ValuEngine upgraded shares of Psychemedics (NASDAQ:PMD) from a hold rating to a buy rating in a research note published on Thursday, ValuEngine reports.
PMD stock traded up $0.43 during trading on Thursday, hitting $8.43. 24,953 shares of the stock traded hands, compared to its average volume of 16,330. Psychemedics has a 1 year low of $8.00 and a 1 year high of $22.31. The stock has a 50 day simple moving average of $9.54. The stock has a market capitalization of $49.71 million, a PE ratio of 14.08 and a beta of 0.71. The company has a current ratio of 3.17, a quick ratio of 3.17 and a debt-to-equity ratio of 0.05.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 16th. Investors of record on Tuesday, August 6th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 8.54%. The ex-dividend date of this dividend is Monday, August 5th.
In other news, VP Michael I. Schaffer sold 9,331 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $9.74, for a total transaction of $90,883.94. Following the sale, the vice president now owns 25,700 shares of the company’s stock, valued at approximately $250,318. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Michael I. Schaffer sold 2,800 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $9.84, for a total transaction of $27,552.00. Following the sale, the vice president now directly owns 25,700 shares in the company, valued at approximately $252,888. The disclosure for this sale can be found here. Corporate insiders own 11.20% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Crawford Investment Counsel Inc. raised its position in shares of Psychemedics by 4.4% during the 1st quarter. Crawford Investment Counsel Inc. now owns 310,870 shares of the company’s stock worth $4,362,000 after purchasing an additional 13,195 shares during the period. Alambic Investment Management L.P. acquired a new stake in shares of Psychemedics during the 1st quarter worth approximately $163,000. Tieton Capital Management LLC raised its position in shares of Psychemedics by 20.3% during the 1st quarter. Tieton Capital Management LLC now owns 301,282 shares of the company’s stock worth $4,227,000 after purchasing an additional 50,894 shares during the period. Connors Investor Services Inc. raised its position in shares of Psychemedics by 19.6% during the 1st quarter. Connors Investor Services Inc. now owns 15,426 shares of the company’s stock worth $216,000 after purchasing an additional 2,524 shares during the period. Finally, Kennedy Capital Management Inc. raised its position in shares of Psychemedics by 55.1% during the 1st quarter. Kennedy Capital Management Inc. now owns 223,037 shares of the company’s stock worth $3,129,000 after purchasing an additional 79,263 shares during the period. 57.71% of the stock is currently owned by hedge funds and other institutional investors.
Psychemedics Company Profile
Psychemedics Corporation provides testing services for the detection of drugs of abuse through the analysis of hair samples in the United States and internationally. The company's tests provide quantitative information that can indicate the approximate amount of drug ingested, as well as historical data, which can show a pattern of individual drug use over a longer period of time.
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