Castings (LON:CGS) Stock Price Passes Below 200 Day Moving Average – Here’s Why

Shares of Castings P.L.C. (LON:CGS) crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of GBX 345.14 ($4.48) and traded as low as GBX 240 ($3.11). Castings shares last traded at GBX 282 ($3.66), with a volume of 93,675 shares.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group lowered their price objective on Castings from GBX 460 ($5.97) to GBX 390 ($5.06) and set a “buy” rating on the stock in a research report on Tuesday, August 20th.

Castings Stock Performance

The company has a market capitalization of £118.21 million, a PE ratio of 730.83 and a beta of 0.60. The stock has a fifty day moving average of GBX 300.54 and a 200 day moving average of GBX 344.10.

Insider Transactions at Castings

In related news, insider Steve Mant bought 3,230 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was bought at an average cost of GBX 308 ($3.99) per share, with a total value of £9,948.40 ($12,901.57). In other news, insider Steve Mant acquired 3,230 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were acquired at an average cost of GBX 308 ($3.99) per share, with a total value of £9,948.40 ($12,901.57). Also, insider Adam Vicary bought 3,500 shares of the stock in a transaction dated Wednesday, September 11th. The shares were purchased at an average price of GBX 300 ($3.89) per share, with a total value of £10,500 ($13,616.91). Over the last quarter, insiders have purchased 10,037 shares of company stock valued at $3,040,247. 21.35% of the stock is currently owned by corporate insiders.

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.