Ameriprise Financial Increases Stake in Castings PLC

Castings ( (GB:CGS) ) just unveiled an announcement.

Castings PLC, a UK-based company, has announced a significant change in its shareholder structure. Ameriprise Financial, Inc., a financial services company based in Minneapolis, USA, has increased its voting rights in Castings PLC to 16.928% through its subsidiary, Threadneedle Asset Management Limited. This acquisition of voting rights marks a notable shift in the company’s ownership, potentially impacting its strategic direction and stakeholder interests.

The most recent analyst rating on (GB:CGS) stock is a Buy with a £4.60 price target. To see the full list of analyst forecasts on Castings stock, see the GB:CGS Stock Forecast page.

Spark’s Take on GB:CGS Stock

According to Spark, TipRanks’ AI Analyst, GB:CGS is a Outperform.

Castings PLC maintains a solid financial foundation with robust revenue and profit growth, supported by a strong balance sheet. However, technical indicators suggest a bearish trend, and recent corporate events indicate challenges in demand and profitability. Despite these challenges, the stock’s attractive valuation and high dividend yield provide some upside potential.

To see Spark’s full report on GB:CGS stock, click here.

More about Castings

Average Trading Volume: 54,190

Technical Sentiment Signal: Sell

Current Market Cap: £114.9M

See more data about CGS stock on TipRanks’ Stock Analysis page.