Castings (LON:CGS) Shares Pass Below Two Hundred Day Moving Average – Here’s Why

Castings P.L.C. (LON:CGS)’s share price crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of GBX 311.01 ($3.89) and traded as low as GBX 256 ($3.20). Castings shares last traded at GBX 259.94 ($3.25), with a volume of 20,682 shares trading hands.

Analyst Ratings Changes

Separately, Canaccord Genuity Group cut their price target on Castings from GBX 390 ($4.88) to GBX 340 ($4.25) and set a “buy” rating for the company in a report on Wednesday, November 13th.

Castings Price Performance

The company has a market cap of £112.97 million, a P/E ratio of 684.05 and a beta of 0.60. The firm’s 50-day moving average is GBX 269.81 and its two-hundred day moving average is GBX 311.01.

Castings Cuts Dividend

The firm also recently announced a dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Thursday, November 21st will be issued a GBX 4.21 ($0.05) dividend. The ex-dividend date of this dividend is Thursday, November 21st. This represents a dividend yield of 1.51%. Castings’s dividend payout ratio (DPR) is presently 4,736.84%.

Insider Activity at Castings

In related news, insider Adam Vicary purchased 1,500 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was bought at an average cost of GBX 267 ($3.34) per share, for a total transaction of £4,005 ($5,011.26). 21.35% of the stock is owned by insiders.

About Castings

Castings P.L.C. engages in the iron casting and machining activities. It operates through Foundry Operations and Machining Operations segments. The company offers ductile iron, spheroidal graphite iron, austempered ductile iron, SiMo, and Ni-resist castings. It also provides fertilising solution annealing, pearlitic quench and temper, temper softening, and austempering heat treatment services; automotive standard e-coat and powder coating, galvanising, plating, gas based surface treatment, and plastic and metal spray coating services; and assembly and insulation services.