Mitcham Industries (MIND) Downgraded by ValuEngine

Mitcham Industries (NASDAQ:MIND) was downgraded by research analysts at ValuEngine from a “sell” rating to a “strong sell” rating in a research note issued to investors on Thursday.

Mitcham Industries (MIND) remained flat at $$3.32 during mid-day trading on Thursday. The stock had a trading volume of 25,069 shares, compared to its average volume of 27,254. The stock has a market cap of $41.35, a P/E ratio of -1.67 and a beta of 1.48. Mitcham Industries has a 12-month low of $2.82 and a 12-month high of $4.20.

Mitcham Industries (NASDAQ:MIND) last released its earnings results on Wednesday, December 6th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.31) by ($0.15). The firm had revenue of $8.64 million for the quarter. Mitcham Industries had a negative return on equity of 34.04% and a negative net margin of 45.90%.

Hedge funds have recently added to or reduced their stakes in the business. VNBTrust National Association bought a new position in Mitcham Industries during the 4th quarter worth about $350,000. New York State Common Retirement Fund increased its holdings in Mitcham Industries by 39.3% during the 2nd quarter. New York State Common Retirement Fund now owns 208,400 shares of the company’s stock worth $809,000 after purchasing an additional 58,799 shares in the last quarter. Macquarie Group Ltd. bought a new position in Mitcham Industries during the 3rd quarter worth about $136,000. Finally, Prudential Financial Inc. increased its holdings in Mitcham Industries by 31.7% during the 2nd quarter. Prudential Financial Inc. now owns 40,700 shares of the company’s stock worth $162,000 after purchasing an additional 9,800 shares in the last quarter. Hedge funds and other institutional investors own 72.83% of the company’s stock.

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Mitcham Industries Company Profile

Mitcham Industries, Inc is a provider of equipment to the geophysical, oceanographic and hydrographic industries. The Company operates through two segments. The Equipment Leasing segment is primarily engaged in the leasing of seismic equipment to companies in the oil and gas industry across the world.

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