ValuEngine Downgrades MiX Telematics (MIXT) to Hold

ValuEngine cut shares of MiX Telematics (NYSE:MIXT) from a buy rating to a hold rating in a research note published on Saturday.

MIXT has been the subject of a number of other research reports. Zacks Investment Research raised shares of MiX Telematics from a sell rating to a buy rating and set a $15.00 price objective for the company in a report on Tuesday, October 23rd. Raymond James raised shares of MiX Telematics from an outperform rating to a strong-buy rating and set a $22.00 price objective for the company in a report on Monday, August 20th.

Shares of MIXT opened at $15.80 on Friday. MiX Telematics has a 12-month low of $11.35 and a 12-month high of $21.00. The stock has a market capitalization of $356.72 million, a P/E ratio of 23.58, a PEG ratio of 1.01 and a beta of 0.48.

MiX Telematics (NYSE:MIXT) last announced its quarterly earnings data on Thursday, November 1st. The technology company reported $0.18 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.05. MiX Telematics had a net margin of 10.58% and a return on equity of 13.30%. The firm had revenue of $497.00 million during the quarter, compared to analyst estimates of $459.37 million. During the same quarter in the prior year, the firm posted $0.05 earnings per share. MiX Telematics’s quarterly revenue was up 20.9% on a year-over-year basis. As a group, research analysts expect that MiX Telematics will post 0.63 EPS for the current fiscal year.

The company also recently disclosed a special dividend, which was paid on Thursday, December 6th. Investors of record on Friday, November 23rd were issued a $0.0529 dividend. This represents a dividend yield of 1.26%. The ex-dividend date of this dividend was Wednesday, November 21st. MiX Telematics’s dividend payout ratio is currently 27.59%.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of MiX Telematics by 15.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 55,250 shares of the technology company’s stock valued at $798,000 after purchasing an additional 7,250 shares during the period. Mackenzie Financial Corp boosted its stake in MiX Telematics by 101.0% during the third quarter. Mackenzie Financial Corp now owns 60,503 shares of the technology company’s stock worth $874,000 after buying an additional 30,403 shares during the period. Dimensional Fund Advisors LP boosted its stake in MiX Telematics by 230.4% during the second quarter. Dimensional Fund Advisors LP now owns 84,616 shares of the technology company’s stock worth $1,499,000 after buying an additional 59,008 shares during the period. Bank of New York Mellon Corp boosted its stake in MiX Telematics by 48.5% during the second quarter. Bank of New York Mellon Corp now owns 120,515 shares of the technology company’s stock worth $2,136,000 after buying an additional 39,348 shares during the period. Finally, Quantum Capital Management boosted its stake in MiX Telematics by 88.2% during the third quarter. Quantum Capital Management now owns 190,181 shares of the technology company’s stock worth $2,746,000 after buying an additional 89,112 shares during the period. 35.74% of the stock is owned by hedge funds and other institutional investors.

MiX Telematics Company Profile

MiX Telematics Limited provides fleet and mobile asset management solutions through software-as-a-service delivery model. The company offers fleet solutions, including MiX Fleet Manager Premium that provides access to secure information about drivers and vehicles; MiX Fleet Manager Essential for monitoring drivers and vehicles; and MiX Asset Manager, a solution for fleet owners and managers to track and monitor vehicles.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

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