Spirax-Sarco Engineering (LON:SPX) Price Target Lowered to GBX 7,000 at Royal Bank of Canada

Spirax-Sarco Engineering (LON:SPX) had its price objective trimmed by Royal Bank of Canada from GBX 8,000 ($102.15) to GBX 7,000 ($89.38) in a report published on Thursday morning, MarketBeat Ratings reports. The firm currently has an underperform rating on the stock.

SPX has been the subject of a number of other research reports. Berenberg Bank dropped their target price on shares of Spirax-Sarco Engineering from GBX 9,800 ($125.13) to GBX 8,150 ($104.06) and set a hold rating for the company in a research report on Friday, August 9th. Shore Capital restated a sell rating on shares of Spirax-Sarco Engineering in a research report on Wednesday, May 15th. Finally, Jefferies Financial Group dropped their target price on shares of Spirax-Sarco Engineering from GBX 9,690 ($123.72) to GBX 9,580 ($122.32) and set a hold rating for the company in a research report on Friday, July 12th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Hold and a consensus price target of GBX 9,158 ($116.93).

Spirax-Sarco Engineering Stock Performance

SPX opened at GBX 7,570 ($96.65) on Thursday. The firm has a market cap of £5.57 billion, a P/E ratio of 2,911.54, a PEG ratio of 2.66 and a beta of 0.72. Spirax-Sarco Engineering has a 1-year low of GBX 7,430 ($94.87) and a 1-year high of £112.80 ($144.02). The company has a 50 day simple moving average of GBX 8,495.47 and a two-hundred day simple moving average of GBX 9,300.72. The company has a debt-to-equity ratio of 98.81, a current ratio of 2.26 and a quick ratio of 1.73.

Spirax-Sarco Engineering Cuts Dividend

The firm also recently declared a dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 17th will be paid a dividend of GBX 47.50 ($0.61) per share. This represents a yield of 0.56%. The ex-dividend date of this dividend is Thursday, October 17th. Spirax-Sarco Engineering’s payout ratio is 6,230.77%.

Insider Activity at Spirax-Sarco Engineering

In other Spirax-Sarco Engineering news, insider Kevin J. Thompson purchased 640 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were bought at an average price of GBX 7,655 ($97.74) per share, with a total value of £48,992 ($62,553.63). 0.79% of the stock is owned by insiders.

About Spirax-Sarco Engineering

Spirax-Sarco Engineering plc provides engineered solutions it operates through three segments: Steam Thermal Solutions; Electric Thermal Solutions; and Watson-Marlow Fluid Technology Solutions. The company offers industrial and commercial steam systems, including condensate management, controls, and thermal energy management products and solutions for heating, curing, cooking, drying, cleaning, sterilizing, space heating, humidifying, vacuum packing, and producing hot water; electrical process heating and temperature management solutions, such as industrial heaters and systems, heat tracing, and various component technologies for industrial processes; and peristaltic and niche pumps and associated fluid path technologies, including tubing, and specialty filling systems and products for single-use applications.