Berenberg Bank Reaffirms Buy Rating for Inchcape (LON:INCH)

Inchcape (LON:INCH)‘s stock had its “buy” rating reissued by investment analysts at Berenberg Bank in a note issued to investors on Tuesday,Digital Look reports. They currently have a GBX 1,170 target price on the stock. Berenberg Bank’s target price points to a potential upside of 46.07% from the company’s previous close.

A number of other brokerages have also weighed in on INCH. Deutsche Bank Aktiengesellschaft increased their price target on Inchcape from GBX 800 to GBX 830 and gave the stock a “buy” rating in a research note on Wednesday, March 4th. Citigroup upped their target price on Inchcape from GBX 1,115 to GBX 1,330 and gave the company a “buy” rating in a research note on Thursday, March 5th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a GBX 1,050 target price on shares of Inchcape in a research report on Thursday, April 30th. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Inchcape presently has a consensus rating of “Moderate Buy” and a consensus price target of GBX 1,060.

Inchcape Trading Down 0.2%

LON INCH traded down GBX 2 during mid-day trading on Tuesday, reaching GBX 801. 826,782 shares of the stock were exchanged, compared to its average volume of 7,142,670. The stock has a market capitalization of £2.82 billion, a PE ratio of 11.19, a PEG ratio of 2.06 and a beta of 0.97. The company has a debt-to-equity ratio of 100.56, a quick ratio of 0.51 and a current ratio of 1.07. Inchcape has a 1-year low of GBX 640.50 and a 1-year high of GBX 895. The business’s fifty day simple moving average is GBX 818.92 and its 200 day simple moving average is GBX 806.80.

Inchcape announced that its Board of Directors has approved a stock repurchase plan on Tuesday, March 3rd that authorizes the company to buyback 0 outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Activity at Inchcape

In other Inchcape news, insider Adrian Lewis sold 45,674 shares of the business’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of GBX 830, for a total value of £379,094.20. Insiders own 13.29% of the company’s stock.

About Inchcape

Inchcape is the leading global automotive distributor, with operations across six continents. By combining our in-market expertise with our unique technology and advanced data analytics, we create innovative customer experiences that deliver outstanding performance for our partners – building stronger automotive brands and creating sustainable growth. Our distribution platform connects the products of mobility company partners with customers, and our responsibilities span product planning and pricing, import and logistics, brand and marketing to operating digital sales, managing physical sales and aftermarket service channels.