Is Major Move Coming For Russel Metals Inc After This Gap Up?

 Is Major Move Coming For Russel Metals Inc After This Gap Up?

The stock of Russel Metals Inc (TSE:RUS) gapped up by $0.25 today and has $35.22 target or 54.00% above today’s $22.87 share price. The 7 months technical chart setup indicates low risk for the $1.43B company. The gap was reported on Nov, 9 by Barchart.com. If the $35.22 price target is reached, the company will be worth $772.20 million more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 339,975 shares traded hands or 184.63% up from the average. Russel Metals Inc (TSE:RUS) has risen 4.77% since April 5, 2016 and is uptrending. It has underperformed by 0.01% the S&P500.

Russel Metals Inc (TSE:RUS) Ratings Coverage

Out of 4 analysts covering Russel Metals (TSE:RUS), 0 rate it a “Buy”, 1 “Sell”, while 3 “Hold”. This means 0 are positive. $27 is the highest target while $17 is the lowest. The $20.67 average target is -9.62% below today’s ($22.87) stock price. Russel Metals has been the topic of 18 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The firm earned “Underperform” rating on Thursday, October 8 by RBC Capital Markets. On Friday, August 14 the stock rating was maintained by Raymond James with “Outperform”. The firm has “Hold” rating by TD Securities given on Tuesday, July 28. On Friday, August 14 the stock rating was maintained by TD Securities with “Hold”. BMO Capital Markets maintained Russel Metals Inc (TSE:RUS) on Friday, August 14 with “Market Perform” rating.

More important recent Russel Metals Inc (TSE:RUS) news were published by: Seekingalpha.com which released: “Russel Metals’ (RUSMF) CEO Brian Hedges on Q3 2016 Results – Earnings Call …” on November 09, 2016, also Prnewswire.com published article titled: “Russel Metals Inc. Notice – 2016 Third Quarter Results Conference Call”, Theglobeandmail.com published: “The Globe and Mail” on July 13, 2010. More interesting news about Russel Metals Inc (TSE:RUS) was released by: Finance.Yahoo.com and their article: “Russel Metals Announces 2016 Third Quarter Results” with publication date: November 08, 2016.

Russel Metals Inc. is a metals distribution company. The company has a market cap of $1.43 billion. The Company’s divisions include metals service centers, energy products and steel distributors. It currently has negative earnings. The metals service centers segment provides processing and distribution services to a base of end users.

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