Goldman Sachs Group Upgrades Meggitt (LON:MGGT) to Buy

Meggitt (LON:MGGT) was upgraded by equities research analysts at Goldman Sachs Group to a “buy” rating in a research note issued to investors on Friday, ThisIsMoney.Co.Uk reports. The firm presently has a GBX 662 ($8.65) price objective on the stock, up from their previous price objective of GBX 592 ($7.74). Goldman Sachs Group’s target price would suggest a potential upside of 21.92% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. JPMorgan Chase & Co. restated a “buy” rating on shares of Cisco Systems in a report on Thursday, May 16th. Morgan Stanley upped their price objective on shares of Intact Financial from C$125.00 to C$128.00 in a report on Thursday, May 30th. UBS Group restated a “buy” rating and set a GBX 285 ($3.72) price objective on shares of in a report on Friday, June 21st. Jefferies Financial Group restated a “buy” rating and set a GBX 1,453 ($18.99) price objective on shares of in a report on Tuesday, June 18th. Finally, Citigroup set a $6.00 price target on shares of Solid Biosciences and gave the stock a “hold” rating in a report on Thursday, May 16th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of GBX 575.70 ($7.52).

MGGT opened at GBX 543 ($7.10) on Friday. Meggitt has a 52-week low of GBX 456.10 ($5.96) and a 52-week high of GBX 583.80 ($7.63). The company has a current ratio of 1.80, a quick ratio of 1.01 and a debt-to-equity ratio of 50.39. The firm has a market capitalization of $4.22 billion and a P/E ratio of 23.82. The firm’s 50-day moving average is GBX 516.10.

In related news, insider Guy Berruyer acquired 3,000 shares of the stock in a transaction on Tuesday, May 28th. The shares were acquired at an average price of GBX 497 ($6.49) per share, for a total transaction of £14,910 ($19,482.56). Also, insider Tony Wood acquired 227 shares of the stock in a transaction on Tuesday, May 7th. The stock was bought at an average price of GBX 546 ($7.13) per share, for a total transaction of £1,239.42 ($1,619.52). In the last quarter, insiders purchased 3,354 shares of company stock worth $1,679,905.

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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Analyst Recommendations for Meggitt (LON:MGGT)

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