Grupo Mexico (OTCMKTS:GMBXF) Shares Gap Up – Here’s Why

Grupo Mexico, S.A.B. de C.V. (OTCMKTS:GMBXF)’s share price gapped up before the market opened on Friday . The stock had previously closed at $9.03, but opened at $9.45. Grupo Mexico shares last traded at $9.45, with a volume of 600 shares changing hands.

Analysts Set New Price Targets

Several research analysts have commented on GMBXF shares. The Goldman Sachs Group downgraded shares of Grupo Mexico from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 17th. Jefferies Financial Group cut Grupo Mexico from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. HSBC restated a “hold” rating on shares of Grupo Mexico in a report on Friday, October 17th. Finally, Hsbc Global Res raised Grupo Mexico to a “hold” rating in a research report on Monday, October 6th. One analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold”.

Grupo Mexico Stock Up 2.1%

The stock has a 50-day simple moving average of $8.63 and a 200 day simple moving average of $7.29.

About Grupo Mexico

Grupo México is a diversified Mexican industrial conglomerate with principal operations in mining, transportation and infrastructure. The company’s core business is the extraction and processing of base and precious metals, while complementary divisions provide freight rail and logistics services across Mexico. Grupo México operates as a vertically integrated enterprise that combines mineral production with the transport and logistics capabilities needed to move bulk commodities to market.

In mining, Grupo México is best known as the parent of Southern Copper Corporation and as one of the world’s larger copper producers.