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

Castings P.L.C. (LON:CGS) shares were down 11.4% 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). Approximately 201,833 shares were traded during trading, an increase of 112% from the average daily volume of 95,031 shares. The stock had previously closed at GBX 288 ($3.62).

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

Castings Stock Up 6.0 %

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

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.