Morgan Advanced Materials (LON:MGAM) Shares Down 16.2% – Here’s What Happened

Morgan Advanced Materials plc (LON:MGAM)’s stock price was down 16.2% during mid-day trading on Friday . The company traded as low as GBX 198 ($2.49) and last traded at GBX 214.51 ($2.70). Approximately 8,720,610 shares traded hands during mid-day trading, an increase of 451% from the average daily volume of 1,583,410 shares. The stock had previously closed at GBX 256 ($3.22).

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on MGAM shares. Citigroup raised their target price on Morgan Advanced Materials from GBX 325 ($4.09) to GBX 330 ($4.15) and gave the stock a “buy” rating in a research report on Thursday, January 23rd. Royal Bank of Canada cut their price target on Morgan Advanced Materials from GBX 350 ($4.40) to GBX 320 ($4.02) and set an “outperform” rating for the company in a report on Thursday, November 7th.

Morgan Advanced Materials Stock Down 16.2 %

The company has a market cap of £604.67 million, a P/E ratio of 8.83, a price-to-earnings-growth ratio of 0.51 and a beta of 1.34. The company has a 50 day moving average of GBX 265.32 and a 200-day moving average of GBX 270.56. The company has a debt-to-equity ratio of 103.31, a current ratio of 2.19 and a quick ratio of 1.26.

Morgan Advanced Materials (LON:MGAM) last posted its quarterly earnings data on Friday, February 28th. The company reported GBX 25.50 ($0.32) earnings per share (EPS) for the quarter. Morgan Advanced Materials had a return on equity of 19.02% and a net margin of 6.17%. On average, equities analysts predict that Morgan Advanced Materials plc will post 32.5 earnings per share for the current year.

Morgan Advanced Materials Company Profile

Morgan Advanced Materials plc operates as a materials science and application engineering company primarily the United Kingdom. It serves customers in the industrial, transportation, petrochemical and chemical, energy, semiconductor and electronics, healthcare, and security and defense markets. The company was formerly known as The Morgan Crucible Company plc and changed its name to Morgan Advanced Materials plc in March 2013.