The stock of Linamar Corporation (TSE:LNR) gapped up by $0.08 today and has $56.03 target or 9.00% above today’s $51.40 share price. The 7 months technical chart setup indicates low risk for the $3.36 billion company. The gap was reported on Nov, 30 by Barchart.com. If the $56.03 price target is reached, the company will be worth $302.40 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 43,018 shares traded hands. Linamar Corporation (TSE:LNR) has declined 12.49% since April 26, 2016 and is downtrending. It has underperformed by 17.71% the S&P500.
Linamar Corporation (TSE:LNR) Ratings Coverage
Out of 5 analysts covering Linamar Corporation (TSE:LNR), 2 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 40% are positive. $100 is the highest target while $55 is the lowest. The $69.33 average target is 34.88% above today’s ($51.4) stock price. Linamar Corporation has been the topic of 22 analyst reports since July 29, 2015 according to StockzIntelligence Inc. On Friday, October 28 the stock rating was maintained by TD Securities with “Hold”. The firm earned “Outperform” rating on Thursday, November 3 by Scotia Capital. On Friday, October 16 the stock rating was maintained by RBC Capital Markets with “Sector Perform”. The stock of Linamar Corporation (TSE:LNR) earned “Outperform” rating by Scotia Capital on Friday, August 12. The company was upgraded on Tuesday, September 15 by Canaccord Genuity. On Thursday, August 6 the stock rating was downgraded by TD Securities to “Buy”.
More notable recent Linamar Corporation (TSE:LNR) news were published by: Theglobeandmail.com which released: “The Globe and Mail” on September 15, 2015, also Fool.ca with their article: “Can Linamar Corporation Double From Here?” published on July 07, 2016, Fool.ca published: “Why Linamar Corporation Rose 10% in a Day” on August 12, 2016. More interesting news about Linamar Corporation (TSE:LNR) were released by: Fool.ca and their article: “The Not-So-Obvious Reason for Owning Linamar Corporation” published on May 10, 2016 as well as Fool.ca‘s news article titled: “Should You Buy Magna International Inc. or Linamar Corporation?” with publication date: April 18, 2016.
Linamar Corporation is a Canada-based diversified manufacturing firm of engineered products powering vehicles, motion, work and lives. The company has a market cap of $3.36 billion. The Firm operates through two divisions: the Powertrain/Driveline and the Industrial. It has a 6.76 P/E ratio. The divisions are divided into four operating groups: Machining & Assembly, Light Metal Casting, Forging and Skyjack.
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