MiX Telematics (NYSE:MIXT) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of MiX Telematics (NYSE:MIXT) from a hold rating to a buy rating in a report published on Tuesday morning, Zacks.com reports. They currently have $15.00 target price on the technology company’s stock.

According to Zacks, “MiX Telematics Limited provides fleet and mobile asset management solutions. It offers vehicle tracking services for the consumer and commercial vehicle market worldwide. Mix’s products and services provide enterprise fleets, small fleets and consumers with solutions for safety, efficiency and security. The Company’s products includes Trailer Tracking, MiX Rovi, Beam-e, Matrix MX3, Matrix MX2, Matrix MX1, FM Tracer (FM3316i), FM Protector/MiX 3000, FM-Web, MiX Insight Analyser, Matrix Internet Tracking, MiX DriveTime, MiX Mobile, MiX Track, FM Wireless Kit, FM Voice Kit and FM Sat Comms. MiX Telematics Limited is based in Midrand, South Africa. “

Other research analysts have also issued reports about the company. Canaccord Genuity upped their target price on MiX Telematics from $19.00 to $21.00 and gave the company a buy rating in a research report on Friday, May 28th. William Blair reiterated an outperform rating on shares of MiX Telematics in a research note on Friday, May 28th.

MIXT opened at $12.53 on Tuesday. The firm has a market cap of $303.88 million, a price-to-earnings ratio of 18.99 and a beta of 0.83. MiX Telematics has a 12 month low of $7.84 and a 12 month high of $16.79. The stock has a fifty day moving average price of $13.66 and a 200-day moving average price of $13.95.

MiX Telematics (NYSE:MIXT) last announced its earnings results on Thursday, July 29th. The technology company reported $0.13 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.02. MiX Telematics had a return on equity of 11.10% and a net margin of 10.88%. The company had revenue of $34.90 million for the quarter, compared to analyst estimates of $33.07 million. On average, research analysts forecast that MiX Telematics will post 0.52 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, September 2nd. Shareholders of record on Friday, August 20th were issued a dividend of $0.0687 per share. The ex-dividend date was Thursday, August 19th. This represents a $0.27 dividend on an annualized basis and a dividend yield of 2.19%. MiX Telematics’s payout ratio is currently 37.74%.

Institutional investors have recently made changes to their positions in the business. Abundance Wealth Counselors acquired a new position in shares of MiX Telematics during the first quarter valued at approximately $32,000. Bank of America Corp DE increased its holdings in shares of MiX Telematics by 62.9% in the second quarter. Bank of America Corp DE now owns 3,884 shares of the technology company’s stock valued at $64,000 after purchasing an additional 1,500 shares during the last quarter. Advisor Group Holdings Inc. increased its holdings in shares of MiX Telematics by 97.6% in the second quarter. Advisor Group Holdings Inc. now owns 4,322 shares of the technology company’s stock valued at $72,000 after purchasing an additional 2,135 shares during the last quarter. New York State Common Retirement Fund acquired a new stake in shares of MiX Telematics in the second quarter valued at approximately $126,000. Finally, Commonwealth Equity Services LLC increased its holdings in shares of MiX Telematics by 10.1% in the first quarter. Commonwealth Equity Services LLC now owns 11,201 shares of the technology company’s stock valued at $154,000 after purchasing an additional 1,026 shares during the last quarter. 36.93% of the stock is owned by institutional investors and hedge funds.

MiX Telematics Company Profile

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.

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