MiX Telematics Ltd – (MIXT) Raised to Buy at Zacks Investment Research

MiX Telematics Ltd – (NYSE:MIXT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage currently has a $7.75 price target on the stock. Zacks Investment Research’s price objective points to a potential upside of 13.97% from the stock’s previous close.

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. “

A number of other brokerages also recently weighed in on MIXT. Canaccord Genuity restated a “buy” rating and issued a $10.50 target price on shares of MiX Telematics Ltd – in a research note on Thursday, February 2nd. CIBC restated a “market perform” rating on shares of MiX Telematics Ltd – in a research note on Thursday, January 12th. Finally, Oppenheimer Holdings Inc. restated a “market perform” rating on shares of MiX Telematics Ltd – in a research note on Thursday, January 12th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. MiX Telematics Ltd – currently has a consensus rating of “Buy” and an average price target of $7.81.

MiX Telematics Ltd – (NYSE:MIXT) opened at 6.80 on Tuesday. The company has a market cap of $153.25 million, a price-to-earnings ratio of 24.73 and a beta of 0.84. The stock’s 50 day moving average price is $7.18 and its 200-day moving average price is $6.44. MiX Telematics Ltd – has a 52 week low of $3.71 and a 52 week high of $8.14.

MiX Telematics Ltd – (NYSE:MIXT) last released its quarterly earnings results on Thursday, February 2nd. The company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by $0.63. The company had revenue of $29.20 million for the quarter, compared to analyst estimates of $372.07 million. MiX Telematics Ltd – had a net margin of 6.83% and a return on equity of 6.08%. On average, equities research analysts forecast that MiX Telematics Ltd – will post $0.01 earnings per share for the current fiscal year.

The firm also recently announced a dividend, which was paid on Monday, February 27th. Stockholders of record on Friday, February 24th were paid a $0.01 dividend. The ex-dividend date of this dividend was Wednesday, February 22nd. MiX Telematics Ltd -‘s payout ratio is presently 35.71%.

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Several institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC increased its position in shares of MiX Telematics Ltd – by 6.9% in the fourth quarter. Renaissance Technologies LLC now owns 353,800 shares of the company’s stock worth $2,190,000 after buying an additional 22,900 shares during the last quarter. Formula Growth Ltd. increased its position in shares of MiX Telematics Ltd – by 11.8% in the third quarter. Formula Growth Ltd. now owns 377,591 shares of the company’s stock worth $2,413,000 after buying an additional 40,000 shares during the last quarter. Polar Capital LLP acquired a new position in shares of MiX Telematics Ltd – during the third quarter worth $2,800,000. Rice Hall James & Associates LLC increased its position in shares of MiX Telematics Ltd – by 11.1% in the third quarter. Rice Hall James & Associates LLC now owns 345,189 shares of the company’s stock worth $2,206,000 after buying an additional 34,460 shares during the last quarter. Finally, Acadian Asset Management LLC increased its position in shares of MiX Telematics Ltd – by 86.2% in the third quarter. Acadian Asset Management LLC now owns 100,362 shares of the company’s stock worth $644,000 after buying an additional 46,463 shares during the last quarter. Hedge funds and other institutional investors own 14.69% of the company’s stock.

MiX Telematics Ltd – Company Profile

MiX Telematics Limited is a South Africa-based provider of fleet and mobile asset management solutions delivered as Software-as-a-Service (SaaS) to customers. The Company’s operating segments include Africa, Europe, Americas, Middle East and Australasia, Brazil and Central Services Organization. The Company’s products and services provide enterprise fleets, small fleets and consumers with solutions for safety, risk management and security.

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