The stock of Linamar Corporation (TSE:LNR) gapped up by $0.09 today and has $58.48 target or 8.00% above today’s $54.15 share price. The 8 months technical chart setup indicates low risk for the $3.57B company. The gap was reported on Dec, 1 by Barchart.com. If the $58.48 price target is reached, the company will be worth $285.60M 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 147,935 shares traded hands. Linamar Corporation (TSE:LNR) has declined 10.90% since April 27, 2016 and is downtrending. It has underperformed by 16.83% 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 28.03% above today’s ($54.15) stock price. Linamar Corporation has been the topic of 22 analyst reports since July 29, 2015 according to StockzIntelligence Inc. TD Securities maintained the stock with “Hold” rating in Friday, October 28 report. As per Tuesday, September 15, the company rating was upgraded by Canaccord Genuity. RBC Capital Markets maintained the stock with “Sector Perform” rating in Friday, October 16 report. The firm earned “Buy” rating on Thursday, August 6 by TD Securities. Scotia Capital maintained it with “Outperform” rating and $80 target price in Thursday, November 3 report. The rating was maintained by Scotia Capital on Friday, August 12 with “Outperform”.
More notable recent Linamar Corporation (TSE:LNR) news were published by: Seekingalpha.com which released: “Linamar: Positioned For The Road Ahead” on December 01, 2016, also Theglobeandmail.com with their article: “The Globe and Mail” published on July 15, 2010, Fool.ca published: “Can Linamar Corporation Double From Here?” on July 07, 2016. More interesting news about Linamar Corporation (TSE:LNR) were released by: Fool.ca and their article: “Why Linamar Corporation Rose 10% in a Day” published on August 12, 2016 as well as Fool.ca‘s news article titled: “The Not-So-Obvious Reason for Owning Linamar Corporation” with publication date: May 10, 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 $3.57 billion. The Firm operates through two divisions: the Powertrain/Driveline and the Industrial. It has a 7.12 P/E ratio. The divisions are divided into four operating groups: Machining & Assembly, Light Metal Casting, Forging and Skyjack.
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