Morgan Advanced Materials (LON:MGAM) Stock Price Down 16.2% – Here’s What Happened

Shares of Morgan Advanced Materials plc (LON:MGAM) were down 16.2% on Saturday . The company traded as low as GBX 198 ($2.50) and last traded at GBX 214.51 ($2.70). Approximately 8,720,610 shares traded hands during mid-day trading, an increase of 451% from the average daily volume of 1,583,410 shares. The stock had previously closed at GBX 256 ($3.23).

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on MGAM shares. Citigroup boosted their target price on shares of Morgan Advanced Materials from GBX 325 ($4.10) to GBX 330 ($4.16) and gave the stock a “buy” rating in a report on Thursday, January 23rd. Royal Bank of Canada decreased their target price on Morgan Advanced Materials from GBX 350 ($4.41) to GBX 320 ($4.03) and set an “outperform” rating on the stock in a research report on Thursday, November 7th.

Morgan Advanced Materials Stock Performance

The stock has a 50 day moving average of GBX 265.32 and a 200 day moving average of GBX 270.56. The company has a quick ratio of 1.26, a current ratio of 2.19 and a debt-to-equity ratio of 103.31. The firm has a market cap of £610.28 million, a price-to-earnings ratio of 8.91, a P/E/G ratio of 0.51 and a beta of 1.34.

Morgan Advanced Materials (LON:MGAM) last issued its earnings results on Friday, February 28th. The company reported GBX 25.50 ($0.32) EPS for the quarter. Morgan Advanced Materials had a net margin of 6.17% and a return on equity of 19.02%. As a group, analysts anticipate that Morgan Advanced Materials plc will post 32.5 EPS for the current fiscal year.

About Morgan Advanced Materials

Morgan Advanced Materials plc operates as a materials science and application engineering company primarily the United Kingdom. It serves customers in the industrial, transportation, petrochemical and chemical, energy, semiconductor and electronics, healthcare, and security and defense markets. The company was formerly known as The Morgan Crucible Company plc and changed its name to Morgan Advanced Materials plc in March 2013.