Precision Castparts Corp. Sees Significant Increase in Short Interest (PCP)
Shares of Precision Castparts Corp. (NYSE:PCP) saw a large increase in short interest in June. As of June 13th, there was short interest totalling 1,689,150 shares, an increase of 52.0% from the May 30th total of 1,111,362 shares, Analyst RN reports. Approximately 1.2% of the company’s stock are sold short. Based on an average daily trading volume, of 869,612 shares, the days-to-cover ratio is currently 1.9 days.
PCP has been the subject of a number of recent research reports. Analysts at Bank of America reiterated a “buy” rating on shares of Precision Castparts Corp. in a research note on Thursday, May 15th. They now have a $300.00 price target on the stock, up previously from $280.00. Separately, analysts at Citigroup Inc. reiterated a “buy” rating on shares of Precision Castparts Corp. in a research note on Friday, May 9th. They now have a $305.00 price target on the stock, down previously from $312.00. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Precision Castparts Corp. in a research note on Friday, May 9th. They now have a $267.00 price target on the stock. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Precision Castparts Corp. has a consensus rating of “Buy” and a consensus target price of $287.06.
Shares of Precision Castparts Corp. (NYSE:PCP) opened at 254.58 on Thursday. Precision Castparts Corp. has a 52 week low of $210.79 and a 52 week high of $275.09. The stock’s 50-day moving average is $258.5 and its 200-day moving average is $257.6. The company has a market cap of $36.854 billion and a price-to-earnings ratio of 20.95.
Precision Castparts Corp. (NYSE:PCP) last posted its quarterly earnings results on Thursday, May 8th. The company reported $3.27 earnings per share for the quarter, beating the analysts’ consensus estimate of $3.20 by $0.07. The company had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.52 billion. During the same quarter last year, the company posted $2.82 earnings per share. Precision Castparts Corp.’s revenue was down 99.9% compared to the same quarter last year. Analysts expect that Precision Castparts Corp. will post $14.18 EPS for the current fiscal year.
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.