The stock of Lexmark International Inc (NYSE:LXK) gapped up by $4.45 today and has $59.54 target or 49.00% above today’s $39.96 share price. The 8 months technical chart setup indicates low risk for the $2.48 billion company. The gap was reported on Oct, 1 by Barchart.com. If the $59.54 price target is reached, the company will be worth $1.22 billion more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. The stock increased 13.75% or $4.83 on September 30, hitting $39.96. About 8.01M shares traded hands or 1188.31% up from the average. Lexmark International Inc (NYSE:LXK) has risen 28.82% since February 29, 2016 and is uptrending. It has outperformed by 18.40% the S&P500.
Analysts await Lexmark International Inc (NYSE:LXK) to report earnings on October, 25.
Lexmark International Inc (NYSE:LXK) Ratings Coverage
Out of 4 analysts covering Lexmark International Inc. (NYSE:LXK), 0 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 0 are positive. Lexmark International Inc. has been the topic of 8 analyst reports since July 22, 2015 according to StockzIntelligence Inc. The firm earned “Buy” rating on Thursday, January 7 by Standpoint Research. The firm earned “Hold” rating on Wednesday, April 20 by Standpoint Research. The stock of Lexmark International Inc (NYSE:LXK) has “Hold” rating given on Friday, October 23 by Standpoint Research. The company was upgraded on Wednesday, August 26 by Standpoint Research. The rating was upgraded by Bernstein to “Market Perform” on Wednesday, August 5. The company was upgraded on Thursday, February 18 by Credit Suisse. The firm has “Neutral” rating given on Wednesday, October 7 by Citigroup.
According to Zacks Investment Research, “Lexmark International, Inc. makes it easier for businesses and consumers to move information between the digital and paper worlds. In doing so, they are guided by a simple vision: Customers For Life. To earn its customers’ loyalty, they listen to them, anticipate their needs and act to create value in their eyes.”
Insitutional Activity: The institutional sentiment increased to 1.21 in 2016 Q2. Its up 0.19, from 1.02 in 2016Q1. The ratio improved, as 48 funds sold all Lexmark International Inc shares owned while 55 reduced positions. 50 funds bought stakes while 75 increased positions. They now own 51.48 million shares or 3.46% less from 53.33 million shares in 2016Q1.
Wolverine Asset Management Limited Company accumulated 133,492 shares or 0.08% of the stock. Moreover, Tower Rech Lc (Trc) has 0.01% invested in Lexmark International Inc (NYSE:LXK) for 3,290 shares. Nomura Asset Management Co last reported 2,300 shares in the company. Aperio Group has invested 0.01% of its portfolio in Lexmark International Inc (NYSE:LXK). Amp Capital Investors Limited holds 0.01% or 22,000 shares in its portfolio. State Board Of Administration Of Florida Retirement System owns 87,516 shares or 0.01% of their US portfolio. Cubist Systematic Strategies Ltd holds 0.02% or 8,588 shares in its portfolio. Walleye Trading Ltd Liability has 0.01% invested in the company for 29,803 shares. Fifth Third Fincl Bank holds 4,350 shares or 0% of its portfolio. Swiss Retail Bank last reported 0.01% of its portfolio in the stock. Moreover, James Inv Research has 0.18% invested in Lexmark International Inc (NYSE:LXK) for 189,910 shares. The New York-based Laurion Cap Lp has invested 0.01% in Lexmark International Inc (NYSE:LXK). Vanguard Grp Incorporated has 4.58 million shares for 0.01% of their US portfolio. Geode Capital Mgmt Ltd Liability Corp has 0.01% invested in the company for 408,672 shares. Northern, a Illinois-based fund reported 737,371 shares.
More notable recent Lexmark International Inc (NYSE:LXK) news were published by: Fool.com which released: “Lexmark International Inc. Stock Jumps as Buyout Looks Close” on September 30, 2016, also Investorplace.com with their article: “Why Deutsche Bank AG (DB), Lexmark International Inc (LXK) and NXP …” published on September 30, 2016, Prnewswire.com published: “Lexmark positioned in Leaders category for fifth time” on September 23, 2016. More interesting news about Lexmark International Inc (NYSE:LXK) were released by: Fool.com and their article: “Why Lexmark International Inc. Shares Jumped” published on April 20, 2016 as well as Forbes.com‘s news article titled: “Ex-Dividend Reminder: CBOE Holdings Incorporated, CenturyLink and Lexmark …” with publication date: August 29, 2016.
LXK Company Profile
Lexmark International, Inc., incorporated on May 25, 1990, is a developer, maker and supplier of printing, imaging, device management, managed print services (MPS), document workflow, and business process and content management solutions. The Firm operates through two divisions: Imaging Solutions and Services (ISS) and Enterprise Software. The Firm operates in the office printing and imaging, enterprise content management (ECM), business process management (BPM), document output management (DOM)/customer communications management (CCM), intelligent content capture and data extraction and enterprise search software markets. The Company’s products include laser printers and multifunction devices, dot matrix printers and the associated supplies/solutions/services. They also include an integrated suite of ECM, BPM and DOM/CCM that includes case management, electronic signature, process analytics, information and application integration, intelligent content capture and data extraction, enterprise search and medical imaging vendor neutral archive (VNA) software products and solutions. The Firm develops and owns the technology for its printing and imaging products and its software related to MPS and content and process management solutions.
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