Notable Price Action: Is Buying Mercury General Corporation Here a Winning Strategy?

Notable Price Action: Is Buying Mercury General Corporation Here a Winning Strategy?

The stock of Mercury General Corporation (NYSE:MCY) hit a new 52-week high and has $65.03 target or 9.00% above today’s $59.66 share price. The 7 months bullish chart indicates low risk for the $3.33 billion company. The 1-year high was reported on Nov, 25 by Barchart.com. If the $65.03 price target is reached, the company will be worth $299.70M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. The stock increased 0.61% or $0.36 during the last trading session, hitting $59.66. About 64,021 shares traded hands. Mercury General Corporation (NYSE:MCY) has risen 9.98% since April 22, 2016 and is uptrending. It has outperformed by 4.57% the S&P500.

Analysts await Mercury General Corporation (NYSE:MCY) to report earnings on February, 13. They expect $0.55 EPS, up 5.77% or $0.03 from last year’s $0.52 per share. MCY’s profit will be $30.70 million for 27.12 P/E if the $0.55 EPS becomes a reality. After $0.67 actual EPS reported by Mercury General Corporation for the previous quarter, Wall Street now forecasts -17.91% negative EPS growth.

Mercury General Corporation (NYSE:MCY) Ratings Coverage

Out of 2 analysts covering Mercury General (NYSE:MCY), 0 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 0 are positive. Mercury General has been the topic of 3 analyst reports since August 26, 2015 according to StockzIntelligence Inc. The stock has “Neutral” rating given by Compass Point on Tuesday, May 3. The rating was upgraded by Zacks on Wednesday, August 26 to “Sell”. As per Friday, February 19, the company rating was upgraded by Raymond James.

According to Zacks Investment Research, “Mercury General Corp. is engaged primarily in writing all risk classifications of automobile insurance in a number of states, principally California. The company offers automobile policyholders the following types of coverage: bodily injury liability, underinsured and uninsured motorist, property damage liability, comprehensive, collision and other hazards specified in the policy.”

Insitutional Activity: The institutional sentiment is 1.59 in 2016 Q2. Its the same as in 2016Q1. The ratio is without change, as 19 funds sold all Mercury General Corporation shares owned while 40 reduced positions. only 16 funds bought stakes while 78 increased positions. They now own 23.57 million shares or 1.99% more from 23.11 million shares in 2016Q1.
Prudential Financial has invested 0% of its portfolio in Mercury General Corporation (NYSE:MCY). Hanson & Doremus Investment Mngmt last reported 0.01% of its portfolio in the stock. Credit Agricole S A last reported 0% of its portfolio in the stock. Federated Invsts Pa accumulated 0% or 22,152 shares. Victory Cap Mgmt owns 9,754 shares or 0% of their US portfolio. Parkwood Ltd Limited Liability Company holds 0.08% or 8,757 shares in its portfolio. Roundview Lc holds 0.09% of its portfolio in Mercury General Corporation (NYSE:MCY) for 4,813 shares. Gemmer Asset Mgmt holds 0% or 100 shares in its portfolio. Nuveen Asset Management Limited owns 14,753 shares or 0% of their US portfolio. Guardian Trust owns 603,190 shares or 0.25% of their US portfolio. The Illinois-based First Trust Advsr L P has invested 0.04% in Mercury General Corporation (NYSE:MCY). Royal Bank Of Canada has invested 0% of its portfolio in Mercury General Corporation (NYSE:MCY). Liberty Mutual Gp Asset Mgmt holds 0.03% or 15,800 shares in its portfolio. Ahl Prns Limited Liability Partnership has 0.03% invested in the company for 11,909 shares. Point72 Asia (Hong Kong) holds 0.02% or 300 shares in its portfolio.

Insider Transactions: Since November 9, 2016, the stock had 0 buys, and 1 insider sale for $84,435 net activity. CURTIUS MIKE had sold 1,500 shares worth $84,435 on Wednesday, November 9.

More notable recent Mercury General Corporation (NYSE:MCY) news were published by: Prnewswire.com which released: “Mercury General Corporation Announces Third Quarter Results and Increases …” on October 31, 2016, also Prnewswire.com with their article: “Mercury General Corporation Announces Second Quarter Results and Declares …” published on August 01, 2016, Prnewswire.com published: “Mercury General Corporation To Report Third Quarter Results On October 31, 2016” on October 05, 2016. More interesting news about Mercury General Corporation (NYSE:MCY) were released by: Nasdaq.com and their article: “Mercury General Corporation (MCY) Ex-Dividend Date Scheduled for September 13 …” published on September 12, 2016 as well as Prnewswire.com‘s news article titled: “Mercury General Corporation To Report Third Quarter Results On November 2, 2015” with publication date: October 05, 2015.

MCY Company Profile

Mercury General Corporation, incorporated on January 20, 1961, is an insurance holding company. The Firm is engaged in writing personal automobile insurance through approximately 10 insurance subsidiaries in over 10 states. The Firm operates through Property and Casualty business segment. The Firm also writes homeowners, commercial automobile, commercial property, mechanical breakdown and umbrella insurance. The Firm offers a range of automobile coverage, such as collision, property damage, bodily injury (BI), comprehensive, personal injury protection (PIP), underinsured and uninsured motorist, and other hazards. The Firm offers a range of homeowner’s coverage, such as dwelling, liability, personal property, fire and other hazards. The Firm has activities in Arizona, California, Florida, Georgia, Illinois, Michigan, Nevada, New Jersey, New York, Oklahoma, Pennsylvania, Texas and Virginia. The Firm offers standard, non-standard, and preferred private passenger automobile insurance in approximately 10 states.

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