Castings (LON:CGS) Trading 3.1% Higher – Here’s Why

Castings P.L.C. (LON:CGS) traded up 3.1% on Friday . The stock traded as high as GBX 276 ($3.52) and last traded at GBX 264 ($3.37). 6,259 shares traded hands during trading, a decline of 80% from the average session volume of 30,984 shares. The stock had previously closed at GBX 256 ($3.26).

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group reduced their target price on Castings from GBX 390 ($4.97) to GBX 340 ($4.33) and set a “buy” rating on the stock in a research report on Wednesday, November 13th.

Castings Trading Up 3.1 %

The firm has a market capitalization of £114.73 million, a price-to-earnings ratio of 694.74 and a beta of 0.60. The firm has a 50 day moving average price of GBX 284.11 and a two-hundred day moving average price of GBX 326.28.

Castings Cuts Dividend

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

Insider Activity

In related news, insider Adam Vicary bought 3,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The shares were acquired at an average cost of GBX 300 ($3.82) per share, for a total transaction of £10,500 ($13,386.03). Also, insider Steve Mant bought 3,307 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were bought at an average price of GBX 301 ($3.84) per share, for a total transaction of £9,954.07 ($12,690.04). Insiders have bought 8,307 shares of company stock valued at $2,445,907 in the last three months. Corporate 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.