Hikari Tsushin Inc. Takes $211,000 Position in Fonar Co. (FONR)
Hikari Tsushin Inc. acquired a new position in shares of Fonar Co. (NASDAQ:FONR) during the first quarter, Holdings Channel reports. The fund acquired 7,079 shares of the medical equipment provider’s stock, valued at approximately $211,000.
Several other institutional investors and hedge funds also recently modified their holdings of the business. Northern Trust Corp lifted its stake in shares of Fonar by 2.5% during the first quarter. Northern Trust Corp now owns 99,269 shares of the medical equipment provider’s stock worth $2,959,000 after purchasing an additional 2,452 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Fonar by 196.8% during the first quarter. The Manufacturers Life Insurance Company now owns 5,301 shares of the medical equipment provider’s stock worth $157,000 after purchasing an additional 3,515 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Fonar during the fourth quarter worth about $101,000. Citigroup Inc. lifted its stake in shares of Fonar by 164.5% during the first quarter. Citigroup Inc. now owns 7,523 shares of the medical equipment provider’s stock worth $224,000 after purchasing an additional 4,679 shares in the last quarter. Finally, BlackRock Inc. lifted its stake in shares of Fonar by 1.6% during the fourth quarter. BlackRock Inc. now owns 311,108 shares of the medical equipment provider’s stock worth $7,575,000 after purchasing an additional 4,803 shares in the last quarter. Institutional investors own 51.50% of the company’s stock.
Shares of Fonar traded down $0.05, hitting $27.80, during trading on Thursday, Marketbeat.com reports. The company’s stock had a trading volume of 2,658 shares, compared to its average volume of 32,214. Fonar Co. has a fifty-two week low of $21.10 and a fifty-two week high of $33.90. The stock has a market cap of $170.71 million, a price-to-earnings ratio of 10.36 and a beta of 2.08.
Separately, ValuEngine cut Fonar from a “buy” rating to a “hold” rating in a research note on Saturday, May 12th.
Fonar Company Profile
Fonar Corporation, together with its subsidiaries, engages in the design, manufacture, sale, and servicing of magnetic resonance imaging (MRI) scanners for the detection and diagnosis of human diseases, abnormalities, and other medical conditions and injuries. It operates in two segments, Medical Equipment, and Physician Management and Diagnostic Services.
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