Castings (LON:CGS) Trading Down 11.4% After Analyst Downgrade

Shares of Castings P.L.C. (LON:CGS) fell 11.4% during mid-day trading on Tuesday after Canaccord Genuity Group lowered their price target on the stock from GBX 340 to GBX 325. Canaccord Genuity Group currently has a buy rating on the stock. Castings traded as low as GBX 224 ($2.82) and last traded at GBX 255.15 ($3.21). 201,833 shares were traded during mid-day trading, an increase of 112% from the average session volume of 95,031 shares. The stock had previously closed at GBX 288 ($3.62).

Separately, Canaccord Genuity Group cut their price objective on shares of Castings from GBX 390 ($4.91) to GBX 340 ($4.28) and set a “buy” rating for the company in a research report on Wednesday, November 13th.

Castings Price Performance

The firm has a market capitalization of £116.61 million, a P/E ratio of 7.00 and a beta of 0.60. The company has a fifty day moving average of GBX 267.35 and a 200 day moving average of GBX 287.41.

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.