Castings (LON:CGS) Shares Cross Below 50 Day Moving Average - Here's What Happened

Key Points

• Castings P.L.C. shares fell below their 50-day moving average during trading, hitting a low of GBX 258.64 ($3.52).
• Analysts from Canaccord Genuity have maintained a "buy" rating for Castings, with a price target of GBX 335 and a consensus target price of GBX 337.50.
• The company has a market capitalization of £116.90 million and operates through Foundry and Machining segments in the iron casting industry.

Castings P.L.C. (LON:CGS - Get Free Report)'s share price passed below its 50-day moving average during trading on Monday . The stock has a 50-day moving average of GBX 281.72 ($3.83) and traded as low as GBX 258.64 ($3.52). Castings shares last traded at GBX 268.30 ($3.65), with a volume of 3,635 shares traded.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group reiterated a "buy" rating and issued a GBX 335 price target on shares of Castings in a research note on Thursday, August 21st. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Castings has a consensus rating of "Buy" and a consensus target price of GBX 337.50.

Castings Stock Performance

The stock has a 50-day simple moving average of GBX 281.72 and a two-hundred day simple moving average of GBX 270.72. The firm has a market cap of £116.90 million, a PE ratio of 2,813.81 and a beta of 0.60.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.