Grupo Simec (NYSEAMERICAN:SIM) Shares Gap Up – Time to Buy?

Shares of Grupo Simec, S.A.B. de C.V. (NYSEAMERICAN:SIM) gapped up before the market opened on Wednesday . The stock had previously closed at $26.70, but opened at $27.62. Grupo Simec shares last traded at $27.96, with a volume of 946 shares changing hands.

Analyst Ratings Changes

Separately, StockNews.com cut shares of Grupo Simec from a “buy” rating to a “hold” rating in a research report on Tuesday.

Grupo Simec Stock Up 4.6%

The company has a market capitalization of $4.30 billion, a PE ratio of 8.26 and a beta of 0.29. The business’s fifty day simple moving average is $26.65.

Hedge Funds Weigh In On Grupo Simec

A hedge fund recently bought a new stake in Grupo Simec stock. Banco BTG Pactual S.A. acquired a new stake in shares of Grupo Simec, S.A.B. de C.V. (NYSEAMERICAN:SIM) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 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.