Berenberg Bank Reaffirms "Buy" Rating for Norcros (LON:NXR)

Key Points

• Berenberg Bank has restated a "buy" rating on Norcros (LON:NXR), with a price target of GBX 350, suggesting a potential upside of 35.48%.
• Despite the positive ratings, Norcros shares dipped 2.1% to GBX 258.35 during recent trading sessions.
• Company insiders own 35.35% of Norcros's stock, and there was significant insider selling, with James Eyre selling 18,751 shares for a total of £56,253.

Norcros (LON:NXR - Get Free Report)'s stock had its "buy" rating restated by equities researchers at Berenberg Bank in a research note issued to investors on Monday, Marketbeat.com reports. They currently have a GBX 350 price objective on the stock. Berenberg Bank's target price would indicate a potential upside of 34.10% from the stock's previous close.

Separately, Shore Capital restated a "buy" rating on shares of Norcros in a research report on Wednesday, July 23rd. Three investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of GBX 362.50.

Norcros Price Performance

NXR stock traded up GBX 6 during trading on Monday, hitting GBX 261. 68,224 shares of the stock traded hands, compared to its average volume of 179,502. Norcros has a one year low of GBX 184.50 and a one year high of GBX 304. The stock has a market cap of £234.09 million, a price-to-earnings ratio of 6,692.31 and a beta of 1.39. The company has a 50 day simple moving average of GBX 279.67 and a 200 day simple moving average of GBX 256.09. The company has a current ratio of 2.00, a quick ratio of 0.91 and a debt-to-equity ratio of 40.60.

Norcros (LON:NXR - Get Free Report) last announced its quarterly earnings results on Thursday, June 12th. The company reported GBX 32.60 earnings per share (EPS) for the quarter. Norcros had a net margin of 6.83% and a return on equity of 12.35%. Equities analysts expect that Norcros will post 31.3118812 EPS for the current fiscal year.

Insider Activity at Norcros

In other news, insider James Eyre sold 18,751 shares of Norcros stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of GBX 300, for a total transaction of £56,253. 35.35% of the stock is currently owned by corporate insiders.

About Norcros

Norcros is a market leading group of brands providing design led, high quality bathroom and kitchen products with operations primarily in the UK and South Africa. Based in the UK, Norcros operates under six brands: · Triton – Market leader in the manufacture and marketing of showers in the UK · Merlyn – UK and Ireland's No.1 supplier of shower enclosures and trays to the residential, commercial, and hospitality sectors · Grant Westfield – Leading manufacturer of high-end waterproof bathroom wall panels · Vado – Leading manufacturer and supplier of taps, mixer showers, bathroom accessories, and valves · Croydex – Market-leading, innovative designer, manufacturer, and distributor of high-quality bathroom furnishings and accessories · Abode – Leading niche designer and distributor of high-quality kitchen taps, bathroom taps, and kitchen sinks Based in South Africa, Norcros operates under four brands: · Tile Africa – Chain of retail stores focused on ceramic and porcelain tiles and associated products such as sanitaryware, showers, and adhesives · Johnson Tiles South Africa – Manufacturer of ceramic and porcelain tiles · TAL – Leading manufacturer of ceramic and building adhesives in South Africa · House of Plumbing – Market-leading supplier of specialist plumbing materials Norcros is headquartered in Wilmslow, Cheshire and employs around 2,100 people.