LSV Asset Management Sells 32,249 Shares of Fonar Corporation $FONR

LSV Asset Management cut its stake in Fonar Corporation (NASDAQ:FONR) by 94.5% during the 4th quarter, HoldingsChannel.com reports. The fund owned 1,891 shares of the medical equipment provider’s stock after selling 32,249 shares during the period. LSV Asset Management’s holdings in Fonar were worth $35,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Empowered Funds LLC lifted its stake in Fonar by 7.7% in the first quarter. Empowered Funds LLC now owns 21,139 shares of the medical equipment provider’s stock valued at $296,000 after buying an additional 1,504 shares during the period. Bridgeway Capital Management LLC lifted its stake in Fonar by 2.3% in the second quarter. Bridgeway Capital Management LLC now owns 83,382 shares of the medical equipment provider’s stock valued at $1,247,000 after buying an additional 1,843 shares during the period. Lakewood Asset Management LLC lifted its stake in Fonar by 15.1% in the fourth quarter. Lakewood Asset Management LLC now owns 19,057 shares of the medical equipment provider’s stock valued at $354,000 after buying an additional 2,493 shares during the period. Dimensional Fund Advisors LP lifted its stake in Fonar by 1.2% in the third quarter. Dimensional Fund Advisors LP now owns 376,976 shares of the medical equipment provider’s stock valued at $5,677,000 after buying an additional 4,413 shares during the period. Finally, CIBC Private Wealth Group LLC acquired a new position in Fonar in the third quarter valued at approximately $90,000. 50.64% of the stock is owned by institutional investors and hedge funds.

Fonar Stock Performance

Shares of FONR opened at $19.01 on Thursday. Fonar Corporation has a 52-week low of $13.62 and a 52-week high of $19.03. The business’s 50 day moving average price is $18.73 and its two-hundred day moving average price is $17.58. The firm has a market cap of $117.29 million, a PE ratio of 19.01 and a beta of 0.96.

Fonar (NASDAQ:FONR) last issued its quarterly earnings results 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 firm had revenue of $26.47 million for the quarter.

Insider Buying and Selling at Fonar

In other news, major shareholder Hilary Shane bought 71,414 shares of the stock in a transaction dated Wednesday, May 27th. The shares were bought at an average cost of $18.99 per share, with a total value of $1,356,151.86. Following the completion of the transaction, the insider directly owned 98,692 shares of the company’s stock, valued at $1,874,161.08. This trade represents a 261.80% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 7.93% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of Fonar in a research note on Tuesday, April 7th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, the company presently has a consensus rating of “Hold”.

Fonar 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.