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May 20, 2023
Norfolk Southern Corporation, Jacobs Engineering Group Inc, MSC Industrial Direct Co., Inc., among others, are the industrials stocks approaching important price targets.
Here's an update with information from the last trading session: Leading equity indices in the US declined as Dow Jones was down 0.33% before closing the session at 33,427. Nasdaq shed 0.24% and closed at 12,658.
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.
Buyers pushing Norfolk Southern towards its price target of $218.98; currently at $217.74
Norfolk Southern Corporation's recent run now faces a major challenge as concentrated supply is likely found at $218.98 with price action currently $1.24 away.
Norfolk Southern has posted further gains as part of a 13 day trend that has already seen the stock gain $13.19. on-trend Norfolk Southern closed the session yesterday with more of the same: after closing at $216.17 on Thursday, Norfolk Southern rallied as high as $218.72 but ended the day at $217.74. Daily trading volume (2.13 million shares) was above the current multiday average of 1.56 million.
Buyers pushing Jacobs towards its price target of $117.83; currently at $116.93
Generally flat but with a slight bullish bias, Jacobs Engineering Group ranged between $115.83 and $117.74 before closing higher at $116.93. Yesterday's gains added to Jacobs Engineering Group's bullish trend that has lasted for 4 days so far, during which it increased a total of $2.97. Yesterday's trading volume was 464,960 shares which is slightly below the 21-day average of 653,432.
Trading mostly sideways for a month. Jacobs's market cap is currently $14.83 billion with an average daily trading volume of 653,432 shares. So far this year, it has been doing worse than the S&P by 12.37%. Jacobs Engineering Group expected revenue of $3.83 billion with an EPS of $1.75.
Jacobs's run now faces a challenge at $117.83, which is only 90 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Buyers pushing MSC towards its price target of $93.73; currently at $93.12
MSC recovered all the way back up to $93.12 after dipping down to $92.29. MSC has increased a total of $3.2 over the past 12 days, with yesterday's session contributing to the uptrend. Daily trading volume (356,208 shares) increased, making up 121% of the 21-day average (295,577).
Having set a significant high of $93.12 a day ago, the industrial equipment distributor is trading 0.35% lower. Currently, the industrial equipment distributor has a market capitalization of $5.21 billion with an average daily volume of 295,577 shares. MSC's last revenue report was $961.63 million with an EPS of $1.45.
MSC's run now faces a challenge at $93.73, which is only 61 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
MSC disclosed a quarterly dividend of 79 cents per share on Wednesday, March 22nd that was paid on Tuesday, April 25th to all shareholders of record up until Tuesday, April 11th. Based on current prices, the company's decision thereby provides MSC investors with an annual dividend yield of 3.39%.
