Mirion Technologies, Inc. (NYSE:MIR) has received a consensus rating of “Buy” from nine research firms, according to MarketBeat Ratings. The assessment reflects a mix of ratings, with one analyst issuing a hold rating, six providing buy ratings, and two giving a strong buy rating. The average twelve-month price target across these brokerages stands at approximately $26.33.
Recent evaluations of Mirion Technologies have varied. On August 9, 2023, Weiss Ratings reaffirmed its “hold (c)” rating. Shortly thereafter, Wall Street Zen shifted its stance, downgrading the stock from a buy to a hold rating. In contrast, Northland Capital Markets upgraded Mirion Technologies to a “strong-buy” rating on August 24, 2023. The Goldman Sachs Group adjusted its target price from $22.00 to $25.00 while maintaining a buy rating on September 16, 2023. Additionally, B. Riley reiterated a buy rating and increased its target price from $17.00 to $22.00 on July 23, 2023.
Quarterly Performance Exceeds Expectations
Mirion Technologies reported its quarterly earnings on July 31, 2023. The company announced earnings per share of $0.11, surpassing analysts’ predictions of $0.10 by $0.01. Revenue for the quarter was $222.90 million, exceeding expectations of $216.78 million. The company also recorded a return on equity of 6.57% and a net margin of 1.12%. Year-over-year revenue growth stood at 7.6%, up from $0.10 earnings per share during the same quarter the previous year. Mirion Technologies has projected its fiscal year 2025 earnings per share guidance to be between $0.480 and $0.520. Analysts anticipate earnings per share of $0.39 for the current year.
Insider Activity and Institutional Investments
In recent insider activity, CEO Thomas D. Logan sold 325,000 shares of the company on August 11, 2023, at an average price of $21.31, totaling approximately $6.93 million. Following this transaction, Logan holds 3,742,305 shares valued at about $79.75 million, reflecting a 7.99% decrease in his ownership stake. This transaction was disclosed in a filing with the Securities and Exchange Commission.
Institutional investors and hedge funds have also been active in buying and selling shares of Mirion Technologies. Salomon & Ludwin LLC acquired a new position during the third quarter, valued at approximately $30,000. Fortress Investment Group LLC made a similar move in the second quarter, investing around $32,000. EverSource Wealth Advisors LLC significantly increased its holdings by 470.1% in the same quarter, now owning 1,642 shares worth $35,000 after acquiring an additional 1,354 shares. Farther Finance Advisors LLC also enhanced its position by 96.5%, owning 1,651 shares valued at $38,000 after adding 811 shares. Overall, institutional investors now hold 78.51% of Mirion Technologies’ stock.
Mirion Technologies, headquartered in the United States, specializes in radiation detection and measurement services. The company operates in various countries, including Canada, the United Kingdom, and Japan, and is divided into two segments: Medical and Technologies. The diverse global presence highlights its role in providing essential services across multiple markets.
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