Mirion Technologies Hits 52-Week High as Analysts Boost Ratings

Mirion Technologies, Inc. (NYSE:MIR) achieved a new milestone on August 11, 2023, when its stock price reached a 52-week high of $24.98. The stock closed at $24.89 after trading approximately 93,252 shares, significantly up from its previous close of $24.51. This upward trend has caught the attention of several analysts who have recently issued reports on the company’s stock.

Analysts from various firms have expressed optimism about Mirion Technologies. B. Riley maintained a “buy” rating while adjusting its price target to $22.00, an increase from a previous target of $17.00. Similarly, Robert W. Baird raised its price objective from $20.00 to $22.00, assigning an “outperform” rating. Other firms, including Citigroup, also showed confidence, increasing their target from $23.00 to $24.00 and granting a “buy” rating. Notably, two analysts rated the stock as a Strong Buy, while five others assigned it a Buy rating. According to MarketBeat.com, Mirion Technologies holds an average rating of “Buy” with a consensus price target of $23.80.

Financial Performance and Earnings Insights

The recent performance of Mirion Technologies is notable, particularly in light of its latest quarterly earnings report released on July 31, 2023. The company reported earnings per share (EPS) of $0.11, exceeding analysts’ expectations of $0.10 by $0.01. Revenue for the quarter reached $222.90 million, surpassing the consensus estimate of $216.78 million. The company’s net margin stood at 1.12%, with a return on equity of 6.57%. Importantly, revenue increased by 7.6% compared to the same quarter last year, highlighting a positive growth trajectory. For fiscal year 2025, Mirion Technologies has projected an EPS of between $0.480 and $0.520.

Insider Transactions and Institutional Interest

In related developments, CEO Thomas D. Logan sold 325,000 shares of the company on August 11, 2023, at an average price of $21.31, amounting to a total of $6,925,750. Following this transaction, Logan holds 3,742,305 shares, valued at around $79,748,519.55. This sale represents a 7.99% decrease in his ownership of the stock. Insider ownership currently stands at 2.20%.

Institutional investors have also been active with their stakes in Mirion Technologies. KBC Group NV increased its holdings by 31.0% in the first quarter, now owning 10,485 shares valued at $152,000. Principal Financial Group Inc. raised its position by 14.9%, owning 14,057 shares worth $204,000. Other firms, such as Intech Investment Management LLC, increased their stakes by 38.0% to 127,952 shares, and Victory Capital Management Inc. made a significant move, raising its stake by 3,556.6% to own 1,004,697 shares valued at approximately $14,568,000. Collectively, institutional investors now own 78.51% of the company’s stock.

Mirion Technologies operates in the radiation detection and monitoring sector, offering products and services across multiple countries, including the United States, Canada, and several European and Asian nations. As the company continues to navigate the market, its recent financial performance and positive analyst ratings suggest a promising outlook in the near future.