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

Key Points

• Castings P.L.C. shares fell below their 50-day moving average of GBX 270.21, trading as low as GBX 255 ($3.43) before recovering slightly to GBX 263 ($3.54).
• Analyst ratings for the stock remain positive, with Canaccord Genuity Group maintaining a "buy" rating and setting a target price of GBX 335.
• Castings operates in the iron casting and machining industries, producing a variety of iron products and offering a range of related services.

Castings P.L.C. (LON:CGS - Get Free Report) crossed below its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of GBX 270.21 ($3.63) and traded as low as GBX 255 ($3.43). Castings shares last traded at GBX 263 ($3.54), with a volume of 4,884 shares trading hands.

Analyst Ratings Changes

Separately, Canaccord Genuity Group restated a "buy" rating and set a GBX 335 target price on shares of Castings in a research report on Thursday, August 21st. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of GBX 337.50.

Castings Stock Up 0.4%

The firm has a market capitalization of £114.73 million, a price-to-earnings ratio of 2,761.51 and a beta of 0.60. The company's fifty day moving average is GBX 270.21 and its two-hundred day moving average is GBX 270.21.

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.

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