MiX Telematics (NYSE:MIXT) Research Coverage Started at StockNews.com

StockNews.com began coverage on shares of MiX Telematics (NYSE:MIXT – Get Rating) in a report issued on Thursday morning. The brokerage issued a buy rating on the technology company’s stock.

Separately, Raymond James lowered MiX Telematics from a strong-buy rating to an outperform rating and decreased their target price for the stock from $12.00 to $10.00 in a research note on Tuesday, January 17th.

MiX Telematics Stock Performance

Shares of MiX Telematics stock traded up $0.02 during trading hours on Thursday, hitting $8.38. The company’s stock had a trading volume of 6,992 shares, compared to its average volume of 18,828. MiX Telematics has a twelve month low of $6.75 and a twelve month high of $12.77. The firm has a fifty day moving average of $8.02 and a 200-day moving average of $7.85. The stock has a market cap of $203.80 million, a price-to-earnings ratio of 31.04 and a beta of 0.96.

MiX Telematics (NYSE:MIXT – Get Rating) last announced its quarterly earnings results on Thursday, January 26th. The technology company reported $0.10 EPS for the quarter, meeting the consensus estimate of $0.10. MiX Telematics had a return on equity of 6.25% and a net margin of 3.98%. The business had revenue of $37.81 million for the quarter, compared to analyst estimates of $36.48 million. On average, sell-side analysts expect that MiX Telematics will post 0.36 earnings per share for the current fiscal year.

MiX Telematics Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 2nd. Investors of record on Friday, February 17th were paid a dividend of $0.044 per share. This represents a $0.18 annualized dividend and a yield of 2.10%. The ex-dividend date of this dividend was Thursday, February 16th. MiX Telematics’s payout ratio is 59.26%.

Insider Buying and Selling

In other MiX Telematics news, Director Robin A. Frew sold 288,800 shares of the company’s stock in a transaction dated Wednesday, February 1st. The stock was sold at an average price of $0.36, for a total transaction of $103,968.00. Following the sale, the director now owns 20,531,680 shares in the company, valued at approximately $7,391,404.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other MiX Telematics news, Director Robin A. Frew sold 288,800 shares of the company’s stock in a transaction dated Wednesday, February 1st. The stock was sold at an average price of $0.36, for a total transaction of $103,968.00. Following the sale, the director now owns 20,531,680 shares in the company, valued at approximately $7,391,404.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Robin A. Frew sold 281,200 shares of the company’s stock in a transaction dated Monday, January 9th. The stock was sold at an average price of $0.29, for a total value of $81,548.00. Following the sale, the insider now owns 21,839,280 shares in the company, valued at approximately $6,333,391.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,368,466 shares of company stock valued at $1,393,464. Corporate insiders own 27.80% of the company’s stock.

Institutional Investors Weigh In On MiX Telematics

Several large investors have recently bought and sold shares of the stock. State Street Corp purchased a new position in shares of MiX Telematics in the 3rd quarter valued at about $117,000. Envestnet Asset Management Inc. purchased a new position in shares of MiX Telematics in the 1st quarter valued at about $175,000. Royal Bank of Canada increased its holdings in shares of MiX Telematics by 7.9% in the 1st quarter. Royal Bank of Canada now owns 17,248 shares of the technology company’s stock valued at $193,000 after acquiring an additional 1,263 shares during the last quarter. Invesco Ltd. increased its holdings in shares of MiX Telematics by 26.7% in the 1st quarter. Invesco Ltd. now owns 21,129 shares of the technology company’s stock valued at $237,000 after acquiring an additional 4,450 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in shares of MiX Telematics by 34.0% in the 2nd quarter. Millennium Management LLC now owns 32,398 shares of the technology company’s stock valued at $264,000 after acquiring an additional 8,216 shares during the last quarter. Hedge funds and other institutional investors own 34.20% of the company’s stock.

MiX Telematics Company Profile

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MiX Telematics Ltd. engages in the provision of fleet and mobile asset management solutions. It focuses on the following industries: fast moving consumer goods, utilities, security, construction, transport and distribution, emergency services, government, rental and leasing, mining, oil and gas, and public transport.