Mistras Group Inc. (MG) Sees Large Volume Increase Following Strong Earnings
Mistras Group Inc. (NYSE:MG) shares saw an uptick in trading volume on Thursday after the company announced better than expected quarterly earnings. 247,311 shares traded hands during trading, an increase of 138% from the previous session’s volume of 103,999 shares.The stock last traded at $23.33 and had previously closed at $23.25.
The company reported $0.22 EPS for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.02. The firm had revenue of $168.40 million for the quarter, compared to analyst estimates of $5.94 billion. Mistras Group had a net margin of 3.43% and a return on equity of 10.61%. The company’s revenue for the quarter was down 6.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.23 earnings per share.
A number of research firms have commented on MG. Robert W. Baird upgraded shares of Mistras Group from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $27.00 to $28.00 in a research report on Friday, August 12th. CIBC upped their target price on shares of Mistras Group from $45.00 to $47.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 9th. Zacks Investment Research lowered shares of Mistras Group from a “buy” rating to a “hold” rating in a research report on Wednesday, August 17th. Finally, TD Securities reduced their target price on shares of Mistras Group from $51.00 to $46.00 and set a “buy” rating on the stock in a research report on Monday, July 11th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $41.75.
In related news, insider Dennis Bertolotti sold 21,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $24.97, for a total transaction of $524,370.00. Following the completion of the sale, the insider now directly owns 101,062 shares of the company’s stock, valued at $2,523,518.14. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 45.60% of the company’s stock.
Several large investors have recently bought and sold shares of MG. Rational Advisors LLC acquired a new stake in Mistras Group during the second quarter worth $128,000. PNC Financial Services Group Inc. increased its stake in Mistras Group by 97.0% in the second quarter. PNC Financial Services Group Inc. now owns 6,425 shares of the company’s stock worth $153,000 after buying an additional 3,164 shares during the period. BlackRock Group LTD increased its stake in Mistras Group by 54.5% in the second quarter. BlackRock Group LTD now owns 6,903 shares of the company’s stock worth $165,000 after buying an additional 2,434 shares during the period. Globeflex Capital L P acquired a new stake in Mistras Group during the second quarter worth $186,000. Finally, BlackRock Advisors LLC increased its stake in Mistras Group by 4.2% in the second quarter. BlackRock Advisors LLC now owns 8,381 shares of the company’s stock worth $200,000 after buying an additional 335 shares during the period. 56.35% of the stock is owned by institutional investors and hedge funds.
The firm has a market capitalization of $675.52 million, a price-to-earnings ratio of 28.45 and a beta of 1.20. The firm has a 50 day moving average price of $23.82 and a 200-day moving average price of $24.47.
About Mistras Group
Mistras Group, Inc is a provider of asset protection solutions. The Company offers one source for asset protection solutions to its customers. The Company has three segments: Services, Products and Systems, and International. The Company’s Services segment provides asset protection solutions consisting primarily of non-destructive testing and inspection, and engineering services that are used to evaluate the structural integrity and reliability of energy, industrial and public infrastructure.
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