ValuEngine cut shares of Mitcham Industries (NASDAQ:MIND) from a sell rating to a strong sell rating in a report released on Thursday.

Mitcham Industries (MIND) opened at $3.33 on Thursday. Mitcham Industries has a one year low of $2.82 and a one year high of $4.20.

Mitcham Industries (NASDAQ:MIND) last announced its quarterly earnings data 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 company had revenue of $8.64 million for the quarter. Mitcham Industries had a negative net margin of 45.90% and a negative return on equity of 34.04%.

Large investors have recently made changes to their positions in the business. Macquarie Group Ltd. purchased a new position in Mitcham Industries during the third quarter valued at $136,000. Prudential Financial Inc. raised its stake in Mitcham Industries by 31.7% during the second quarter. Prudential Financial Inc. now owns 40,700 shares of the company’s stock valued at $162,000 after buying an additional 9,800 shares during the last quarter. VNBTrust National Association purchased a new position in shares of Mitcham Industries in the fourth quarter worth $350,000. Finally, New York State Common Retirement Fund raised its stake in shares of Mitcham Industries by 39.3% in the second 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 during the last quarter. Institutional investors and hedge funds own 72.83% of the company’s stock.

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About Mitcham Industries

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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