Meggitt (MGGT) Price Target Lowered to GBX 580 at JPMorgan Chase & Co.

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Meggitt (LON:MGGT) had its price target trimmed by JPMorgan Chase & Co. from GBX 585 ($7.64) to GBX 580 ($7.58) in a research report released on Thursday, Digital Look reports. The brokerage currently has a neutral rating on the stock.

Several other brokerages have also recently issued reports on MGGT. Goldman Sachs Group upped their price objective on shares of Meggitt from GBX 585 ($7.64) to GBX 599 ($7.83) and gave the company a neutral rating in a research note on Tuesday, April 30th. HSBC started coverage on shares of Meggitt in a research note on Tuesday, February 12th. They issued a buy rating and a GBX 645 ($8.43) price target for the company. UBS Group reissued a sell rating on shares of Meggitt in a research note on Wednesday, February 27th. Jefferies Financial Group reissued a buy rating and issued a GBX 635 ($8.30) price target on shares of Meggitt in a research note on Wednesday, February 6th. Finally, Credit Suisse Group increased their price target on shares of Meggitt from GBX 450 ($5.88) to GBX 465 ($6.08) and gave the company an underperform rating in a research note on Wednesday, March 6th. Four research analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of GBX 576.33 ($7.53).

Shares of LON MGGT opened at GBX 525.40 ($6.87) on Thursday. Meggitt has a 12-month low of GBX 456.10 ($5.96) and a 12-month high of GBX 583.80 ($7.63). The stock has a market cap of $4.05 billion and a P/E ratio of 23.04. The company has a debt-to-equity ratio of 50.39, a current ratio of 1.80 and a quick ratio of 1.01.

The company also recently declared a dividend, which was paid on Friday, May 3rd. Stockholders of record on Thursday, March 21st were paid a GBX 11.35 ($0.15) dividend. This is a boost from Meggitt’s previous dividend of $5.30. The ex-dividend date was Thursday, March 21st. This represents a dividend yield of 2.01%. Meggitt’s dividend payout ratio is 0.75%.

In related news, insider Marina Thomas sold 3,813 shares of the stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of GBX 524 ($6.85), for a total transaction of £19,980.12 ($26,107.57). Also, insider Tony Wood acquired 227 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were bought at an average cost of GBX 546 ($7.13) per share, with a total value of £1,239.42 ($1,619.52). In the last three months, insiders bought 282 shares of company stock valued at $153,145.

Meggitt Company Profile

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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