Castle (A.M.) & Co. (CAS) : The traders have covered their outstanding shorts in Castle (A.M.) & Co. (CAS) to the tune of -60,557 shares, a change of -3.6%. As on Jul 29, 2016, the outstanding shorts on the stock were 1,673,278 shares, however, by August 15, 2016, the shorts had reduced to 1,612,721 shares. The covering shows that the traders dont believe that a large downside exists in the stock from current levels. The open short positions equal 6.5% of the free float of the stock. It takes 20 days to cover the outstanding short positions. The stock has an average daily volume of 79,869 shares. The short interest information was released on Wednesday Aug 24th after the market close.
Castle (A.M.) & Co. (NYSE:CAS): During Wednesdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $1.39 and $1.35 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $1.45. The buying momentum continued till the end and the stock did not give up its gains. It closed at $1.43, notching a gain of 0.70% for the day. The total traded volume was 40,143 . The stock had closed at $1.42 on the previous day.
In a related news, Anderson Patrick R., CFO of Castle A M & Co had purchased 10,000 shares on August 31, 2015 in a transaction. The price per share was $2.88 and the total amount of the disclosed transaction was $28,800.The Insider information was disclosed with the Securities and Exchange Commission in a Form 4 filing. This information is based on open market transaction at the market prices.
A. M. Castle & Co. is a specialty metals and plastics distribution company serving customers on a global basis. The Company operates in two segments: Metal and Plastics segment. The Company distributes and performs processing on both metals and plastics. The Company provides a range of products and value-added processing and supply chain services to an array of customers. Its metals customers are principally within the producer durable equipment, oil and gas, aerospace, heavy industrial equipment, industrial goods and construction equipment sectors of the global economy, and its plastics customers are primarily in the retail, marine and automotive sectors. The Company operates out of 29 metals service centers located throughout North America (24), Europe (three) and Asia (two) and 18 plastics service centers located in the United States. It holds a 50% joint venture interest in Kreher Steel Company, LLC, a national distributor and processor of carbon and alloy steel bar products.