Canaccord Genuity Group Cuts Castings (LON:CGS) Price Target to GBX 340

Castings (LON:CGS) had its price objective trimmed by Canaccord Genuity Group from GBX 390 ($4.91) to GBX 340 ($4.28) in a report released on Wednesday, MarketBeat reports. The brokerage currently has a buy rating on the stock.

Castings Price Performance

CGS stock opened at GBX 266 ($3.35) on Wednesday. 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 1-year low of GBX 238 ($3.00) and a 1-year high of GBX 404 ($5.09). The business has a fifty day moving average price of GBX 294.37 and a 200-day moving average price of GBX 337.90.

Castings Cuts Dividend

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

Insider Activity at Castings

In related news, insider Adam Vicary acquired 1,500 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were purchased at an average price of GBX 267 ($3.36) per share, with a total value of £4,005 ($5,047.26). Also, insider Steve Mant acquired 3,307 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were bought at an average price of GBX 301 ($3.79) per share, with a total value of £9,954.07 ($12,544.51). Insiders have purchased a total of 11,537 shares of company stock worth $3,440,747 over the last quarter. Company 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.