Norcros’ (NXR) Buy Rating Reaffirmed at Berenberg Bank

Norcros (LON:NXR)‘s stock had its “buy” rating reaffirmed by equities researchers at Berenberg Bank in a research report issued on Thursday,Digital Look reports. They presently have a GBX 350 ($4.53) price objective on the stock. Berenberg Bank’s price target would suggest a potential upside of 59.09% from the stock’s current price.

A number of other research analysts have also recently issued reports on NXR. Shore Capital reissued a “buy” rating on shares of Norcros in a research note on Thursday, November 21st. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a GBX 375 ($4.85) target price on shares of Norcros in a research report on Friday, November 22nd.

Norcros Stock Performance

Shares of LON:NXR opened at GBX 220 ($2.85) on Thursday. The company’s 50 day simple moving average is GBX 231.36 and its 200 day simple moving average is GBX 243.35. The stock has a market capitalization of £196.74 million, a price-to-earnings ratio of 7.31 and a beta of 1.39. The company has a debt-to-equity ratio of 40.60, a current ratio of 2.00 and a quick ratio of 0.91. Norcros has a 1 year low of GBX 167.50 ($2.17) and a 1 year high of GBX 283 ($3.66).

Insider Buying and Selling at Norcros

In other Norcros news, insider Stefan Allanson purchased 10,158 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were bought at an average price of GBX 235 ($3.04) per share, for a total transaction of £23,871.30 ($30,877.38). Company insiders own 10.99% of the company’s stock.

About Norcros

Norcros is a market leading group of brands providing design led, high quality bathroom and kitchen products with operations primarily in the UK and South Africa.

Based in the UK, Norcros operates under six brands:

· Triton – Market leader in the manufacture and marketing of showers in the UK
· Merlyn – UK and Ireland’s No.1 supplier of shower enclosures and trays to the residential, commercial, and hospitality sectors
· Grant Westfield – Leading manufacturer of high-end waterproof bathroom wall panels
· Vado – Leading manufacturer and supplier of taps, mixer showers, bathroom accessories, and valves
· Croydex – Market-leading, innovative designer, manufacturer, and distributor of high-quality bathroom furnishings and accessories
· Abode – Leading niche designer and distributor of high-quality kitchen taps, bathroom taps, and kitchen sinks

Based in South Africa, Norcros operates under four brands:

· Tile Africa – Chain of retail stores focused on ceramic and porcelain tiles and associated products such as sanitaryware, showers, and adhesives
· Johnson Tiles South Africa – Manufacturer of ceramic and porcelain tiles
· TAL – Leading manufacturer of ceramic and building adhesives in South Africa
· House of Plumbing – Market-leading supplier of specialist plumbing materials

Norcros is headquartered in Wilmslow, Cheshire and employs around 2,100 people.