Meggitt (LON:MGGT) Price Target Raised to GBX 695 at Berenberg Bank

Meggitt (LON:MGGT) had its target price raised by Berenberg Bank from GBX 610 ($7.97) to GBX 695 ($9.08) in a report issued on Monday, Digital Look reports. The brokerage currently has a buy rating on the stock.

Several other analysts have also recently issued reports on the company. JPMorgan Chase & Co. cut their price objective on Meggitt from GBX 585 ($7.64) to GBX 580 ($7.58) and set a neutral rating on the stock in a research note on Thursday, May 16th. Jefferies Financial Group restated a buy rating on shares of Meggitt in a research note on Tuesday, June 18th. Goldman Sachs Group upped their price objective on Meggitt from GBX 689 ($9.00) to GBX 711 ($9.29) and gave the company a buy rating in a research note on Thursday, August 8th. Morgan Stanley upped their price objective on Meggitt from GBX 450 ($5.88) to GBX 500 ($6.53) and gave the company an equal weight rating in a research note on Thursday, May 30th. Finally, Citigroup restated a buy rating and set a GBX 630 ($8.23) price objective on shares of Meggitt in a research note on Thursday, May 16th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of GBX 589.10 ($7.70).

Shares of MGGT opened at GBX 612.60 ($8.00) on Monday. The stock has a 50-day moving average price of GBX 566.05 and a 200 day moving average price of GBX 535.53. Meggitt has a one year low of GBX 456.10 ($5.96) and a one year high of GBX 615.80 ($8.05). The company has a market capitalization of $4.76 billion and a P/E ratio of 26.87. The company has a debt-to-equity ratio of 50.39, a quick ratio of 1.01 and a current ratio of 1.80.

The company also recently disclosed a dividend, which will be paid on Friday, October 4th. Shareholders of record on Thursday, September 5th will be paid a dividend of GBX 5.55 ($0.07) per share. This represents a yield of 0.92%. The ex-dividend date is Thursday, September 5th. Meggitt’s payout ratio is currently 0.75%.

In related news, insider Nancy Gioia purchased 72 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were acquired at an average cost of GBX 493 ($6.44) per share, for a total transaction of £354.96 ($463.82). Also, insider Guy Berruyer purchased 3,000 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were bought at an average price of GBX 497 ($6.49) per share, for a total transaction of £14,910 ($19,482.56). Insiders have acquired 3,121 shares of company stock worth $1,554,292 in the last 90 days.

About Meggitt

Meggitt PLC designs and manufactures components and sub-systems for aerospace, defense, energy, medical, industrial, test, and automotive markets in the United Kingdom, rest of Europe, the United States, and internationally. It operates through Meggitt Aircraft Braking Systems, Meggitt Control Systems, Meggitt Polymers & Composites, Meggitt Sensing Systems, and Meggitt Equipment Group segments.

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Analyst Recommendations for Meggitt (LON:MGGT)

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