Morgan Advanced Materials (LON:MGAM) Stock Price Down 16.3% - Here's What Happened

Morgan Advanced Materials plc (LON:MGAM - Get Free Report) shares dropped 16.3% during mid-day trading on Friday . The stock traded as low as GBX 198 ($2.53) and last traded at GBX 214.30 ($2.74). Approximately 6,458,723 shares traded hands during trading, an increase of 322% from the average daily volume of 1,529,555 shares. The stock had previously closed at GBX 256 ($3.27).

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MGAM. Royal Bank of Canada lowered their price objective on shares of Morgan Advanced Materials from GBX 320 ($4.09) to GBX 265 ($3.39) and set an "outperform" rating on the stock in a research note on Monday. Citigroup lifted their price target on shares of Morgan Advanced Materials from GBX 325 ($4.16) to GBX 330 ($4.22) and gave the company a "buy" rating in a report on Thursday, January 23rd.

Morgan Advanced Materials Price Performance

The firm has a 50-day moving average of GBX 263.22 and a 200-day moving average of GBX 269.48. The stock has a market cap of £606.05 million, a PE ratio of 8.85, a PEG ratio of 0.51 and a beta of 1.34. 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 - Get Free Report) last announced its quarterly earnings results on Friday, February 28th. The company reported GBX 25.50 ($0.33) EPS for the quarter. Morgan Advanced Materials had a net margin of 6.17% and a return on equity of 19.02%. Research analysts predict that Morgan Advanced Materials plc will post 32.5 EPS 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.