $19.05 per share, for a total transaction of $4,294,365.30. Following the completion of the acquisition, the insider directly owned 324,118 shares of the company’s stock, valued at $6,174,447.90. This trade represents a 228.41% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last quarter, insiders have bought 554,089 shares of company stock valued at $10,561,877. 7.93% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Separately, Weiss Ratings restated a “hold (c)” rating on shares of Fonar in a research report on Tuesday, April 7th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has an average rating of “Hold”.

Fonar Stock Performance

NASDAQ:FONR opened at $19.09 on Tuesday. The stock has a market cap of $117.84 million, a P/E ratio of 19.09 and a beta of 0.95. The stock’s 50-day moving average is $19.00 and its 200-day moving average is $18.49. Fonar Corporation has a 1-year low of $13.62 and a 1-year high of $19.16.

Fonar (NASDAQ:FONR) last released its quarterly earnings data on Monday, May 11th. The medical equipment provider reported $0.24 earnings per share (EPS) for the quarter. Fonar had a return on equity of 4.12% and a net margin of 6.35%.The company had revenue of $26.47 million during the quarter.

Fonar Company Profile

Fonar Corporation is a medical technology company primarily engaged in the design, manufacture and sale of magnetic resonance imaging (MRI) systems. The company’s flagship product, the UPRIGHT® Multi-Position™ MRI, enables patients to be scanned in standing, seated and traditional recumbent positions, offering enhanced diagnostic capabilities for musculoskeletal, neurological and vascular conditions. In addition to MRI equipment sales, Fonar provides equipment installation, training and maintenance services to hospitals, imaging centers and private practices.

Headquartered in Melville, New York, Fonar markets its MRI systems both domestically and internationally, supported by a network of service engineers and customer support personnel.