MiX Telematics Ltd – (NYSE:MIXT) announced that its board has approved a stock buyback plan, which allows the company to buyback $20.10 million in outstanding shares on Thursday, May 25th, EventVestor reports. This buyback authorization allows the technology company to repurchase up to 12.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.
MIXT has been the topic of a number of recent analyst reports. Zacks Investment Research raised shares of MiX Telematics Ltd – from a “hold” rating to a “buy” rating and set a $7.75 price target on the stock in a report on Tuesday, May 30th. ValuEngine downgraded shares of MiX Telematics Ltd – from a “buy” rating to a “hold” rating in a report on Friday, May 26th. Finally, TheStreet downgraded shares of MiX Telematics Ltd – from a “b-” rating to a “c” rating in a report on Thursday, May 25th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. MiX Telematics Ltd – presently has a consensus rating of “Hold” and a consensus price target of $9.13.
Shares of MiX Telematics Ltd – (NYSE MIXT) traded up 2.52% during midday trading on Friday, hitting $6.91. 86,674 shares of the stock were exchanged. MiX Telematics Ltd – has a 52-week low of $4.30 and a 52-week high of $8.14. The firm’s 50 day moving average price is $6.18 and its 200-day moving average price is $6.54. The stock has a market cap of $155.73 million, a P/E ratio of 19.74 and a beta of 0.84.
MiX Telematics Ltd – (NYSE:MIXT) last posted its quarterly earnings results on Thursday, May 25th. The technology company reported $0.10 EPS for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.06. MiX Telematics Ltd – had a return on equity of 6.08% and a net margin of 6.83%. The company had revenue of $29.18 million for the quarter, compared to analysts’ expectations of $27.81 million. On average, equities research analysts expect that MiX Telematics Ltd – will post $0.02 earnings per share for the current fiscal year.
The firm also recently declared a special dividend, which will be paid on Thursday, June 29th. Investors of record on Thursday, June 15th will be issued a $0.029 dividend. The ex-dividend date is Tuesday, June 13th. This is a boost from MiX Telematics Ltd -‘s previous special dividend of $0.01. MiX Telematics Ltd -‘s payout ratio is currently 35.71%.
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About MiX Telematics Ltd –
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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