Sun Life Financial Inc. Cuts Position in Mister Car Wash, Inc. (NYSE:MCW)

Key Points

• Sun Life Financial Inc. reduced its position in Mister Car Wash by 23.8%, selling 906,200 shares and now owns approximately $22.8 million worth of the company's stock.
• Mister Car Wash's most recent earnings report revealed an EPS of $0.11, which missed analysts' expectations, and a revenue of $265.42 million, indicating a 4.1% year-over-year increase.
• Despite insider selling activities, including a 41,997 share sale by CEO John Lo-Minn Lai, insiders still hold 69% of the stock.

Sun Life Financial Inc. reduced its position in Mister Car Wash, Inc. (NYSE:MCW - Free Report) by 23.8% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 2,894,938 shares of the company's stock after selling 906,200 shares during the period. Mister Car Wash accounts for approximately 1.4% of Sun Life Financial Inc.'s portfolio, making the stock its 16th largest holding. Sun Life Financial Inc. owned approximately 0.89% of Mister Car Wash worth $22,841,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MCW. Divisadero Street Capital Management LP bought a new stake in Mister Car Wash in the 4th quarter valued at about $10,392,000. Marshall Wace LLP grew its holdings in Mister Car Wash by 103.5% during the 4th quarter. Marshall Wace LLP now owns 2,152,718 shares of the company's stock valued at $15,693,000 after buying an additional 1,094,751 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Mister Car Wash by 43.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,140,854 shares of the company's stock valued at $22,895,000 after buying an additional 958,479 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Mister Car Wash by 25.1% during the 4th quarter. The Manufacturers Life Insurance Company now owns 4,544,116 shares of the company's stock valued at $33,127,000 after buying an additional 912,944 shares in the last quarter. Finally, Brown Advisory Inc. grew its holdings in shares of Mister Car Wash by 6.8% during the first quarter. Brown Advisory Inc. now owns 13,291,516 shares of the company's stock worth $104,870,000 after purchasing an additional 843,225 shares in the last quarter.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MCW. BTIG Research began coverage on Mister Car Wash in a report on Monday, June 30th. They set a "neutral" rating for the company. BMO Capital Markets cut their target price on Mister Car Wash from $11.00 to $9.00 and set an "outperform" rating for the company in a research note on Friday, August 1st. Piper Sandler cut their target price on Mister Car Wash from $11.00 to $8.00 and set an "overweight" rating for the company in a research note on Thursday, July 31st. Wells Fargo & Company lowered their price objective on Mister Car Wash from $9.00 to $8.00 and set an "overweight" rating for the company in a research report on Friday, July 18th. Finally, Morgan Stanley lowered their price objective on Mister Car Wash from $9.00 to $7.50 and set an "equal weight" rating for the company in a research report on Thursday, July 31st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, Mister Car Wash presently has an average rating of "Hold" and an average target price of $8.09.

Insider Transactions at Mister Car Wash

In other news, insider Mary Lyn Porter sold 6,303 shares of the firm's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $6.69, for a total value of $42,167.07. Following the transaction, the insider owned 23,081 shares of the company's stock, valued at $154,411.89. This trade represents a 21.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Veronica Rogers sold 5,205 shares of the firm's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $7.06, for a total value of $36,747.30. Following the completion of the transaction, the director directly owned 27,880 shares in the company, valued at $196,832.80. This trade represents a 15.73% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 266,355 shares of company stock valued at $1,733,596. Company insiders own 69.00% of the company's stock.

Mister Car Wash Stock Performance

Shares of Mister Car Wash stock traded up $0.15 during trading on Wednesday, hitting $5.76. 1,190,745 shares of the company's stock traded hands, compared to its average volume of 1,595,564. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.53 and a quick ratio of 0.24. Mister Car Wash, Inc. has a 1 year low of $5.27 and a 1 year high of $8.60. The stock has a market capitalization of $1.87 billion, a P/E ratio of 26.16, a PEG ratio of 1.65 and a beta of 1.48. The business has a 50-day simple moving average of $6.39 and a 200-day simple moving average of $7.19.

Mister Car Wash (NYSE:MCW - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.02). The firm had revenue of $265.42 million during the quarter, compared to analysts' expectations of $271.83 million. Mister Car Wash had a return on equity of 10.49% and a net margin of 7.06%. The company's revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.11 earnings per share. As a group, analysts forecast that Mister Car Wash, Inc. will post 0.33 EPS for the current year.

Mister Car Wash Profile

Mister Car Wash, Inc, together with its subsidiaries, provides conveyorized car wash services in the United States. It offers express exterior and interior cleaning services. The company serves individual retail and corporate customers. The company was formerly known as Hotshine Holdings, Inc and changed its name to Mister Car Wash, Inc in March 2021.