Citigroup Cuts Morgan Advanced Materials (LON:MGAM) Price Target to GBX 240

Key Points

• Citigroup has reduced the price target for Morgan Advanced Materials from GBX 265 to GBX 240, while maintaining a "buy" rating on the stock, indicating a potential upside of 21.31%.
• The company's shares opened at GBX 197.84 and have a market capitalization of £557.68 million, with a price-to-earnings ratio of 8.14.
• Recent insider selling includes transactions where insiders sold a total of 93,951 shares in the last three months, amounting to approximately $20 million.

Morgan Advanced Materials (LON:MGAM - Get Free Report) had its price target cut by investment analysts at Citigroup from GBX 265 ($3.56) to GBX 240 ($3.23) in a note issued to investors on Friday, Marketbeat reports. The firm currently has a "buy" rating on the stock. Citigroup's target price suggests a potential upside of 20.85% from the company's current price.

Morgan Advanced Materials Stock Up 1.3%

Shares of Morgan Advanced Materials stock traded up GBX 2.60 ($0.03) during trading on Friday, reaching GBX 198.60 ($2.67). The company's stock had a trading volume of 755,308 shares, compared to its average volume of 1,265,958. The company has a quick ratio of 1.26, a current ratio of 2.19 and a debt-to-equity ratio of 103.31. The company has a market cap of £559.82 million, a price-to-earnings ratio of 8.17, a P/E/G ratio of 0.51 and a beta of 1.34. Morgan Advanced Materials has a 1-year low of GBX 167 ($2.25) and a 1-year high of GBX 324.50 ($4.36). The company has a 50-day simple moving average of GBX 220.21 and a two-hundred day simple moving average of GBX 220.21.

Morgan Advanced Materials (LON:MGAM - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported GBX 10.80 ($0.15) earnings per share (EPS) for the quarter. Morgan Advanced Materials had a return on equity of 19.02% and a net margin of 6.17%. As a group, equities analysts forecast that Morgan Advanced Materials will post 32.5 earnings per share for the current year.

Insider Activity

In other Morgan Advanced Materials news, insider Pete Raby sold 52,587 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of GBX 214 ($2.88), for a total transaction of £112,536.18 ($151,360.03). Also, insider Damien Caby sold 15,016 shares of the firm's stock in a transaction on Friday, May 30th. The stock was sold at an average price of GBX 212 ($2.85), for a total value of £31,833.92 ($42,816.30). Insiders have sold a total of 93,951 shares of company stock worth $20,022,786 over the last quarter. 1.69% of the stock is currently owned by corporate insiders.

Morgan Advanced Materials Company Profile

Morgan Advanced Materials plc operates as a materials science and application engineering company primarily the United Kingdom. It serves customers in the industrial, transportation, petrochemical and chemical, energy, semiconductor and electronics, healthcare, and security and defense markets. The company was formerly known as The Morgan Crucible Company plc and changed its name to Morgan Advanced Materials plc in March 2013.