Tree Island Steel Ltd. (TSL) Stock Price Down 4.6% Following Analyst Downgrade

Tree Island Steel Ltd. (TSE:TSL) was down 4.6% during trading on Monday after Raymond James Financial lowered their price target on the stock from C$4.00 to C$3.00. Raymond James Financial currently has a market perform rating on the stock. Tree Island Steel traded as low as C$2.39 and last traded at C$2.09. Approximately 38,638 shares changed hands during mid-day trading, a decline of 14% from the average daily volume of 44,957 shares. The stock had previously closed at C$2.19.

Other research analysts also recently issued reports about the company. Canaccord Genuity lowered their price target on Tree Island Steel from C$3.75 to C$3.25 in a report on Friday. Pi Financial lowered their price target on Tree Island Steel from C$5.00 to C$3.25 in a report on Friday.

In other Tree Island Steel news, insider Island Steel Ltd. (Former Tree purchased 65,600 shares of the stock in a transaction dated Tuesday, September 26th. The shares were purchased at an average cost of C$3.10 per share, with a total value of C$203,360.00.

The company also recently announced a quarterly dividend, which was paid on Monday, October 16th. Shareholders of record on Friday, September 29th were issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 3.83%. The ex-dividend date of this dividend was Thursday, September 28th.

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Tree Island Steel Company Profile

Tree Island Steel Ltd. manufactures and sells steel wire and wire products for industrial, construction, agricultural, and specialty applications in Canada, the United States, and internationally. It offers residential products, including bulk nails, collated nails, packaged nails and fasteners, bulk screws, and packaged nails and fasteners, as well as nail head identification systems; and woven wires, welded wires, and corners and accessories.

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