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

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

Castings Stock Performance

Shares of CGS stock opened at GBX 266 ($3.35) on Wednesday. Castings has a 1 year low of GBX 238 ($3.00) and a 1 year high of GBX 404 ($5.09). The firm has a market capitalization of £115.60 million, a PE ratio of 700.00 and a beta of 0.60. The stock has a fifty day moving average of GBX 294.37 and a two-hundred day moving average of GBX 337.90.

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 GBX 4.21 ($0.05) dividend. The ex-dividend date is Thursday, November 21st. This represents a yield of 1.51%. Castings’s dividend payout ratio is presently 4,736.84%.

Insiders Place Their Bets

In other news, insider Steve Mant bought 3,307 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was acquired at an average price of GBX 301 ($3.79) per share, with a total value of £9,954.07 ($12,544.51). Also, insider Adam Vicary purchased 1,500 shares of the company’s stock in a transaction on Friday, November 15th. The stock was acquired at an average price of GBX 267 ($3.36) per share, for a total transaction of £4,005 ($5,047.26). In the last three months, insiders have purchased 11,537 shares of company stock worth $3,440,747. 21.35% of the stock is owned by corporate insiders.

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.