Castings (LON:CGS) Price Target Cut to GBX 340 by Analysts at Canaccord Genuity Group

Castings (LON:CGS) had its price target decreased by Canaccord Genuity Group from GBX 390 ($5.02) to GBX 340 ($4.38) in a research note released on Wednesday, MarketBeat Ratings reports. Canaccord Genuity Group currently has a buy rating on the stock.

Castings Stock Performance

Shares of CGS stock opened at GBX 300 ($3.86) on Wednesday. The company has a market capitalization of £130.38 million, a price-to-earnings ratio of 747.37 and a beta of 0.60. Castings has a 52-week low of GBX 239.83 ($3.09) and a 52-week high of GBX 404 ($5.20). The company has a 50-day simple moving average of GBX 295.81 and a two-hundred day simple moving average of GBX 339.17.

Castings Cuts Dividend

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

Insiders Place Their Bets

In related news, insider Steve Mant purchased 3,307 shares of Castings stock in a transaction that occurred on Monday, September 9th. The stock was bought at an average price of GBX 301 ($3.87) per share, for a total transaction of £9,954.07 ($12,809.25). In other news, insider Adam Vicary bought 3,500 shares of the stock in a transaction on Wednesday, September 11th. The shares were purchased at an average cost of GBX 300 ($3.86) per share, for a total transaction of £10,500 ($13,511.77). Also, insider Steve Mant purchased 3,307 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were purchased at an average cost of GBX 301 ($3.87) per share, for a total transaction of £9,954.07 ($12,809.25). Over the last quarter, insiders have acquired 10,037 shares of company stock valued at $3,040,247. Insiders own 21.35% of the company’s stock.

About Castings

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.