Grupo Simec (NYSEAMERICAN:SIM) Shares Down 4.5% – Here’s Why

Grupo Simec, S.A.B. de C.V. (NYSEAMERICAN:SIM) dropped 4.5% on Wednesday . The stock traded as low as $27.03 and last traded at $27.55. Approximately 869 shares changed hands during mid-day trading, a decline of 19% from the average daily volume of 1,075 shares. The stock had previously closed at $28.84.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded Grupo Simec from a “strong-buy” rating to a “buy” rating in a research report on Wednesday.

Grupo Simec Price Performance

The firm has a market cap of $4.20 billion, a price-to-earnings ratio of 9.03 and a beta of 0.29.

Grupo Simec (NYSEAMERICAN:SIM) last issued its earnings results on Monday, July 22nd. The basic materials company reported $1.39 earnings per share for the quarter. Grupo Simec had a net margin of 24.90% and a return on equity of 16.68%. The company had revenue of $487.42 million for the quarter.

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.