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Director dealings: Electrcomponents CEO sells shares

Wed 02 September 2020 15:48 | A A A

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(Sharecast News) - Electrocomponents said on Wednesday that chief executive Lindsley Ruth had disposed of 15,706 ordinary shares in the FTSE 250-listed industrial and electronics products distributor.

Ruth, who joined the group's board in 2015, sold the shares on Tuesday at an average price of 665.03p each, for a total value of £104,449.61.

Back in June, JPMorgan Cazenove downgraded its rating on shares of Electrocomponents to 'neutral' from 'overweight' and cut its price target to 746.0p from 811.0p, mainly on valuation grounds following a strong recent share price performance.

It said the company's full-year results were solid, with pre-tax profits of £215.0m, at the upper end of consensus versus guidance for the lower end.

"However, at circa 18x recovered earnings, we'd prefer to look elsewhere or wait for a cheaper entry point," the bank said.

As of 1630 BST, Electrocomponents shares were up 0.22% at 669.50p.

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