Morgan Advanced Materials (LON:MGAM) Price Target Cut to GBX 240 by Analysts at Citigroup

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 objective reduced by stock analysts at Citigroup from GBX 265 ($3.56) to GBX 240 ($3.22) in a research report issued on Friday, MarketBeat.com reports. The firm presently has a "buy" rating on the stock. Citigroup's price target would suggest a potential upside of 19.11% from the company's previous close.

Morgan Advanced Materials Price Performance

LON:MGAM traded up GBX 3.90 ($0.05) during midday trading on Friday, hitting GBX 201.50 ($2.71). The company had a trading volume of 353,194 shares, compared to its average volume of 1,255,391. Morgan Advanced Materials has a 52-week low of GBX 167 ($2.24) and a 52-week high of GBX 324.50 ($4.36). The stock's fifty day moving average price is GBX 219.93 and its 200-day moving average price is GBX 219.40. The company has a market capitalization of £568.00 million, a PE ratio of 8.29, a P/E/G ratio of 0.51 and a beta of 1.34. The company has a quick ratio of 1.26, a current ratio of 2.19 and a debt-to-equity ratio of 103.31.

Morgan Advanced Materials (LON:MGAM - Get Free Report) last announced 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 net margin of 6.17% and a return on equity of 19.02%. As a group, research analysts expect that Morgan Advanced Materials will post 32.5 earnings per share for the current year.

Insider Activity

In other news, insider Richard Armitage sold 26,348 shares of the stock in a transaction dated Friday, May 30th. The shares were sold at an average price of GBX 212 ($2.85), for a total transaction of £55,857.76 ($75,027.21). Also, insider Damien Caby sold 15,016 shares of the stock in a transaction dated Friday, May 30th. The stock was sold at an average price of GBX 212 ($2.85), for a total transaction of £31,833.92 ($42,758.79). Corporate insiders own 1.69% of the company's stock.

About Morgan Advanced Materials

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.