Meggitt plc Lowered to “Hold” at Berenberg Bank (MGGT)
Meggitt plc (LON:MGGT) was downgraded by Berenberg Bank to a “hold” rating in a research note issued on Friday. They currently have a GBX 510 ($8.58) price objective on the stock, down from their previous price objective of GBX 600 ($10.10). Berenberg Bank’s target price would indicate a potential upside of 7.98% from the stock’s previous close.
Other equities research analysts have also recently issued reports about the stock. Analysts at Investec downgraded shares of Meggitt plc to a “hold” rating in a research note on Wednesday. They now have a GBX 480 ($8.08) price target on the stock, down previously from GBX 530 ($8.92). Separately, analysts at Deutsche Bank cut their price target on shares of Meggitt plc from GBX 475 ($7.99) to GBX 440 ($7.40) in a research note on Wednesday. They now have a “hold” rating on the stock. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of GBX 532.88 ($8.97).
Shares of Meggitt plc (LON:MGGT) traded down 1.21% on Friday, hitting GBX 472.30. 2,334,793 shares of the company’s stock traded hands. Meggitt plc has a 52-week low of GBX 445.00 and a 52-week high of GBX 573.50. The stock’s 50-day moving average is GBX 511.0 and its 200-day moving average is GBX 496.4. The company’s market cap is £3.805 billion.
The company also recently announced a dividend, which is scheduled for Friday, October 3rd. Shareholders of record on Wednesday, August 13th will be paid a dividend of GBX 4.25 ($0.07) per share. This represents a dividend yield of 0.89%. The ex-dividend date is Wednesday, August 13th.
Meggitt PLC is engaged in designing and manufacturing of components and sub-systems. The Company’s segments include Aircraft Braking Systems, which is a supplier of aircraft wheels, brakes and brake control systems; Control Systems, which is a supplier of pneumatic, fluid control, thermal management and electro-mechanical equipment and sub-systems; Polymers & Composites, which is a specialist in fuel containment, engineered aircraft sealing solutions and technical polymers, electrothermal ice protection and complex composite structures and assemblies; Sensing Systems, which is a provider of sensing and condition-monitoring solutions for rotating machinery and other assets, and Equipment Group division, which supplies aircraft fire protection and control systems, avionics, combat systems, live-fire and simulation training, and heat transfer equipment.
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