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June 22, 2023
Pay attention to the following industrials stocks approaching critical price targets: Nordson Corporation, Caterpillar, MSA Safety Incorporated are the ones to watch.
A quick recap: Markets are mixed with Nasdaq up to 13,561, gaining 0.44%. Dow Jones slipping 0.19% and closing at 33,900.
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. Check out this rundown of industrials stocks and their price targets.
Nordson is trading at $235.18, its target level is $234.32
The US multinational slides down from $236.36 to $235.18, losing $1.18 (0.5%). Today's fall comes after a 19 day uptrend, during which Nordson added 10% to its value
The dispensing equipment manufacturer now trading 13.2% above its 3-month low of $197.51. Nordson is currently trading with a market cap of $13.40 billion with an average daily trading volume of 258,932 shares. So far this year, it has been under-performing the Nasdaq by 23.77%. Nordson is forecasted to generate revenues of $638.73 million and EPS of $2.11.
Nordson is eyeing the $234.32 support line.
Nordson distributed a dividend of 65 cents per share on Tuesday, June 6th for all shareholders on record up until Tuesday, May 23rd. Based on current prices, the decision means shareholders are receiving an annualised dividend yield of 1.11%.
Caterpillar now at $237.16 | Forthcoming price target: 76 cents lower at $237.92
The construction equipment, diesel and natural gas engines manufacturer is trading close to the $237.16 level today, after ending yesterday at $241.48 and dropping 1.79%. Today's losses are adding to a 4 day bearish run, during which Caterpillar lost $6.19 of its value.
Having set a significant low of $162.44 8 months ago, the construction and mining equipment manufacturer is trading 48.66% higher. Caterpillar's market cap is currently $122.46 billion with an average daily volume of 3.61 million shares. So far this year, it has been doing worse than the Dow Jones by 1.31%. Caterpillar expected revenue of $15.25 billion with an EPS of $3.78.
Bearish run for Caterpillar is facing a possible turning point at $237.92, which is only 76 cents away. If this support line fails to hold, the next target will be at $234.36.
MSA Safety Incorporated active price target: $163; currently at $164.84
MSA Safety Incorporated could begin to recover as it approaches significant support, now $1.84 away from $163. Dipping below could be an indication that further losses are ahead.
MSA Safety Incorporated is on a 15 day uptrend — bucking the trend and turning lower, while bearish sentiment is dominating the market, the safety products and special equipment manufacturer is maintaining its poise around $164.84 while ranging between $163.69 and $168.12 so far today.
