Mistras Group Inc (MG) Downgraded by Bank of America Corp to Neutral

Bank of America Corp cut shares of Mistras Group Inc (NYSE:MG) from a buy rating to a neutral rating in a research note published on Friday morning. Bank of America Corp currently has $21.00 target price on the stock.

A number of other research analysts also recently issued reports on MG. Zacks Investment Research upgraded shares of Mistras Group from a sell rating to a hold rating in a research report on Tuesday, December 13th. Scotiabank restated an outperform rating and set a $65.00 target price on shares of Mistras Group in a research report on Friday, January 6th. Finally, Canaccord Genuity initiated coverage on shares of Mistras Group in a research report on Tuesday, January 10th. They set a hold rating and a $25.00 target price for the company. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Mistras Group presently has an average rating of Hold and a consensus price target of $37.29.

Shares of Mistras Group (NYSE:MG) traded down 1.77% on Friday, hitting $20.03. The stock had a trading volume of 217,893 shares. The firm has a market cap of $576.78 million, a P/E ratio of 30.21 and a beta of 1.20. Mistras Group has a 12 month low of $19.53 and a 12 month high of $26.47. The firm’s 50-day moving average price is $22.69 and its 200 day moving average price is $23.09.

Mistras Group (NYSE:MG) last posted its earnings results on Wednesday, January 4th. The company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by $0.05. The business had revenue of $179.60 million for the quarter. Mistras Group had a net margin of 3.00% and a return on equity of 8.75%. Mistras Group’s revenue for the quarter was down 9.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.39 EPS. Analysts anticipate that Mistras Group will post $0.83 EPS for the current fiscal year.

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In other Mistras Group news, Chairman Sotirios J. Vahaviolos sold 89,166 shares of the company’s stock in a transaction dated Wednesday, March 8th. The shares were sold at an average price of $22.43, for a total value of $1,999,993.38. Following the completion of the transaction, the chairman now owns 11,029,422 shares in the company, valued at $247,389,935.46. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Sotirios J. Vahaviolos sold 81,103 shares of the company’s stock in a transaction dated Thursday, January 12th. The stock was sold at an average price of $24.66, for a total transaction of $1,999,999.98. Following the completion of the transaction, the chairman now owns 11,213,333 shares of the company’s stock, valued at approximately $276,520,791.78. The disclosure for this sale can be found here. Insiders have sold 261,254 shares of company stock valued at $6,112,604 over the last 90 days. 45.60% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of MG. Engine Capital Management LLC purchased a new position in shares of Mistras Group during the fourth quarter worth $226,000,000. AQR Capital Management LLC increased its position in shares of Mistras Group by 7.4% in the fourth quarter. AQR Capital Management LLC now owns 172,459 shares of the company’s stock worth $4,429,000 after buying an additional 11,928 shares during the period. Two Sigma Investments LP increased its position in shares of Mistras Group by 47.4% in the fourth quarter. Two Sigma Investments LP now owns 52,618 shares of the company’s stock worth $1,351,000 after buying an additional 16,927 shares during the period. Renaissance Technologies LLC increased its position in shares of Mistras Group by 32.9% in the fourth quarter. Renaissance Technologies LLC now owns 346,500 shares of the company’s stock worth $8,898,000 after buying an additional 85,700 shares during the period. Finally, Systematic Financial Management LP purchased a new position in shares of Mistras Group during the fourth quarter worth $1,785,000. Institutional investors and hedge funds own 57.87% of the company’s stock.

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