discoverIE Group (LON:DSCV) Stock Price Up 15.8% Following Dividend Announcement

discoverIE Group plc (LON:DSCV) shares traded up 15.8% during mid-day trading on Wednesday after the company announced a dividend. The company traded as high as GBX 754 ($9.62) and last traded at GBX 732.92 ($9.35). 762,190 shares changed hands during mid-day trading, an increase of 263% from the average session volume of 209,916 shares. The stock had previously closed at GBX 633 ($8.08).

The newly announced dividend which will be paid on Friday, January 24th. Investors of record on Thursday, December 12th will be issued a dividend of GBX 3.90 ($0.05) per share. This represents a dividend yield of 0.62%. The ex-dividend date is Thursday, December 12th. discoverIE Group’s dividend payout ratio (DPR) is presently 7,500.00%.

Wall Street Analyst Weigh In

DSCV has been the subject of several research reports. Shore Capital raised shares of discoverIE Group to a “hold” rating in a research note on Wednesday. Berenberg Bank reiterated a “buy” rating and set a GBX 950 ($12.12) price target on shares of discoverIE Group in a report on Tuesday, October 15th.

discoverIE Group Stock Performance

The company’s 50-day simple moving average is GBX 647.93 and its 200-day simple moving average is GBX 667.31. The stock has a market capitalization of £667.74 million, a price-to-earnings ratio of 4,562.86 and a beta of 1.09. The company has a current ratio of 1.55, a quick ratio of 0.96 and a debt-to-equity ratio of 77.89.

Insider Buying and Selling

In other news, insider Simon Gibbins bought 7,822 shares of discoverIE Group stock in a transaction dated Tuesday, October 15th. The stock was bought at an average cost of GBX 634 ($8.09) per share, for a total transaction of £49,591.48 ($63,278.65). Also, insider Clive Watson acquired 4,126 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were purchased at an average price of GBX 585 ($7.46) per share, with a total value of £24,137.10 ($30,798.90). 4.50% of the stock is currently owned by insiders.

discoverIE Group Company Profile

discoverIE Group plc designs, manufactures, and supplies components for electronic applications worldwide. It operates in two segments, Magnetics & Controls; and Sensing & Connectivity. The company offers magnetic and power components, embedded computing and interface controls, and sensing and connectivity components for industrial applications.