Castings (LON:CGS) Shares Pass Below Two Hundred Day Moving Average – Here’s Why

Castings P.L.C. (LON:CGS)’s share price crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of GBX 307.08 ($3.75) and traded as low as GBX 252 ($3.08). Castings shares last traded at GBX 264 ($3.22), with a volume of 29,313 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group decreased their price objective on shares of Castings from GBX 390 ($4.76) to GBX 340 ($4.15) and set a “buy” rating for the company in a report on Wednesday, November 13th.

Castings Stock Down 2.9 %

The stock has a market cap of £111.43 million, a P/E ratio of 674.74 and a beta of 0.60. The business’s 50-day simple moving average is GBX 266.80 and its two-hundred day simple moving average is GBX 306.34.

Castings Cuts Dividend

The firm also recently disclosed 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 of this dividend was Thursday, November 21st. This represents a dividend yield of 1.51%. Castings’s dividend payout ratio (DPR) is presently 4,736.84%.

Insider Transactions at Castings

In other Castings news, insider Adam Vicary purchased 1,500 shares of the business’s stock in a transaction on Friday, November 15th. The stock was acquired at an average cost of GBX 267 ($3.26) per share, for a total transaction of £4,005 ($4,890.11). 21.35% of the stock is owned by insiders.

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.