RadNet, Inc. $RDNT Shares Purchased by Fifth Third Bancorp

Fifth Third Bancorp increased its holdings in shares of RadNet, Inc. (NASDAQ:RDNT) by 6,610.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,224 shares of the medical research company’s stock after purchasing an additional 33,714 shares during the period. Fifth Third Bancorp’s holdings in RadNet were worth $1,913,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Crossmark Global Holdings Inc. lifted its holdings in shares of RadNet by 3.3% in the 4th quarter. Crossmark Global Holdings Inc. now owns 5,048 shares of the medical research company’s stock valued at $360,000 after buying an additional 163 shares during the period. Summit Financial LLC increased its holdings in shares of RadNet by 1.3% during the 4th quarter. Summit Financial LLC now owns 12,563 shares of the medical research company’s stock valued at $896,000 after purchasing an additional 166 shares in the last quarter. Bank of Montreal Can lifted its stake in shares of RadNet by 3.3% in the 4th quarter. Bank of Montreal Can now owns 5,557 shares of the medical research company’s stock valued at $396,000 after purchasing an additional 180 shares during the period. Smartleaf Asset Management LLC boosted its holdings in RadNet by 16.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,586 shares of the medical research company’s stock worth $113,000 after buying an additional 225 shares in the last quarter. Finally, Maryland State Retirement & Pension System grew its position in RadNet by 2.4% during the fourth quarter. Maryland State Retirement & Pension System now owns 10,190 shares of the medical research company’s stock valued at $727,000 after buying an additional 238 shares during the period. 77.90% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director David L. Swartz sold 2,699 shares of the firm’s stock in a transaction dated Thursday, June 18th. The shares were 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 trade represents a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Cornelis Wesdorp sold 4,750 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $58.11, for a total transaction of $276,022.50. Following the sale, the chief executive officer directly owned 69,075 shares of the company’s stock, valued at approximately $4,013,948.25. This represents a 6.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 5.60% of the company’s stock.

RadNet Price Performance

NASDAQ:RDNT opened at $59.22 on Thursday. The firm has a market cap of $4.66 billion, a P/E ratio of -328.98 and a beta of 1.37. The stock has a 50 day moving average of $58.33 and a two-hundred day moving average of $62.47. RadNet, Inc. has a 12 month low of $50.76 and a 12 month high of $85.84. 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 issued its quarterly earnings results on Monday, May 11th. The medical research company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.14). RadNet had a positive return on equity of 2.77% and a negative net margin of 0.66%.The firm had revenue of $575.63 million for the quarter, compared to analysts’ expectations of $557.93 million. During the same quarter in the previous year, the firm posted ($0.50) earnings per share. The firm’s revenue for the quarter was up 22.1% compared to the same quarter last year. On average, analysts expect that RadNet, Inc. will post 0.54 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on RDNT. Barclays lowered their price target on RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 20th. Weiss Ratings lowered RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Finally, Zacks Research cut shares of RadNet from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $87.43.

About RadNet

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.