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Strong Finish for Thinly Traded U.S Lime & Minerals - Friday, February 9, 2024
U.S. Lime & Minerals (USLM +$5.84 or +2.30% to $259.99) finished strong for a best-ever close after it was highlighted in yellow in the earlier mid-day report (read here) with pivot point cited based on its 1/24/24 high plus 10 cents. It hovered in a tight range perched near its 52-week high, and appeared to be forming an advanced "3 weeks tight" base. However, its strong finish on Friday led to a +4% weekly gain. A proper "3-weeks tight" base has 3 closes with less than a 2% weekly gain or loss for the last 2 weeks. Subsequent gains above the pivot point backed by at least +40% above average volume may still help trigger a convincing technical buy signal.
It has a highest possible earnings Per Share Rating of 99. It reported Dec '23 quarterly earnings +57% on +13% sales revenues versus the year ago period. Its prior quarterly and annual earnings (C and A criteria) history has been strong, a good match with the fact-based investment system's guidelines.
The thinly traded firm has only 5.7 million shares outstanding (S criteria), which can contribute to greater price volatility in the event of institutional buying or selling. The number of top-rated funds owning its shares rose from 192 in Mar '23 to 217 in Dec '23, a reassuring sign concerning the I criteria. Its current Up/Down Volume Ratio of 1.3 is an unbiased indication its shares have been under accumulation over the past 50 days.
