Granite Investment Partners LLC decreased its position in shares of Psychemedics Corporation (NASDAQ:PMD) by 4.9% during the second quarter, Holdings Channel reports. The fund owned 104,265 shares of the company’s stock after selling 5,399 shares during the period. Granite Investment Partners LLC’s holdings in Psychemedics Corporation were worth $2,602,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the stock. Janney Montgomery Scott LLC raised its stake in shares of Psychemedics Corporation by 14.2% in the second quarter. Janney Montgomery Scott LLC now owns 14,218 shares of the company’s stock worth $355,000 after buying an additional 1,767 shares during the last quarter. Algert Global LLC raised its stake in shares of Psychemedics Corporation by 2.5% in the second quarter. Algert Global LLC now owns 54,761 shares of the company’s stock worth $1,366,000 after buying an additional 1,350 shares during the last quarter. Finally, Carl Domino Inc raised its stake in shares of Psychemedics Corporation by 0.6% in the second quarter. Carl Domino Inc now owns 14,485 shares of the company’s stock worth $361,000 after buying an additional 92 shares during the last quarter. 54.66% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Psychemedics Corporation (NASDAQ PMD) opened at 20.41 on Friday. The stock’s 50 day moving average price is $24.66 and its 200-day moving average price is $21.87. The firm has a market capitalization of $112.07 million, a price-to-earnings ratio of 15.06 and a beta of 1.00. Psychemedics Corporation has a 52 week low of $13.81 and a 52 week high of $27.99.

Psychemedics Corporation (NASDAQ:PMD) last posted its quarterly earnings data on Wednesday, August 2nd. The company reported $0.16 earnings per share (EPS) for the quarter. Psychemedics Corporation had a return on equity of 47.94% and a net margin of 17.59%. The firm had revenue of $9.68 million during the quarter. Equities analysts predict that Psychemedics Corporation will post $0.93 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Monday, August 14th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date of this dividend is Thursday, August 10th. Psychemedics Corporation’s payout ratio is currently 44.44%.

TRADEMARK VIOLATION WARNING: This news story was originally posted by Daily Political and is the property of of Daily Political. If you are viewing this news story on another website, it was copied illegally and republished in violation of US & international trademark and copyright laws. The correct version of this news story can be accessed at https://www.dailypolitical.com/2017/08/12/granite-investment-partners-llc-sells-5399-shares-of-psychemedics-corporation-pmd.html.

Psychemedics Corporation Company 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.

Want to see what other hedge funds are holding PMD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Psychemedics Corporation (NASDAQ:PMD).

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

Receive News & Ratings for Psychemedics Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Psychemedics Corporation and related companies with MarketBeat.com's FREE daily email newsletter.