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MJ Gleeson (LON:GLE) Given Buy Rating at Berenberg Bank

MJ Gleeson logo with Consumer Cyclical background

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.
  • MarketBeat previews top five stocks to own in November.

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

MJ Gleeson Price Performance

GLE stock traded up GBX 5 during midday trading on Tuesday, reaching GBX 328. 439,165 shares of the company's stock traded hands, compared to its average volume of 154,357. The company has a 50-day simple moving average of GBX 353.41 and a two-hundred day simple moving average of GBX 424.34. MJ Gleeson has a 1-year low of GBX 320 and a 1-year high of GBX 654. The company has a market cap of £191.47 million, a price-to-earnings ratio of 1,161.88 and a beta of 1.14. The company has a quick ratio of 0.89, a current ratio of 5.79 and a debt-to-equity ratio of 1.70.

Insiders Place Their Bets

In other news, insider Nicola Bruce acquired 2,721 shares of the firm's stock in a transaction on Wednesday, July 9th. The shares were purchased at an average cost of GBX 370 per share, for a total transaction of £10,067.70. Over the last ninety days, insiders acquired 2,943 shares of company stock worth $1,086,264. Company insiders own 13.22% of the company's stock.

MJ Gleeson Company Profile

(Get Free Report)

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.

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