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

Castings P.L.C. (LON:CGS) dropped 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). Approximately 201,833 shares traded hands during mid-day 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 dropped 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 2.8 %

The firm’s 50 day simple moving average is GBX 267.35 and its 200 day simple moving average is GBX 287.41. The company has a market cap of £113.10 million, a price-to-earnings ratio of 6.79 and a beta of 0.60.

About Castings

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.