The stock of Mercury General Corporation (NYSE:MCY) gapped down by $0.09 today and has $49.92 target or 8.00% below today’s $54.26 share price. The 6 months technical chart setup indicates high risk for the $3.01B company. The gap down was reported on Oct, 4 by Barchart.com. If the $49.92 price target is reached, the company will be worth $240.80M less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. The stock decreased 1.08% or $0.59 during the last trading session, hitting $54.26. About 169,952 shares traded hands or 56.19% up from the average. Mercury General Corporation (NYSE:MCY) has risen 2.71% since March 1, 2016 and is uptrending. It has underperformed by 9.51% the S&P500.
Analysts await Mercury General Corporation (NYSE:MCY) to report earnings on November, 7. They expect $0.55 EPS, down 6.78% or $0.04 from last year’s $0.59 per share. MCY’s profit will be $30.51 million for 24.66 P/E if the $0.55 EPS becomes a reality. After $0.35 actual EPS reported by Mercury General Corporation for the previous quarter, Wall Street now forecasts 57.14% EPS growth.
Mercury General Corporation (NYSE:MCY) Ratings Coverage
Out of 2 analysts covering Mercury General (NYSE:MCY), 0 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 0 are positive. Mercury General has been the topic of 3 analyst reports since August 26, 2015 according to StockzIntelligence Inc. The firm has “Mkt Perform” rating given on Friday, February 19 by Raymond James. The firm earned “Neutral” rating on Tuesday, May 3 by Compass Point. The company was upgraded on Wednesday, August 26 by Zacks.
According to Zacks Investment Research, “Mercury General Corp. is engaged primarily in writing all risk classifications of automobile insurance in a number of states, principally California. The company offers automobile policyholders the following types of coverage: bodily injury liability, underinsured and uninsured motorist, property damage liability, comprehensive, collision and other hazards specified in the policy.”
Insitutional Activity: The institutional sentiment increased to 1.59 in Q2 2016. Its up 0.42, from 1.17 in 2016Q1. The ratio improved, as 19 funds sold all Mercury General Corporation shares owned while 40 reduced positions. 16 funds bought stakes while 78 increased positions. They now own 23.57 million shares or 1.99% more from 23.11 million shares in 2016Q1.
Robeco Institutional Asset Mngmt Bv last reported 0.22% of its portfolio in the stock. Tower Cap Limited Com (Trc) has 1,793 shares for 0.01% of their US portfolio. Moreover, Natl Bank Of America De has 0% invested in Mercury General Corporation (NYSE:MCY) for 51,015 shares. Principal Gru Inc accumulated 0.01% or 131,262 shares. Legal General Gp Public Ltd last reported 0% of its portfolio in the stock. Moreover, Cubist Systematic Strategies Ltd Limited Liability Company has 0.02% invested in Mercury General Corporation (NYSE:MCY) for 7,985 shares. Arizona State Retirement System reported 14,252 shares or 0.01% of all its holdings. The Illinois-based Ubs Asset Management Americas Inc has invested 0% in Mercury General Corporation (NYSE:MCY). Nationwide Fund Advisors, a Pennsylvania-based fund reported 57,408 shares. Paradigm Asset Mgmt Ltd Liability Corp accumulated 77,351 shares or 0% of the stock. Ameriprise Fincl holds 0% of its portfolio in Mercury General Corporation (NYSE:MCY) for 90,029 shares. Cap Intll Invsts reported 1.88M shares or 0.15% of all its holdings. Victory Cap Mgmt Inc reported 9,754 shares or 0% of all its holdings. Kcg Inc last reported 0.01% of its portfolio in the stock. First Manhattan Com has 38,107 shares for 0.01% of their US portfolio.
More notable recent Mercury General Corporation (NYSE:MCY) news were published by: Prnewswire.com which released: “Mercury General Corporation Announces Second Quarter Results and Declares …” on August 01, 2016, also Prnewswire.com with their article: “Mercury General Corporation To Report Second Quarter Results On August 1, 2016” published on July 07, 2016, Prnewswire.com published: “Mercury General Corporation To Report Third Quarter Results On November 2, 2015” on October 05, 2015. More interesting news about Mercury General Corporation (NYSE:MCY) were released by: Seekingalpha.com and their article: “Dividend Growth Stock Overview: Mercury General Corporation (MCY)” published on February 17, 2015 as well as Prnewswire.com‘s news article titled: “Mercury General Corporation Announces Agreement to Acquire Workmen’s Auto …” with publication date: October 23, 2014.
MCY Company Profile
Mercury General Corporation, incorporated on January 20, 1961, is an insurance holding company. The Firm is engaged in writing personal automobile insurance through approximately 10 insurance subsidiaries in over 10 states. The Firm operates through Property and Casualty business segment. The Firm also writes homeowners, commercial automobile, commercial property, mechanical breakdown and umbrella insurance. The Firm offers a range of automobile coverage, such as collision, property damage, bodily injury (BI), comprehensive, personal injury protection (PIP), underinsured and uninsured motorist, and other hazards. The Firm offers a range of homeowner’s coverage, such as dwelling, liability, personal property, fire and other hazards. The Firm has activities in Arizona, California, Florida, Georgia, Illinois, Michigan, Nevada, New Jersey, New York, Oklahoma, Pennsylvania, Texas and Virginia. The Firm offers standard, non-standard, and preferred private passenger automobile insurance in approximately 10 states.
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