Meggitt plc (MGGT) Upgraded to “Overweight” at J P Morgan Chase & Co
Meggitt plc (LON:MGGT) was upgraded by equities researchers at J P Morgan Chase & Co to an “overweight” rating in a research note issued to investors on Wednesday. The brokerage currently has a GBX 575 ($7.45) price objective on the stock, up from their prior price objective of GBX 505 ($6.54). J P Morgan Chase & Co’s target price suggests a potential upside of 17.35% from the company’s previous close.
Several other equities analysts also recently weighed in on MGGT. Berenberg Bank lifted their target price on shares of Meggitt plc from GBX 440 ($5.70) to GBX 490 ($6.35) and gave the stock a “hold” rating in a research note on Friday, March 10th. Barclays PLC reiterated an “overweight” rating and issued a GBX 540 ($6.99) target price on shares of Meggitt plc in a research note on Monday, March 20th. Liberum Capital reiterated a “sell” rating and issued a GBX 375 ($4.86) target price on shares of Meggitt plc in a research note on Friday, April 7th. Bank of America Corporation upgraded shares of Meggitt plc to a “buy” rating and set a GBX 530 ($6.87) target price for the company in a research note on Wednesday, April 12th. Finally, Citigroup Inc. reiterated a “neutral” rating and issued a GBX 500 ($6.48) target price on shares of Meggitt plc in a research note on Friday, May 12th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company’s stock. Meggitt plc has a consensus rating of “Hold” and an average target price of GBX 455.07 ($5.89).
Meggitt plc (LON MGGT) traded up 0.20% during mid-day trading on Wednesday, reaching GBX 490.00. 1,435,811 shares of the company’s stock were exchanged. The company has a 50-day moving average of GBX 494.55 and a 200-day moving average of GBX 460.17. Meggitt plc has a 52-week low of GBX 398.30 and a 52-week high of GBX 510.50. The stock’s market cap is GBX 3.79 billion.
In related news, insider Paul Heiden bought 134 shares of the company’s stock in a transaction on Friday, May 5th. The stock was acquired at an average cost of GBX 474 ($6.14) per share, for a total transaction of £635.16 ($822.75). Also, insider Doug Webb sold 16,869 shares of Meggitt plc stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of GBX 482 ($6.24), for a total transaction of £81,308.58 ($105,321.99). Over the last quarter, insiders have acquired 185 shares of company stock valued at $88,448.
About Meggitt plc
Meggitt PLC is an engineering company. The Company designs and manufactures high performance components and sub-systems for aerospace, defense and other specialist markets, including energy, medical, industrial, test and automotive. The Company’s segments are Meggitt Aircraft Braking Systems (MABS), Meggitt Control Systems (MCS), Meggitt Polymers & Composites (MPC), Meggitt Sensing Systems (MSS) and the Meggitt Equipment Group (MEG).
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