Russel Metals (OTCMKTS:RUSMF) Stock Price Down 3.1% – Here’s Why

Russel Metals Inc. (OTCMKTS:RUSMF) shares fell 3.1% during mid-day trading on Monday. The company traded as low as $64.8655 and last traded at $64.8655. 8,018 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 17,384 shares. The stock had previously closed at $66.95.

Analysts Set New Price Targets

RUSMF has been the topic of several recent analyst reports. Raymond James Financial lowered Russel Metals to a “market perform” rating in a research report on Monday, August 10th. Scotiabank reiterated an “outperform” rating on shares of Russel Metals in a report on Monday. Finally, Royal Bank Of Canada restated an “outperform” rating on shares of Russel Metals in a report on Wednesday, September 30th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy”.

Russel Metals Stock Performance

The stock has a 50 day moving average price of $55.33 and a two-hundred day moving average price of $46.27.

Russel Metals Company Profile

Russel Metals Inc is a Canadian metals distribution and processing company that supplies a broad range of steel and other metal products to industrial, commercial and energy-sector customers. Its offerings include carbon steel, stainless steel, aluminum, pipe, valves, fittings and related products.

The company operates through metals service centers, which provide inventory management, cutting, shearing, forming and other value-added processing services. It also serves the energy industry through specialized distribution operations supplying products used in oil and gas, pipeline, utility and related infrastructure applications.

Founded in 1929, Russel Metals serves customers across Canada and the United States through a network of service centers and distribution facilities.