Canaccord Genuity Group Reaffirms Buy Rating for Castings (LON:CGS)

Key Points

• Canaccord Genuity Group has reaffirmed a buy rating for Castings (CGS) with a price target of GBX 335, suggesting a potential upside of 29.19% from the current price.
• Castings' stock recently traded down by 5.0%, with a current price of GBX 259.31 and a market capitalization of £113.67 million.
• The company reported a quarterly earnings per share of GBX 9.60 and has a projected earnings per share of 17.25 for the current year, reflecting its financial performance and growth expectations.

Castings (LON:CGS - Get Free Report)'s stock had its "buy" rating restated by Canaccord Genuity Group in a research report issued to clients and investors on Thursday, MarketBeat reports. They currently have a GBX 335 price target on the stock. Canaccord Genuity Group's target price would indicate a potential upside of 28.35% from the company's previous close.

Castings Stock Up 2.4%

Castings stock traded up GBX 6 during mid-day trading on Thursday, reaching GBX 261. 16,453 shares of the company's stock were exchanged, compared to its average volume of 51,126. The business's fifty day simple moving average is GBX 287.81 and its 200 day simple moving average is GBX 271.34. The firm has a market capitalization of £114.42 million, a PE ratio of 6.87 and a beta of 0.60. Castings has a one year low of GBX 224 and a one year high of GBX 332.

Castings (LON:CGS - Get Free Report) last issued its quarterly earnings results on Wednesday, June 11th. The company reported GBX 9.60 EPS for the quarter. Castings had a return on equity of 12.83% and a net margin of 7.45%. On average, sell-side analysts forecast that Castings will post 17.2492837 earnings per share for the current year.

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.