Berenberg Bank Reaffirms Buy Rating for MJ Gleeson (LON:GLE)

Key Points

• Berenberg Bank has restated its "buy" rating for MJ Gleeson (LON:GLE) with a price target of GBX 500, indicating a potential upside of over 50% from its current price.
• Despite a recent 0.5% drop in stock price, MJ Gleeson has shown strong insider buying activity, with insiders acquiring nearly 8,000 shares valued at over $3 million in the last ninety days.
• The company focuses on affordable housing through its division, Gleeson Homes, which offers homes at an average price significantly lower than the industry standard in the Midlands and North of England.

Berenberg Bank reissued their buy rating on shares of MJ Gleeson (LON:GLE - Free Report) in a report issued on Tuesday morning, MarketBeat.com reports. They currently have a GBX 500 target price on the stock.

MJ Gleeson Trading Up 1.5%

Shares of GLE stock traded up GBX 5 during trading on Tuesday, hitting GBX 328. 439,165 shares of the stock traded hands, compared to its average volume of 154,357. The firm has a market capitalization of £191.47 million, a P/E ratio of 1,161.88 and a beta of 1.14. The company has a debt-to-equity ratio of 1.70, a current ratio of 5.79 and a quick ratio of 0.89. The firm's fifty day moving average price is GBX 354.61 and its 200-day moving average price is GBX 425.41. MJ Gleeson has a 52-week low of GBX 320 and a 52-week high of GBX 654.

Insider Transactions at MJ Gleeson

In other news, insider Nicola Bruce bought 2,721 shares of the business's stock in a transaction on Wednesday, July 9th. The shares were bought at an average price of GBX 370 per share, with a total value of £10,067.70. Insiders purchased a total of 2,943 shares of company stock valued at $1,086,264 over the last 90 days. 13.22% of the stock is owned by insiders.

About MJ Gleeson

MJ Gleeson plc comprises two divisions: Gleeson Homes and Gleeson Land. Gleeson Homes is the leading low-cost, affordable housebuilder with the vision of "Building Homes. Changing Lives." Focusing on areas where affordable housing is most needed in the Midlands and North of England, Gleeson Homes' average selling price was £193,900, 34% lower than other housebuilders average selling price of £291,700 in the same geographic regions.