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

Spirax-Sarco Engineering (LON:SPX) had its target price cut by Royal Bank of Canada from GBX 8,000 ($102.15) to GBX 7,000 ($89.38) in a research report report published on Thursday morning, Marketbeat reports. They currently have an underperform rating on the stock.

Other research analysts have also recently issued reports about the stock. 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 on the stock in a research note on Friday, August 9th. Shore Capital restated a sell rating on shares of Spirax-Sarco Engineering in a research note on Wednesday, May 15th. Finally, Jefferies Financial Group dropped their price target on shares of Spirax-Sarco Engineering from GBX 9,690 ($123.72) to GBX 9,580 ($122.32) and set a hold rating on the stock in a research note on Friday, July 12th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and an average price target of GBX 9,158 ($116.93).

Spirax-Sarco Engineering Stock Down 0.1 %

SPX opened at GBX 7,570 ($96.65) on Thursday. The company has a quick ratio of 1.73, a current ratio of 2.26 and a debt-to-equity ratio of 98.81. The stock has a market cap of £5.57 billion, a price-to-earnings ratio of 2,911.54, a PEG ratio of 2.66 and a beta of 0.72. Spirax-Sarco Engineering has a twelve month low of GBX 7,430 ($94.87) and a twelve month high of £112.80 ($144.02). The company’s 50-day moving average price is GBX 8,495.47 and its two-hundred day moving average price is GBX 9,300.72.

Spirax-Sarco Engineering Cuts Dividend

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

Insiders Place Their Bets

In other news, insider Kevin J. Thompson bought 640 shares of the stock in a transaction on Friday, August 9th. The shares were acquired at an average cost of GBX 7,655 ($97.74) per share, for a total transaction of £48,992 ($62,553.63). Corporate insiders own 0.79% of the company’s stock.

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.