Aerospace business Goodrich Corp. (GR), whose related companies include Honeywell International (HON) and United Technologies (UTX), has been a good stock to own this year. The 52-week low for the shares is $53.57 while the 52-week high is $82.18, the latter being made earlier today. With a little more than two hours to go before the end of regular trading activities, the shares were exchanging hands at $79.55, a quote that reflects a gain of over 2%.
The twelve-month chart seems shows an attractive situation. From a technical viewpoint, it does appear as if more upside is in store for the equity. But what about the latest quarterly missive to investors?
According to Reuters, net income for the Q3 period came in at $1.25 per share. The overall projection by analysts of $1.12 per share was, obviously, beaten quite soundly. Furthermore, management seems positive on its prospects over the next year.
So, is the stock a buy? I wouldn't buy it today necessarily, but going back to the price action we've seen with this name, I have to believe the thesis might offer some profitable trading opportunities for skilled participants on days when the market is bearish. There are concerns, however. In terms of valuation, Goodrich certainly isn't as cheap as it once was, so that has to be taken into consideration as a risk factor. Also, Theflyonthewall is reporting that the stock has received a downgrade. One last thing: the intraday retreat from the new 52-week high should be examined as well.
Overall, I think this idea is worthy of the watch list and a significant amount of due diligence.
Disclosure: I don't own any company mentioned; positions can change without notice .