The Weir Group (LON:WEIR) Stock Breaks Below 50 Day Moving Average - Here's Why

Key Points

• The Weir Group fell below its 50-day moving average of GBX 2,662, trading as low as GBX 2,602 and last at GBX 2,630; the article also reports a 7.2% decline.
• Analyst sentiment remained broadly positive: eight analysts rated the shares Buy and one Hold, with a consensus price target of GBX 3,408.33.
• Insider Nick Anderson bought 1,470 shares at an average price of GBX 2,713, for a total of about £39,881.

Shares of The Weir Group PLC (LON:WEIR - Get Free Report) crossed below its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of GBX 2,662 and traded as low as GBX 2,602. The Weir Group shares last traded at GBX 2,630, with a volume of 1,152,714 shares.

Analyst Upgrades and Downgrades

WEIR has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a GBX 3,230 target price on shares of The Weir Group in a research report on Thursday, July 30th. Citigroup increased their price target on shares of The Weir Group from GBX 3,150 to GBX 3,200 and gave the company a "buy" rating in a research report on Thursday, July 30th. Berenberg Bank reissued a "buy" rating and set a GBX 3,650 price target on shares of The Weir Group in a research note on Wednesday, August 5th. Finally, Jefferies Financial Group restated a "buy" rating and issued a GBX 3,555 price objective on shares of The Weir Group in a report on Wednesday, July 29th. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of GBX 3,408.33.

The Weir Group Trading Down 7.2%

The company has a quick ratio of 1.16, a current ratio of 2.55 and a debt-to-equity ratio of 91.54. The firm's fifty day moving average is GBX 2,662 and its two-hundred day moving average is GBX 2,767.85. The firm has a market cap of £6.33 billion, a P/E ratio of 23.97, a PEG ratio of 2.59 and a beta of 1.09.

Insider Buying and Selling at The Weir Group

In other The Weir Group news, insider Nick Anderson acquired 1,470 shares of the business's stock in a transaction on Monday, August 17th. The shares were acquired at an average price of GBX 2,713 per share, for a total transaction of £39,881.10. 0.74% of the stock is owned by corporate insiders.

About The Weir Group

Founded in 1871, Weir is one of the world's leading engineering businesses with a purpose to make its mining and infrastructure customers' operations more sustainable and efficient. Weir's highly engineered technology enables critical resources to be produced using less energy, water and waste while reducing customers' total cost of ownership. Weir is ideally positioned to benefit from structural trends that support long-term demand for its technology including the need for more essential metals to support economic development and carbon transition.

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