Citigroup Reiterates Buy Rating for Meggitt (MGGT)

Citigroup restated their buy rating on shares of Meggitt (LON:MGGT) in a report issued on Thursday morning, Digital Look reports. They currently have a GBX 630 ($8.23) price objective on the stock.

MGGT has been the subject of a number of other research reports. Jefferies Financial Group reaffirmed a buy rating and set a GBX 635 ($8.30) target price on shares of Meggitt in a report on Wednesday, February 6th. Credit Suisse Group lifted their target price on Meggitt from GBX 450 ($5.88) to GBX 465 ($6.08) and gave the stock an underperform rating in a report on Wednesday, March 6th. Goldman Sachs Group decreased their target price on Meggitt from GBX 599 ($7.83) to GBX 592 ($7.74) and set a neutral rating for the company in a report on Thursday. HSBC began coverage on Meggitt in a report on Tuesday, February 12th. They set a buy rating and a GBX 645 ($8.43) target price for the company. Finally, Berenberg Bank lifted their target price on Meggitt from GBX 570 ($7.45) to GBX 610 ($7.97) and gave the stock a buy rating in a report on Wednesday, February 27th. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of GBX 576.33 ($7.53).

Shares of Meggitt stock traded down GBX 5.60 ($0.07) on Thursday, reaching GBX 526.60 ($6.88). 1,382,534 shares of the stock were exchanged, compared to its average volume of 3,380,000. The company has a quick ratio of 1.01, a current ratio of 1.80 and a debt-to-equity ratio of 50.39. Meggitt has a twelve month low of GBX 456.10 ($5.96) and a twelve month high of GBX 583.80 ($7.63). The company has a market capitalization of $4.11 billion and a price-to-earnings ratio of 23.10.

The firm 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 represents a dividend yield of 2.01%. The ex-dividend date was Thursday, March 21st. This is a positive change from Meggitt’s previous dividend of $5.30. Meggitt’s dividend payout ratio is 0.75%.

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

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.

Read More: What causes a recession?

Analyst Recommendations for Meggitt (LON:MGGT)

Receive News & Ratings for Meggitt Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Meggitt and related companies with's FREE daily email newsletter.