The stock of Russel Metals Inc (TSE:RUS) gapped up by $0.04 today and has $27.51 target or 7.00% above today’s $25.71 share price. The 8 months technical chart setup indicates low risk for the $1.57B company. The gap was reported on Nov, 30 by Barchart.com. If the $27.51 price target is reached, the company will be worth $109.90M 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 63,983 shares traded hands. Russel Metals Inc (TSE:RUS) has risen 15.12% since April 26, 2016 and is uptrending. It has outperformed by 9.89% the S&P500.
Russel Metals Inc (TSE:RUS) Ratings Coverage
Out of 4 analysts covering Russel Metals (TSE:RUS), 0 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 0 are positive. $27 is the highest target while $17 is the lowest. The $21.17 average target is -17.66% below today’s ($25.71) stock price. Russel Metals has been the topic of 19 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The firm has “Underperform” rating given on Thursday, October 8 by RBC Capital Markets. TD Securities maintained the shares of RUS in a report on Friday, August 14 with “Hold” rating. As per Thursday, November 10, the company rating was upgraded by RBC Capital Markets. TD Securities maintained Russel Metals Inc (TSE:RUS) rating on Tuesday, July 28. TD Securities has “Hold” rating and $25 price target. As per Friday, August 14, the company rating was maintained by BMO Capital Markets. On Friday, August 14 the stock rating was maintained by Raymond James with “Outperform”.
More recent Russel Metals Inc (TSE:RUS) news were published by: Theglobeandmail.com which released: “The Globe and Mail” on July 13, 2010. Also Moodys.com published the news titled: “Moody’s downgrades Russel Metals’ rating to Ba3; outlook negative” on February 26, 2016. Prnewswire.com‘s news article titled: “Russel Metals Announces 2016 Second Quarter Results” with publication date: August 10, 2016 was also an interesting one.
Russel Metals Inc. is a metals distribution company. The company has a market cap of $1.57 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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