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Can we do without them? In my opinion no as they are key to lots of aerospace, defence and to a lesser extent; oil and gas programmes. Dividend is good and current price is too low but should rise well if a major player wants to take them. eg: Bae, Honeywell, UTC or others. Comments?
Panmure downgraded Meggit today to SELL. Shares getting hit pretty hard. Down 3% already and trading at day lows. Anyone know where I can get the note?
MGGT Meggitt, Update this morning........ MGGT... Over the medium term, the Group is well positioned to deliver organic revenue growth ahead of the end markets in which it operates. http://www.investegate.co.uk/meggitt-plc--mggt-/rns/update-on-trends-and-guidance-for-2016/201512070700071251I/
A buyout may not be a bad thing. I am not convinced that will happen however. Fundamentals of the business remain sound as ever so I think a recovery and re entry is more likely in 12-18 months.
Well it was good while it lasted. A less than impressive performance from Stephen Young and his board of directors. If Sir Nigel was brought on board to sell Meggitt it must now be in the "bargain bin". I have a stake in Meggitt, as a pensioner and shareholder and hope that the company remains independent and can regain its status as a FTSE 100 company. However both Honeywell and United Technologies were mentioned again yesterday as possible bidders!
Morning Sonnyb! Yes, exactly my thoughts. We are into an age of hi-tech combat thanks to the UK government's recently announced defence objectives. The things modern technology can do reliably is quite amazing.
All good news so far Larry and the trend is back up. Defence spending generally is about to take an upturn due to recent events and Meggitt will benefit from this. I am actually a production planner/scheduler in one of the divisions based in the UK.
Meggitt has won a multi-million dollar contract to provide the cargo smoke detection system (CSDS) for the Boeing 777X aircraft. The company did not give a specific value on the contract. Production will start in 2017 from Meggitt's facility in Simi Valley, California to meet entry into service in 2019.
Thanks Sonny. I have now found the cause in the trading update RNS issued the end of October. My former career experience is also in the electronics/aerospace industries in the UK, and notice they do have a knack of turning themselves around as one looks to the future. Good luck with the work - I think that after 30 years you are, perhaps, in the higher echelons now ;-) !
Hello Larry. Yes, its the only place I have ever worked. Very convenient though as it is only three miles from where I live! Being an 'insider' I have some quite detailed info, but obviously can't post it here. On the day it was announced we had a company wide email about it which gave more detail than the RNS. Meggitt is a very focussed company and I think it will recover quite soon from the profit warning given.
Hi Sonny, quite a record to be with a company for so long! I have just bought in to mggt and despite searching their website and lse, I cannot find any info on what happened to cause the drop last week. Could you possibly tell me what happened? Many thanks
Yes it is. Last week marked my 30 years service at Meggitt. I have bought and sold a few times and have confidence despite the markets reaction to the news last week. I still hold and will continue to do so. It's a bargain basement entry point in my view.
Nice to know multi million dollar contact coming our way
MGGT Meggit Hmm just found this on the IC: site (mid september) and may shed some light on recent Director Buys...... <b><i>Buffett acquisition highlights Meggitt's allure Warren Buffett's recent $37bn (£24bn) purchase of aerospace parts supplier Precision Castparts highlights the allure of UK peer Meggitt (MGGT). And directors have recently been buying shares, too, as the components and sub-systems manufacturer boosts investment to capitalise on strong end markets. With last month's first-half results emphasising Meggitt's attractions and bid speculation growing, we think the shares look too cheap on 13 times forecast earnings.</b></i>
Meggitt is too cheap to ignore, says Barclays HTTP://www.sharecast.com/news/meggitt-is-too-cheap-to-ignore-says-barclays/23528810.html
MGGT Meggit Meggitt director deals Date Director Type Volume / price Trade value 02 Nov 2015 Guy Berruyer Buy 10,000 @ 355.43p £35,543.00 30 Oct 2015 Doug Webb Buy 30,000 @ 352.67p £105,801.00 30 Oct 2015 Stephen Young Buy 100,000 @ 352.67p £352,670.00 30 Oct 2015 Sir Nigel Rudd Buy 57,000 @ 348.76p £198,793.20
Is MGGT still paying a divi?
I rarely risk trying to catch a falling knife. However in this case the sp fall looks far too dramatic so I've put my money where my mouth is and bought at 354.5p. This is not a recommendation to follow my lead.
not very cheery news for holders-quite a major profit warning.
3xRNS - all looking good......happy day :-))
MGGT has, effectively, swapped shares for debt. Not sure that, on its own, it should make any difference to future performance.
please see my posts for buy back end - it is next week .
When share buy back commenced 7 th May 2014 , share price was £4.74 , share price is now just below that level and 80 million shares have been taken out of circulation in that time . Other things have changed , some for the better ,and on the face of it , this points to it being a better share to be in now surely?
From RNS 5th November 2014 - the Share Buyback Programme expires 30th June 2015 Meggitt PLC ("Meggitt" or the "Company") announces that it has entered into an arrangement with its broker, Bank of America Merrill Lynch, to commence on its behalf share repurchases under the Company's share repurchase programme ("Programme"). The Programme was approved by the Company's shareholders at its Annual General Meeting held on 7 May 2014 for up to a maximum of 79,742,441 of its ordinary shares, during the period commencing on 7 May 2014 and ending on the date of the Company's Annual General Meeting in 2015 or, if the Annual General Meeting has not been held by that date, 30 June 2015. The Company intends to request a similar general authority from shareholders at the next Annual General Meeting. It is intended that any shares purchased under this arrangement will be cancelled.
but it wont be demoted this time thats already been confirmed. does anyone know date of buyback completion date.