Stocks hitting new 52 week highs on September 3 are Franco-Nevada Corporation, Beacon Roofing Supply Inc, Marathon Petroleum Corporation, Cytec Industries Inc, and Globus Medical, Inc. Investors are buying the stock and pushing it higher because they may think that these stocks were undervalued. This could be a result of higher than expected earnings, overall market growth, or simply investor speculation.
Shares of Franco-Nevada Corporation (FNV) had a total return adjusted 52 week high today of $50.98 per share and are currently trading at $51.80. The stock traded higher by 4.79% or $2.37/share to $51.80. The stock recorded a trading volume of 404717 today. This represents 1.68 times the average volume for Franco-Nevada Corporation. Higher than average volume can sometimes signal a technical breakout or perhaps that new information was released about the company. Volume is often used as a lie detector and high volume gives validity to the price move. Stay tuned for more updates on the company and investors may want to look for this momentum to continue.
Shares of Beacon Roofing Supply Inc (BECN) had a total return adjusted 52 week high today of $28.39 per share and are currently trading at $28.14. The stock fell by 0.14% or $-0.04/share to $28.14. The stock recorded a trading volume of 575632 today. This represents 1.11 times the average volume for Beacon Roofing Supply Inc. This is considered normal volume for the stock which means the new high is most likely caused by a steady uptrend. Expect the stock to continue its upward trend. A pullback could be a great opportunity to get onboard.
Shares of Marathon Petroleum Corporation (MPC) had a total return adjusted 52 week high today of $50.99 per share and are currently trading at $51.75. The stock traded higher by 1.85% or $0.94/share to $51.75. The stock recorded a trading volume of 3925983 today. This represents 1.17 times the average volume for Marathon Petroleum Corporation. This is considered normal volume for the stock which means the new high is most likely caused by a steady uptrend. Expect the stock to continue its upward trend. A pullback could be a great opportunity to get onboard.
Shares of Cytec Industries Inc (CYT) had a total return adjusted 52 week high today of $67.58 per share and are currently trading at $68.47. The stock traded higher by 1.81% or $1.22/share to $68.47. The stock recorded a trading volume of 308456 today. This represents 0.69 times the average volume for Cytec Industries Inc. Lower than average volume can mean the new high may not represent the stock's true value. Investors may want to watch out for this stock adjusting back down to its true value.
Shares of Globus Medical, Inc (GMED) had a total return adjusted 52 week high today of $15.79 per share and are currently trading at $15.92. The stock traded higher by 1.99% or $0.31/share to $15.92. The stock recorded a trading volume of 107491 today. This represents 0.34 times the average volume for Globus Medical, Inc. Lower than average volume can mean the new high may not represent the stock's true value. Investors may want to watch out for this stock adjusting back down to its true value.
