Zacks Investment Research Lowers Mitcham Industries, Inc. (MIND) to Sell

Mitcham Industries, Inc. (NASDAQ:MIND) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Friday, April 14th.

According to Zacks, “MITCHAM INDUSTRIES, INC. specializes in the leasing and sale of seismic equipment to the oil and gas industry. Co. provides short-term leasing of peripheral seismic equipement to meet a customer’s requirements, as well as offering maintenance and support during the lease term. Co. leases its seismic equipment primarily to land-based seismic data acquisition companies and major oil and gas exploration companies conducting seismic data acquisition surveys in North and South America. Co. also sells and services new and used seismic data acquisition systems and peripheral equipment to companies. “

Shares of Mitcham Industries (NASDAQ:MIND) traded down 1.48% during mid-day trading on Friday, hitting $4.00. The stock had a trading volume of 11,015 shares. The stock’s market cap is $48.31 million. Mitcham Industries has a 52-week low of $2.65 and a 52-week high of $5.14. The company’s 50 day moving average is $4.61 and its 200-day moving average is $4.33.

Mitcham Industries (NASDAQ:MIND) last announced its quarterly earnings data on Wednesday, April 5th. The scientific and technical instruments company reported ($0.83) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.43) by $0.40. Mitcham Industries had a negative net margin of 125.68% and a negative return on equity of 32.31%. The company had revenue of $12.55 million during the quarter, compared to analyst estimates of $13.10 million. On average, equities research analysts anticipate that Mitcham Industries will post ($1.39) earnings per share for the current fiscal year.

ILLEGAL ACTIVITY WARNING: This news story was originally posted by Community Financial News and is owned by of Community Financial News. If you are viewing this news story on another website, it was illegally stolen and republished in violation of US & international copyright & trademark legislation. The original version of this news story can be viewed at

In related news, Director Thomas S. Glanville acquired 10,000 shares of Mitcham Industries stock in a transaction that occurred on Monday, April 10th. The stock was purchased at an average price of $4.80 per share, for a total transaction of $48,000.00. Following the completion of the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at $48,000. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. 9.00% of the stock is owned by company insiders.

A number of institutional investors have recently bought and sold shares of the stock. First Wilshire Securities Management Inc. increased its position in Mitcham Industries by 2,122.1% in the first quarter. First Wilshire Securities Management Inc. now owns 248,871 shares of the scientific and technical instruments company’s stock valued at $1,219,000 after buying an additional 237,671 shares during the period. Renaissance Technologies LLC increased its position in Mitcham Industries by 5.3% in the first quarter. Renaissance Technologies LLC now owns 220,187 shares of the scientific and technical instruments company’s stock valued at $1,079,000 after buying an additional 11,087 shares during the period. Dimensional Fund Advisors LP increased its position in Mitcham Industries by 1.0% in the first quarter. Dimensional Fund Advisors LP now owns 965,801 shares of the scientific and technical instruments company’s stock valued at $4,732,000 after buying an additional 9,886 shares during the period. Prudential Financial Inc. increased its position in Mitcham Industries by 8.0% in the first quarter. Prudential Financial Inc. now owns 30,900 shares of the scientific and technical instruments company’s stock valued at $151,000 after buying an additional 2,300 shares during the period. Finally, Wedbush Securities Inc. acquired a new position in Mitcham Industries during the first quarter valued at $226,000. Hedge funds and other institutional investors own 60.55% of the company’s stock.

Mitcham Industries Company Profile

Mitcham Industries, Inc is a provider of equipment to the geophysical, oceanographic and hydrographic industries. The Company operates through two segments. The Equipment Leasing segment is primarily engaged in the leasing of seismic equipment to companies in the oil and gas industry across the world.

5 Day Chart for NASDAQ:MIND

Get a free copy of the Zacks research report on Mitcham Industries (MIND)

For more information about research offerings from Zacks Investment Research, visit

What are top analysts saying about Mitcham Industries Inc.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Mitcham Industries Inc. and related companies.


Leave a Reply

share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit