Zacks Reiterates “Neutral” Rating for Precision Castparts Corp. (PCP)
Precision Castparts Corp. (NYSE:PCP)‘s stock had its “neutral” rating restated by Zacks in a research note issued to investors on Friday, AnalystRatingsNetwork.com reports. They currently have a $279.00 price objective on the stock. Zacks‘ price objective would suggest a potential upside of 5.13% from the stock’s previous close.
Zacks‘ analyst wrote, “Precision Castparts is a manufacturer of complex metal products and products. We are retaining our Neutral recommendation on Precision Castparts with a target price of $279. Reported revenues registered a hike of 22.6% year over year, while earnings grew 27.7%. The improved results in the recently reported quarter came on the back of increased demand in the commercial aerospace as well as strong oil and gas businesses. Two of the three reporting segments posted double digit revenue growth during the quarter. Furthermore, IGT is also showing good momentum in its aftermarket backlog as the company is shipping out large quantities of nickel-based, severe service tubular product over the upcoming four quarters. The company expects its major end markets to drive organic growth. In addition, the aerospace division is also performing well. Nevertheless, competition and pricing pressures remain our concerns. “
Precision Castparts Corp. (NYSE:PCP) traded up 0.99% during mid-day trading on Friday, hitting $268.00. The stock had a trading volume of 203,620 shares. Precision Castparts Corp. has a one year low of $180.06 and a one year high of $271.99. The stock has a 50-day moving average of $258.9 and a 200-day moving average of $237.2. The company has a market cap of $38.929 billion and a P/E ratio of 24.19.
Precision Castparts Corp. (NYSE:PCP) last issued its quarterly earnings data on Thursday, October 24th. The company reported $2.90 EPS for the quarter, beating the Thomson Reuters consensus estimate of $2.83 by $0.07. The company had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.83 billion. During the same quarter in the prior year, the company posted $2.28 earnings per share. The company’s quarterly revenue was up 22.6% on a year-over-year basis.
A number of other firms have also recently commented on PCP. Analysts at RBC Capital raised their price target on shares of Precision Castparts Corp. from $290.00 to $310.00 in a research note to investors on Friday. They now have a “top pick” rating on the stock. Separately, analysts at Ned Davis Research upgraded shares of Precision Castparts Corp. from a “neutral” rating to a “buy” rating in a research note to investors on Monday, December 23rd. Finally, analysts at Sterne Agee raised their price target on shares of Precision Castparts Corp. from $281.00 to $324.00 in a research note to investors on Friday, November 22nd. Three equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $269.10.
Precision Castparts Corp. (NYSE:PCP) is a manufacturer of metal components and products, provides investment castings, forgings and fasteners/fastener systems for critical aerospace and industrial gas turbine (IGT) applications.
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