Bodycote plc (LON:BOY – Get Free Report) shares dropped 5.9% during mid-day trading on Thursday . The company traded as low as GBX 560 ($7.49) and last traded at GBX 560 ($7.49). Approximately 533,732 shares traded hands during trading, an increase of 58% from the average daily volume of 337,620 shares. The stock had previously closed at GBX 595 ($7.96).
Analysts Set New Price Targets
Several research analysts have commented on the company. Royal Bank of Canada restated a “sector perform” rating and issued a GBX 720 ($9.63) target price on shares of Bodycote in a research note on Wednesday, July 31st. Berenberg Bank started coverage on shares of Bodycote in a research report on Friday, August 30th. They issued a “buy” rating and a GBX 800 ($10.70) price objective for the company. Jefferies Financial Group reaffirmed a “buy” rating and set a GBX 980 ($13.11) target price on shares of Bodycote in a report on Friday, July 12th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Bodycote from GBX 760 ($10.17) to GBX 750 ($10.03) and set a “neutral” rating on the stock in a research note on Thursday, August 1st.
Bodycote Trading Down 5.9 %
Bodycote Cuts Dividend
The business also recently announced a dividend, which will be paid on Thursday, November 7th. Investors of record on Thursday, October 3rd will be paid a GBX 6.90 ($0.09) dividend. This represents a yield of 0.97%. The ex-dividend date of this dividend is Thursday, October 3rd. Bodycote’s dividend payout ratio is currently 6,969.70%.
About Bodycote
Bodycote plc provides heat treatment and thermal processing services worldwide. It operates in two Aerospace, Defence & Energy; and Automotive & General Industrial segments. The company offers heat treatment services, including altering the microstructure of metals and alloys, such as steel and aluminum to impart properties comprising surface hardness, temperature resistance, ductility, and strength; metal joining services consisting of electron beam welding, HIP diffusion bonding, hydrogen brazing, induction brazing, and vacuum and honeycomb brazing; and hot isostatic pressing (HIP) services, including isostatic pressing and HIP supporting services, as well as Powdermet technology, a manufacturing process used in the production of complex components using powder metallurgy.
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