Grupo Simec (NYSEAMERICAN:SIM) Trading Up 7.6% - Here's What Happened

Grupo Simec, S.A.B. de C.V. (NYSEAMERICAN:SIM - Get Free Report)'s share price shot up 7.6% on Thursday . The stock traded as high as $25.00 and last traded at $27.72. 344 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 1,532 shares. The stock had previously closed at $25.75.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised Grupo Simec from a "hold" rating to a "buy" rating in a research note on Thursday.

Grupo Simec Trading Up 8.0 %

The firm has a market capitalization of $4.16 billion, a PE ratio of 7.99 and a beta of 0.29.

Institutional Investors Weigh In On Grupo Simec

A hedge fund recently bought a new stake in Grupo Simec stock. Banco BTG Pactual S.A. purchased a new stake in shares of Grupo Simec, S.A.B. de C.V. (NYSEAMERICAN:SIM - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 7,899 shares of the basic materials company's stock, valued at approximately $212,000. Institutional investors and hedge funds own 0.17% of the company's stock.

Grupo Simec Company Profile

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.