Castings (LON:CGS) Price Target Cut to GBX 340 by Analysts at Canaccord Genuity Group

Castings (LON:CGS) had its price objective cut by Canaccord Genuity Group from GBX 390 ($4.91) to GBX 340 ($4.28) in a report released on Wednesday morning, Marketbeat.com reports. They currently have a buy rating on the stock.

Castings Stock Performance

LON:CGS opened at GBX 266 ($3.35) on Wednesday. The stock has a 50-day moving average price of GBX 294.37 and a 200 day moving average price of GBX 337.90. The stock has a market capitalization of £115.60 million, a P/E ratio of 700.00 and a beta of 0.60. Castings has a 12-month low of GBX 238 ($3.00) and a 12-month high of GBX 404 ($5.09).

Castings Cuts Dividend

The business also recently announced a dividend, which will be paid on Thursday, January 2nd. Investors of record on Thursday, November 21st will be given a dividend of GBX 4.21 ($0.05) per share. The ex-dividend date is Thursday, November 21st. This represents a dividend yield of 1.51%. Castings’s dividend payout ratio is 4,736.84%.

Insider Buying and Selling at Castings

In other Castings news, insider Adam Vicary bought 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The stock was purchased at an average cost of GBX 300 ($3.78) per share, with a total value of £10,500 ($13,232.51). Also, insider Steve Mant acquired 3,307 shares of the company’s stock in a transaction on Monday, September 9th. The stock was acquired at an average cost of GBX 301 ($3.79) per share, with a total value of £9,954.07 ($12,544.51). In the last ninety days, insiders have purchased 11,537 shares of company stock worth $3,440,747. Insiders own 21.35% of the company’s stock.

Castings Company Profile

Castings P.L.C. engages in the iron casting and machining activities. It operates through Foundry Operations and Machining Operations segments. The company offers ductile iron, spheroidal graphite iron, austempered ductile iron, SiMo, and Ni-resist castings. It also provides fertilising solution annealing, pearlitic quench and temper, temper softening, and austempering heat treatment services; automotive standard e-coat and powder coating, galvanising, plating, gas based surface treatment, and plastic and metal spray coating services; and assembly and insulation services.