Insider Selling: Precision Castparts Corp. VP Unloads 42,500 Shares of Stock (PCP)
Precision Castparts Corp. (NYSE:PCP) VP Kenneth Buck sold 42,500 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $241.39, for a total transaction of $10,259,075.00. Following the transaction, the vice president now directly owns 31,048 shares in the company, valued at approximately $7,494,677. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Precision Castparts Corp. (NYSE:PCP) traded up 0.28% during mid-day trading on Tuesday, hitting $242.30. 428,169 shares of the company’s stock traded hands. Precision Castparts Corp. has a 1-year low of $210.79 and a 1-year high of $275.09. The stock’s 50-day moving average is $243. and its 200-day moving average is $252.6. The company has a market cap of $34.764 billion and a P/E ratio of 19.37.
Precision Castparts Corp. (NYSE:PCP) last released its earnings data on Thursday, July 24th. The company reported $3.32 EPS for the quarter, missing the Thomson Reuters consensus estimate of $3.35 by $0.03. The company had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the prior year, the company posted $2.88 earnings per share. The company’s quarterly revenue was up 6.8% on a year-over-year basis. On average, analysts predict that Precision Castparts Corp. will post $13.96 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, September 29th. Stockholders of record on Friday, September 5th will be given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.05%. The ex-dividend date of this dividend is Wednesday, September 3rd.
A number of analysts have recently weighed in on PCP shares. Analysts at CRT Capital raised their price target on shares of Precision Castparts Corp. from $295.00 to $307.00 in a research note on Tuesday, August 5th. They now have a “buy” rating on the stock. Separately, analysts at Credit Suisse reiterated an “outperform” rating on shares of Precision Castparts Corp. in a research note on Friday, July 25th. They now have a $292.00 price target on the stock, down previously from $312.00. Finally, analysts at Canaccord Genuity reiterated a “buy” rating on shares of Precision Castparts Corp. in a research note on Friday, July 25th. They now have a $280.00 price target on the stock, down previously from $300.00. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $285.53.
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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