Castings (LON:CGS) Shares Cross Below 200-Day Moving Average – What’s Next?

Castings P.L.C. (LON:CGS)’s stock price crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of GBX 307.08 ($3.78) and traded as low as GBX 252 ($3.10). Castings shares last traded at GBX 264 ($3.25), with a volume of 29,313 shares.

Wall Street Analysts Forecast Growth

Separately, Canaccord Genuity Group cut their target price on Castings from GBX 390 ($4.80) to GBX 340 ($4.18) and set a “buy” rating on the stock in a research report on Wednesday, November 13th.

Castings Stock Performance

The firm’s 50-day moving average price is GBX 267.12 and its two-hundred day moving average price is GBX 307.08. The firm has a market cap of £114.73 million, a PE ratio of 694.74 and a beta of 0.60.

Castings Cuts Dividend

The business also recently declared a dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, November 21st were given a GBX 4.21 ($0.05) dividend. The ex-dividend date was Thursday, November 21st. This represents a yield of 1.51%. Castings’s dividend payout ratio (DPR) is presently 4,736.84%.

Insiders Place Their Bets

In other Castings news, insider Adam Vicary bought 1,500 shares of the stock in a transaction dated Friday, November 15th. The shares were acquired at an average cost of GBX 267 ($3.29) per share, for a total transaction of £4,005 ($4,928.02). Corporate insiders own 21.35% of the company’s stock.

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.