Royal Bank of Canada Cuts Spirax-Sarco Engineering (LON:SPX) Price Target to GBX 7,000

Spirax-Sarco Engineering (LON:SPXGet Free Report) had its price objective cut by research analysts at Royal Bank of Canada from GBX 8,000 ($102.15) to GBX 7,000 ($89.38) in a research report issued to clients and investors on Thursday, Digital Look reports. The firm presently has an “underperform” rating on the stock. Royal Bank of Canada’s target price indicates a potential downside of 6.79% from the stock’s previous close.

SPX has been the subject of several other reports. Shore Capital reiterated a “sell” rating on shares of Spirax-Sarco Engineering in a research note on Wednesday, May 15th. Jefferies Financial Group lowered their price objective on shares of Spirax-Sarco Engineering from GBX 9,690 ($123.72) to GBX 9,580 ($122.32) and set a “hold” rating for the company in a research note on Friday, July 12th. Finally, Berenberg Bank lowered their price objective on shares of Spirax-Sarco Engineering from GBX 9,800 ($125.13) to GBX 8,150 ($104.06) and set a “hold” rating for the company in a research note on Friday, August 9th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of GBX 9,158 ($116.93).

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Spirax-Sarco Engineering Price Performance

Shares of SPX opened at GBX 7,510 ($95.89) on Thursday. Spirax-Sarco Engineering has a twelve month low of GBX 7,430 ($94.87) and a twelve month high of £112.80 ($144.02). The company has a 50 day moving average of GBX 8,546.17 and a two-hundred day moving average of GBX 9,329.34. The company has a quick ratio of 1.73, a current ratio of 2.26 and a debt-to-equity ratio of 98.81. The company has a market cap of £5.53 billion, a price-to-earnings ratio of 2,884.64, a price-to-earnings-growth ratio of 2.66 and a beta of 0.72.

Insider Activity at Spirax-Sarco Engineering

In other news, insider Kevin J. Thompson acquired 640 shares of the business’s stock in a transaction on Friday, August 9th. The stock was bought at an average price of GBX 7,655 ($97.74) per share, with a total value of £48,992 ($62,553.63). 0.79% of the stock is currently owned by insiders.

About Spirax-Sarco Engineering

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Spirax-Sarco Engineering plc provides engineered solutions it operates through three segments: Steam Thermal Solutions; Electric Thermal Solutions; and Watson-Marlow Fluid Technology Solutions. The company offers industrial and commercial steam systems, including condensate management, controls, and thermal energy management products and solutions for heating, curing, cooking, drying, cleaning, sterilizing, space heating, humidifying, vacuum packing, and producing hot water; electrical process heating and temperature management solutions, such as industrial heaters and systems, heat tracing, and various component technologies for industrial processes; and peristaltic and niche pumps and associated fluid path technologies, including tubing, and specialty filling systems and products for single-use applications.

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