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July 02, 2023
Pay attention to the following industrials stocks approaching critical price targets: Owens Corning, Lincoln Electric Holdings, Inc., IDEX Corp are the ones to watch.
A recap of Friday's session: Markets were up Friday; S&P 500 closed the day at 4,450.38, having gained 1.23%. Nasdaq ended the session at 13,800 after a 1.45% gain.
What is a Price Target?
A "price target" is an estimate of the future price of a stock based on earnings forecasts and assumed valuation multiples. Price targets are typically generated by respected market analysts who believe a stock to be fairly valued relative to its projected and historical earnings. Target prices are used to evaluate stocks and can help investors evaluate the potential risk/reward profile of a stock. Let's review some industrials stocks and their price targets.
Owens Corning | Price Target: $129.77 approx 73 cents away; Current Price: $130.5 Session Low: $130.5 Session High: $132.67 | Off Hours: $130.5
Owens Corning is eyeing the $129.77 support line.
While Owens Corning is on a 22 day bullish trend, Friday's session put the brakes on the ongoing uptrend — without a clear direction, Owens Corning closed at $130.5 while ranging between $130.5 and $132.67. Trading volume totalled 840,857 which equates to around 96% of the stock's 21-day average Friday.
Buyers pushing Lincoln Electric towards its price target of $199.77; currently at $198.63
The multinational welding products manufacturer went up to $198.63, gaining 0.65%. Lincoln Electric has increased a total of $7.75 over the past 6 days, with Friday's session contributing to the uptrend. Trading volume totalled 355,213 which equates to around 92% of the stock's 21-day average Friday.
The multinational welding products manufacturer has fallen back around 0.65% from the significant high of $198.63 set 2 days ago. Lincoln Electric is currently trading with a market cap of $11.44 billion with an average daily volume of 384,046 shares. Lincoln Electric is forecasted to generate revenues of $1 billion and EPS of $2.06.
Lincoln Electric's run now faces a challenge at $199.77, which is only $1.14 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Lincoln Electric disclosed a quarterly dividend of 64 cents per share on Tuesday, April 18th that was paid on Friday, July 14th to all shareholders of record up until Friday, June 30th. Based on current prices, the company's decision thereby provides Lincoln Electric investors with an annual dividend yield of 1.29%.
Buyers pushing IDEX towards its price target of $217.16; currently at $215.26
After finishing Thursday at $213.53, the fluidic systems manufacturer went up by 0.81% Friday and remained at the $215.26 level. Friday's gains added to IDEX's 6 days uptrend, during which it increased a total of $10.49. Daily trading volume (606,445 shares) increased, making up 110% of the 21-day average (551,113).
The US manufacturing company has shed 6.88% over the past three months. Currently, the US manufacturing company has a market capitalization of $16.27 billion with an average daily trading volume of 551,113 shares. So far this year, it has been under-performing the S&P 500 by 20.49%. IDEX has a forecast of $818.55 million with an EPS of $2.02.
IDEX's recent run now faces a major challenge as concentrated supply is likely found at $217.16 with price action currently $1.9 away.
