Morgan Advanced Materials (LON:MGAM) Trading Down 16.3% – Here’s What Happened

Shares of Morgan Advanced Materials plc (LON:MGAM) were down 16.3% on Friday . The stock traded as low as GBX 198 ($2.50) and last traded at GBX 214.30 ($2.70). Approximately 6,458,723 shares changed hands during mid-day trading, an increase of 322% from the average daily volume of 1,529,555 shares. The stock had previously closed at GBX 256 ($3.23).

Analysts Set New Price Targets

Several research firms have recently commented on MGAM. Royal Bank of Canada cut their price target on Morgan Advanced Materials from GBX 350 ($4.41) to GBX 320 ($4.03) and set an “outperform” rating for the company in a research note on Thursday, November 7th. Citigroup upped their price objective on shares of Morgan Advanced Materials from GBX 325 ($4.10) to GBX 330 ($4.16) and gave the stock a “buy” rating in a research report on Thursday, January 23rd.

Morgan Advanced Materials Price Performance

The company has a market cap of £604.67 million, a price-to-earnings ratio of 8.83, a PEG ratio of 0.51 and a beta of 1.34. The company has a 50-day simple moving average of GBX 266.36 and a 200-day simple moving average of GBX 271.51. The company has a debt-to-equity ratio of 103.31, a quick ratio of 1.26 and a current ratio of 2.19.

Morgan Advanced Materials (LON:MGAM) last announced its quarterly earnings data on Friday, February 28th. The company reported GBX 25.50 ($0.32) earnings per share for the quarter. Morgan Advanced Materials had a return on equity of 19.02% and a net margin of 6.17%. As a group, research analysts predict that Morgan Advanced Materials plc will post 32.5 earnings per share for the current year.

Morgan Advanced Materials Company Profile

Morgan Advanced Materials plc operates as a materials science and application engineering company primarily the United Kingdom. It serves customers in the industrial, transportation, petrochemical and chemical, energy, semiconductor and electronics, healthcare, and security and defense markets. The company was formerly known as The Morgan Crucible Company plc and changed its name to Morgan Advanced Materials plc in March 2013.