Grupo Simec (NYSEAMERICAN:SIM) Shares Down 7% - Should You Sell?

Key Points

• Grupo Simec's share price experienced a significant decline of 7%, closing at $26.69 after trading as low as $27.45.
• Trading volume spiked to 1,708 shares, marking a 140% increase over the average session volume.
• Analysts from Wall Street Zen downgraded the company's rating from "buy" to "hold" on May 13th, indicating potential concerns about future performance.

Grupo Simec, S.A. de C.V. (NYSEAMERICAN:SIM - Get Free Report) dropped 7% on Monday . The stock traded as low as $27.45 and last traded at $26.69. Approximately 1,708 shares changed hands during trading, an increase of 140% from the average daily volume of 710 shares. The stock had previously closed at $28.70.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen cut shares of Grupo Simec from a "buy" rating to a "hold" rating in a research note on Tuesday, May 13th.

Grupo Simec Trading Up 0.5%

The stock has a market cap of $4.25 billion, a PE ratio of 14.24 and a beta of 0.16. The company has a 50 day simple moving average of $27.60.

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.