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

Shares of Morgan Advanced Materials plc (LON:MGAM) dropped 16.2% during mid-day trading on Saturday . The stock traded as low as GBX 198 ($2.50) and last traded at GBX 214.51 ($2.70). Approximately 8,720,610 shares changed hands during 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

Several equities analysts have issued reports on MGAM shares. Royal Bank of Canada cut their price target on shares of Morgan Advanced Materials from GBX 350 ($4.41) to GBX 320 ($4.03) and set an “outperform” rating on the stock in a report on Thursday, November 7th. Citigroup lifted their price objective 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 research note on Thursday, January 23rd.

Morgan Advanced Materials Stock Up 1.4 %

The company’s 50 day moving average price is GBX 265.32 and its 200 day moving average price is 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 capitalization of £613.10 million, a price-to-earnings ratio of 8.95, a P/E/G ratio of 0.51 and a beta of 1.34.

Morgan Advanced Materials (LON:MGAM) last posted its quarterly earnings data 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, research analysts forecast that Morgan Advanced Materials plc will post 32.5 earnings per share for the current fiscal year.

Morgan Advanced Materials Company Profile

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.