Grupo Simec (NYSEAMERICAN:SIM) Shares Gap Up – Here’s Why

Grupo Simec, S.A.B. de C.V. (NYSEAMERICAN:SIM) gapped up prior to trading on Tuesday . The stock had previously closed at $24.30, but opened at $24.90. Grupo Simec shares last traded at $26.30, with a volume of 2,121 shares changing hands.

Analysts Set New Price Targets

Separately, StockNews.com cut Grupo Simec from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 8th.

Grupo Simec Price Performance

The firm has a market cap of $4.05 billion, a P/E ratio of 7.78 and a beta of 0.29.

Institutional Investors Weigh In On Grupo Simec

An institutional investor recently bought a new position in Grupo Simec stock. Banco BTG Pactual S.A. bought a new stake in Grupo Simec, S.A.B. de C.V. (NYSEAMERICAN:SIM) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 7,899 shares of the basic materials company’s stock, valued at approximately $212,000. Hedge funds and other institutional investors own 0.17% of the company’s stock.

About Grupo Simec

Grupo Simec, SAB. de C.V. manufactures, processes, and distributes special bar quality (SBQ) steel and steel alloys products in Mexico, the United States, Brazil, Canada, Latin America, and internationally. The company produces I-beams, channels, structural and commercial angles, hot rolled bars, flat bars, rebars, cold-finished bars, electro-welded wire mesh and mesh panels, and wire rods, as well as semi-finished tube rounds and other semi-finished trade products.