Canaccord Genuity Group Issues Pessimistic Forecast for Castings (LON:CGS) Stock Price

Castings (LON:CGS) had its target price dropped by research analysts at Canaccord Genuity Group from GBX 390 ($5.02) to GBX 340 ($4.38) in a report released on Wednesday, MarketBeat reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 27.82% from the stock’s previous close.

Castings Stock Down 6.3 %

CGS stock opened at GBX 266 ($3.42) on Wednesday. The company’s 50-day moving average price is GBX 295.25 and its two-hundred day moving average price is GBX 338.40. Castings has a 12 month low of GBX 238 ($3.06) and a 12 month high of GBX 404 ($5.20). The firm has a market cap of £115.60 million, a P/E ratio of 700.00 and a beta of 0.60.

Insider Buying and Selling at Castings

In related news, insider Adam Vicary purchased 3,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were bought at an average cost of GBX 300 ($3.86) per share, with a total value of £10,500 ($13,511.77). Also, insider Steve Mant acquired 3,230 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was bought at an average cost of GBX 308 ($3.96) per share, with a total value of £9,948.40 ($12,801.96). In the last quarter, insiders have acquired 10,037 shares of company stock valued at $3,040,247. 21.35% of the stock is currently owned by corporate insiders.

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.