The Weir Group (LON:WEIR) Stock Price Down 7.3% – Here’s Why

The Weir Group PLC (LON:WEIR)’s stock price dropped 7.3% during mid-day trading on Wednesday . The stock traded as low as GBX 3,151.85 and last traded at GBX 3,154. Approximately 3,909,522 shares traded hands during mid-day trading, a decline of 35% from the average daily volume of 5,997,572 shares. The stock had previously closed at GBX 3,402.

Analysts Set New Price Targets

Several brokerages have recently weighed in on WEIR. Royal Bank Of Canada reiterated an “outperform” rating and issued a GBX 3,175 price objective on shares of The Weir Group in a research note on Thursday, November 6th. JPMorgan Chase & Co. increased their price target on shares of The Weir Group from GBX 3,300 to GBX 3,450 and gave the stock an “overweight” rating in a research report on Thursday, December 4th. Shore Capital Group reiterated a “hold” rating and set a GBX 2,750 price target on shares of The Weir Group in a research note on Wednesday, November 5th. Peel Hunt restated a “buy” rating and issued a GBX 3,000 price objective on shares of The Weir Group in a research note on Wednesday, November 5th. Finally, Citigroup raised their target price on The Weir Group from GBX 3,300 to GBX 3,700 and gave the stock a “buy” rating in a report on Thursday, February 5th. Six analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of GBX 3,243.57.

The Weir Group Trading Down 8.7%

The stock’s 50-day simple moving average is GBX 3,209.02 and its two-hundred day simple moving average is GBX 2,909. The company has a debt-to-equity ratio of 93.16, a current ratio of 2.09 and a quick ratio of 1.16. The firm has a market capitalization of £8.07 billion, a P/E ratio of 26.20, a price-to-earnings-growth ratio of 2.59 and a beta of 1.04.

About The Weir Group

The Weir Group PLC produces and sells highly engineered original equipment worldwide. It operates in two segments, Minerals and ESCO. The Minerals segment offers engineering, manufacturing, and service processing technology for the use in abrasive high-wear mining applications; and differentiated technology for the use in infrastructure and general industrial markets. The ESCO segment provides ground engaging tools for large mining machines. This segment also offers cloud-based Artificial Intelligence solutions to the mining industry; manufactures and distributes highly engineered wear parts; and offers aftermarket services to the mining industry.