Morgan Stanley Cuts Meggitt (LON:MGGT) Price Target to GBX 356

Meggitt (LON:MGGT) had its price objective trimmed by Morgan Stanley from GBX 382 ($4.70) to GBX 356 ($4.38) in a research report released on Tuesday, Stock Target Advisor reports. The firm currently has an overweight rating on the stock.

MGGT has been the subject of a number of other research reports. Redburn Partners lowered shares of Meggitt to a neutral rating in a report on Wednesday, March 18th. Berenberg Bank boosted their target price on shares of Meggitt from GBX 295 ($3.63) to GBX 345 ($4.25) and gave the stock a hold rating in a report on Friday, July 3rd. Societe Generale lowered shares of Meggitt to a sell rating and reduced their target price for the stock from GBX 610 ($7.51) to GBX 205 ($2.52) in a report on Friday, April 24th. JPMorgan Chase & Co. reduced their target price on shares of Meggitt from GBX 275 ($3.38) to GBX 265 ($3.26) and set a neutral rating on the stock in a report on Monday, June 29th. Finally, Jefferies Financial Group reissued a buy rating on shares of Meggitt in a report on Monday, July 6th. Five research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of Hold and an average target price of GBX 347.67 ($4.28).

Shares of MGGT stock opened at GBX 311.30 ($3.83) on Tuesday. The business’s 50-day moving average price is GBX 303.14 and its 200-day moving average price is GBX 436.10. Meggitt has a 12 month low of GBX 196.15 ($2.41) and a 12 month high of GBX 701.80 ($8.64). The firm has a market capitalization of $2.43 billion and a price-to-earnings ratio of 11.00. The company has a current ratio of 1.25, a quick ratio of 0.67 and a debt-to-equity ratio of 43.41.

In related news, insider Caroline Silver bought 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 24th. The shares were bought at an average price of GBX 303 ($3.73) per share, for a total transaction of £15,150 ($18,643.86). Also, insider Alison Goligher bought 3,000 shares of the company’s stock in a transaction that occurred on Monday, June 29th. The shares were bought at an average price of GBX 289 ($3.56) per share, for a total transaction of £8,670 ($10,669.46). Over the last ninety days, insiders bought 8,103 shares of company stock worth $2,412,128.

About Meggitt

Meggitt PLC designs and manufactures components and sub-systems for aerospace, defense, energy, medical, industrial, test, and automotive markets in the United Kingdom, rest of Europe, the United States, and internationally. It operates through Meggitt Aircraft Braking Systems, Meggitt Control Systems, Meggitt Polymers & Composites, Meggitt Sensing Systems, and Meggitt Equipment Group segments.

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Analyst Recommendations for Meggitt (LON:MGGT)

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