JPMorgan Chase & Co. Lowers Meggitt (LON:MGGT) Price Target to GBX 265

Meggitt (LON:MGGT) had its price target dropped by analysts at JPMorgan Chase & Co. from GBX 275 ($3.38) to GBX 265 ($3.26) in a report issued on Monday, MarketBeat Ratings reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential downside of 9.96% from the company’s current price.

MGGT has been the subject of a number of other reports. Berenberg Bank reduced their price objective on shares of Meggitt from GBX 340 ($4.18) to GBX 295 ($3.63) and set a “hold” rating for the company in a research note on Friday, April 24th. Credit Suisse Group reduced their price objective on shares of Meggitt from GBX 270 ($3.32) to GBX 240 ($2.95) and set an “underperform” rating for the company in a research note on Tuesday, May 5th. Goldman Sachs Group dropped their target price on shares of Meggitt from GBX 342 ($4.21) to GBX 314 ($3.86) and set a “neutral” rating on the stock in a report on Friday, June 12th. Morgan Stanley reaffirmed an “overweight” rating and issued a GBX 382 ($4.70) target price on shares of Meggitt in a report on Thursday, June 11th. Finally, Jefferies Financial Group dropped their target price on shares of Meggitt from GBX 635 ($7.81) to GBX 375 ($4.61) and set a “buy” rating on the stock in a report on Wednesday, June 3rd. Five research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of GBX 345.67 ($4.25).

Meggitt stock opened at GBX 294.30 ($3.62) on Monday. The firm has a 50-day moving average of GBX 290.79 and a 200-day moving average of GBX 453.18. Meggitt has a one year low of GBX 196.15 ($2.41) and a one year high of GBX 701.80 ($8.64). The company has a debt-to-equity ratio of 43.41, a current ratio of 1.25 and a quick ratio of 0.67. The company has a market cap of $2.31 billion and a price-to-earnings ratio of 10.63.

In related news, insider Alison Goligher purchased 3,000 shares of the stock in a transaction on Monday, June 29th. The shares were purchased at an average cost of GBX 289 ($3.56) per share, with a total value of £8,670 ($10,669.46). Also, insider Caroline Silver purchased 5,000 shares of the stock in a transaction on Wednesday, June 24th. The stock was bought at an average cost of GBX 303 ($3.73) per share, for a total transaction of £15,150 ($18,643.86). Over the last three months, insiders acquired 33,103 shares of company stock worth $8,687,128.

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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