Granite Investment Partners LLC Lowers Position in Psychemedics Corporation (PMD)

Granite Investment Partners LLC reduced its stake in Psychemedics Corporation (NASDAQ:PMD) by 35.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 67,501 shares of the company’s stock after selling 36,764 shares during the period. Granite Investment Partners LLC owned approximately 1.23% of Psychemedics Corporation worth $1,244,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Carl Domino Inc grew its stake in shares of Psychemedics Corporation by 0.6% in the 2nd quarter. Carl Domino Inc now owns 14,485 shares of the company’s stock valued at $361,000 after purchasing an additional 92 shares during the period. Crawford Investment Counsel Inc. grew its stake in shares of Psychemedics Corporation by 5.1% in the 2nd quarter. Crawford Investment Counsel Inc. now owns 189,233 shares of the company’s stock valued at $4,721,000 after purchasing an additional 9,100 shares during the period. Gs Investments Inc. bought a new stake in shares of Psychemedics Corporation in the 2nd quarter valued at approximately $387,000. Moors & Cabot Inc. grew its stake in shares of Psychemedics Corporation by 8.1% in the 2nd quarter. Moors & Cabot Inc. now owns 317,297 shares of the company’s stock valued at $7,906,000 after purchasing an additional 23,674 shares during the period. Finally, Blair William & Co. IL grew its stake in shares of Psychemedics Corporation by 6.2% in the 2nd quarter. Blair William & Co. IL now owns 127,462 shares of the company’s stock valued at $3,180,000 after purchasing an additional 7,490 shares during the period. Institutional investors own 59.27% of the company’s stock.

Shares of Psychemedics Corporation (NASDAQ:PMD) traded down $0.02 on Wednesday, hitting $18.03. The stock had a trading volume of 15,200 shares, compared to its average volume of 37,616. The firm has a market cap of $99.13, a P/E ratio of 16.26 and a beta of 0.94. The company has a quick ratio of 2.72, a current ratio of 2.72 and a debt-to-equity ratio of 0.05. Psychemedics Corporation has a fifty-two week low of $13.81 and a fifty-two week high of $27.99.

Psychemedics Corporation (NASDAQ:PMD) last announced its earnings results on Tuesday, October 24th. The company reported $0.25 EPS for the quarter. The business had revenue of $10.05 million for the quarter. Psychemedics Corporation had a return on equity of 37.33% and a net margin of 15.06%.

The firm also recently announced a quarterly dividend, which was paid on Friday, November 17th. Stockholders of record on Monday, November 6th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.33%. The ex-dividend date of this dividend was Friday, November 3rd. Psychemedics Corporation’s payout ratio is currently 54.05%.

Separately, BidaskClub upgraded Psychemedics Corporation from a “sell” rating to a “hold” rating in a research note on Saturday, November 4th.

In other Psychemedics Corporation news, VP Michael I. Schaffer sold 4,400 shares of the company’s stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $20.37, for a total transaction of $89,628.00. Following the transaction, the vice president now owns 41,273 shares of the company’s stock, valued at approximately $840,731.01. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Michael I. Schaffer sold 7,548 shares of the company’s stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $20.41, for a total value of $154,054.68. Following the transaction, the vice president now directly owns 41,273 shares in the company, valued at approximately $842,381.93. The disclosure for this sale can be found here. Insiders sold a total of 12,929 shares of company stock worth $264,441 over the last three months. 8.60% of the stock is owned by company insiders.

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Psychemedics Corporation Profile

Psychemedics Corporation (Psychemedics) provides hair testing for drugs of abuse, utilizing a hair analysis method involving digestion of hair, enzyme immunoassay (EIA) technology and confirmation by mass spectrometry to analyze human hair to detect abused substances. The Company operates in drug testing services segment.

Institutional Ownership by Quarter for Psychemedics Corporation (NASDAQ:PMD)

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