Mirion Technologies, Inc. (NYSE:MIR) Chief Legal Officer Emmanuelle Lee recently reported a sale of company stock, according to a recent SEC filing. On October 31, Lee sold 3,405 shares of Class A Common Stock, generating approximately $48,602. The shares were sold at a weighted average price of $14.274, with the transactions occurring in a price range between $12.90 and $14.89 per share.
This transaction was conducted through the Lee Revocable Living Trust, which is managed by Lee and her spouse. Prior to the sale, the trust converted an equivalent number of Class B Common Stock into Class A Common Stock on a one-for-one basis. Following this sale, the trust no longer holds any Class A shares.
The transactions were part of a Rule 10b5-1 trading plan, which allows insiders to set up a predetermined plan to sell company stock in compliance with insider trading laws.
In other recent news, Mirion Technologies reported an 8% increase in Q3 2024 revenue, reaching $207 million, and an adjusted EPS of $0.08. Citi and Goldman Sachs both expressed positive views on the company's performance, with Citi raising its price target from $17.00 to $18.00 and Goldman Sachs increasing its target to $16.00, both maintaining a Buy rating. Despite a 30% drop in third-quarter orders year-over-year, Mirion Technologies secured two major contracts for the Sizewell C project and identified potential new order opportunities worth between $300 million and $400 million by the end of 2025.
Mirion Technologies also reported a 370 basis point year-over-year increase in adjusted EBITDA margin within its Technologies segment. The company reaffirmed its full-year 2024 adjusted EBITDA guidance of $195 million to $205 million and its EPS forecast of $0.37 to $0.42. These developments, along with a robust backlog currently standing at $815 million, up 2% from last year, highlight the company's strong market position, particularly in the nuclear sector.
In the wake of a contractual dispute leading to the de-booking of a Turkey order, Mirion Technologies expressed optimism about the possibility of regaining this business. The company also anticipates continued growth and margin improvements through operational efficiencies, with a positive outlook for the nuclear new build sector. These are among the recent developments at Mirion Technologies.
InvestingPro Insights
Mirion Technologies' recent stock performance and financial metrics provide additional context to the insider sale reported by Chief Legal Officer Emmanuelle Lee. According to InvestingPro data, MIR's stock has shown remarkable strength, with a 78.88% price total return over the past year and a 32.7% return in the last month alone. The stock is currently trading near its 52-week high, with its price at 97.5% of the highest point in the past year.
Despite the strong stock performance, InvestingPro Tips highlight some potential concerns. The company was not profitable over the last twelve months, with a negative P/E ratio of -48.29. However, analysts predict that Mirion will be profitable this year, which could explain the recent stock rally.
The company's financial health appears stable, with InvestingPro data showing that liquid assets exceed short-term obligations. This solid financial footing is complemented by a revenue of $836.9 million in the last twelve months, with a 6.15% growth rate.
Investors should note that Mirion does not pay a dividend, which is typical for growth-oriented companies reinvesting in their operations. The stock's RSI suggests it may be in overbought territory, which could be a factor in the insider's decision to sell shares.
For a more comprehensive analysis, InvestingPro offers 13 additional tips for Mirion Technologies, providing investors with a deeper understanding of the company's prospects and potential risks.
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