Director dealings: Chemring CEO ups stake
Chemring chief executive Michael Ord purchased 50,000 ordinary shares in the London-listed aerospace, defence and security outfit on Thursday.
Ord, who took on Chemring's top job back in June 2018, acquired the shares at an average price of 150.90p each, for a total value of £75,450.
Chemring shares took a beating back in October as Barclays cut its stance on the stock to 'underweight' from 'equal weight' and chopped the target price to 185p from 258p as it said the company-gathered consensus is "materially" outdated after the Salisbury fatality in August and the premium valuation is unjustified.
Barclays said it saw "strong" de-rating potential around the pre-close trading update, due on 15 November, as the full financial impact on earnings and cash from the Salisbury incident is recognised on a multi-year basis.
As of 1640 GMT, Chemring shares had inched forward 0.23% to 152.60p.
Top Director Buys
Chemring Group (CHG)
Director name: Mr Michael Ord
Amount purchased: 50,000 @ 150.90p
IG Design Group (IGR)
Director name: Dr Elaine Bond
Amount purchased: 3,485 @ 573.85p
Aberforth Smaller Companies Trust (ASL)
Director name: Mr Martin Warner
Amount purchased: 1,000 @ 1,219.70p
Top Director Sells