Chemring Group (LON:CHG) Reaches New 12-Month High - Here's Why

Key Points

• Chemring Group PLC reached a new 52-week high, trading at GBX 605 ($8.23), with over 2 million shares exchanged.
• Wall Street analysts maintain a consensus "Buy" rating for Chemring, with Berenberg Bank setting a target price of GBX 670.
• Insider Pete Raby purchased 6,000 shares at an average price of GBX 544, indicating confidence in the company by its management.

Chemring Group PLC (LON:CHG - Get Free Report) reached a new 52-week high during trading on Tuesday . The stock traded as high as GBX 605 ($8.23) and last traded at GBX 601 ($8.18), with a volume of 2035706 shares traded. The stock had previously closed at GBX 572 ($7.78).

Wall Street Analysts Forecast Growth

Separately, Berenberg Bank reissued a "buy" rating and set a GBX 670 target price on shares of Chemring Group in a research note on Tuesday, July 15th. Three equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of GBX 570.

Chemring Group Trading Up 5.1%

The stock's 50 day moving average is GBX 546.04 and its two-hundred day moving average is GBX 480.42. The company has a market capitalization of £1.62 billion, a PE ratio of 3,803.80, a price-to-earnings-growth ratio of 1.99 and a beta of 0.68. The company has a quick ratio of 0.71, a current ratio of 1.22 and a debt-to-equity ratio of 27.42.

Insider Activity

In related news, insider Pete Raby acquired 6,000 shares of the business's stock in a transaction dated Monday, September 8th. The shares were purchased at an average price of GBX 544 per share, for a total transaction of £32,640. 1.17% of the stock is currently owned by company insiders.

Chemring Group Company Profile

We are a specialist manufacturing and technology business creating market-leading innovative solutions to meet our customers' complex needs. Using our extensive science and engineering expertise, we turn ideas into reality, designing and developing critical solutions that protect and safeguard in unpredictable environments in today's increasingly unstable world. We achieve this by innovating at every stage of the value chain, from research and development (“R&D”) through to design, manufacture and in-service support, working closely with our customers to deliver products, services and solutions for mission-critical success. Our customer base spans national defence organisations, security and law enforcement agencies, as well as commercial markets such as space and transport.

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