MiX Telematics Limited (NYSE:MIXT) Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. lowered its stake in MiX Telematics Limited (NYSE:MIXTFree Report) by 5.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 99,236 shares of the technology company’s stock after selling 5,250 shares during the quarter. Pinnacle Associates Ltd. owned 0.41% of MiX Telematics worth $854,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Parallax Volatility Advisers L.P. lifted its holdings in MiX Telematics by 130.0% in the 2nd quarter. Parallax Volatility Advisers L.P. now owns 74,947 shares of the technology company’s stock valued at $610,000 after purchasing an additional 324,568 shares in the last quarter. Meros Investment Management LP lifted its holdings in MiX Telematics by 50.5% in the 4th quarter. Meros Investment Management LP now owns 425,139 shares of the technology company’s stock valued at $2,989,000 after purchasing an additional 142,729 shares in the last quarter. Kopion Asset Management LLC raised its holdings in shares of MiX Telematics by 5.6% during the 4th quarter. Kopion Asset Management LLC now owns 1,025,321 shares of the technology company’s stock worth $8,828,000 after acquiring an additional 53,963 shares during the period. Penn Mutual Asset Management LLC raised its holdings in shares of MiX Telematics by 9.2% during the 3rd quarter. Penn Mutual Asset Management LLC now owns 535,219 shares of the technology company’s stock worth $2,954,000 after acquiring an additional 45,000 shares during the period. Finally, Envestnet Asset Management Inc. purchased a new position in shares of MiX Telematics during the 1st quarter worth $175,000. Institutional investors and hedge funds own 45.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on MIXT shares. Raymond James lifted their price target on MiX Telematics from $8.00 to $12.00 and gave the stock an “outperform” rating in a report on Wednesday, March 13th. StockNews.com initiated coverage on MiX Telematics in a report on Tuesday. They set a “buy” rating on the stock.

Read Our Latest Report on MiX Telematics

MiX Telematics Stock Performance

Shares of MIXT opened at $14.55 on Wednesday. The firm has a market cap of $353.75 million, a P/E ratio of 58.20 and a beta of 1.15. MiX Telematics Limited has a 12-month low of $4.75 and a 12-month high of $14.85. The company’s 50-day moving average price is $10.56 and its 200 day moving average price is $7.93.

MiX Telematics (NYSE:MIXTGet Free Report) last issued its quarterly earnings data on Thursday, February 1st. The technology company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.01). The company had revenue of $39.09 million during the quarter, compared to analysts’ expectations of $37.02 million. MiX Telematics had a net margin of 3.72% and a return on equity of 8.45%. Equities research analysts forecast that MiX Telematics Limited will post 0.4 earnings per share for the current year.

MiX Telematics Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were given a $0.0603 dividend. This represents a $0.24 annualized dividend and a yield of 1.66%. The ex-dividend date was Thursday, February 22nd. MiX Telematics’s dividend payout ratio is currently 72.00%.

About MiX Telematics

(Free Report)

MiX Telematics Limited, together with its subsidiaries, provides fleet and mobile asset management solutions through software-as-a-service (SaaS) delivery model. It offers MiX Fleet Manager, a commercial fleet management solution comprising MyMiX, an innovative driver engagement platform; MiX Vision, an on-road and in-vehicle video recording solution; MiX Rovi, an in-vehicle display and communications system; MiX RIBAS and DriveMate, an in-cab driving aid solution; MiX Hours of Service, which allows real-time monitoring and compliance; MiX Journey Management, an easy-to-use electronic alternative to paper-based systems; and MiX OEM Connect allows customer instant, direct integration to relevant, and powerful telematics data.

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Institutional Ownership by Quarter for MiX Telematics (NYSE:MIXT)

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