The Memphis, Tennessee based Buckeye Technologies Inc (NYSE:BKI) plunged 8% in Monday trading as the company reported that it was shuttering its Florida facility temporarily to deal with a mechanical breakdown.
The fiber and woven goods maker Buckeye Technologies announced that a steam drum failed at its wood cellulose fibers facility. The company reported that the collapse directed major damage to multiple drums and structural damage to the plant but there were no injuries.
Buckeye Technologies mentioned that the company shut down the facility after the incident and that an exploratory group is attempting to find out the reason.
Buckeye Technologies reported that it would have more information on the incident prior in the week and would offer updates on its production resumption programs.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. Mercer International Inc (NASDAQ:MERC) fell -1.85% to settle at $5.85, Sappi Limited (ADR) (NYSE:SPP) moved down -0.61% to end at $3.28 while Rayonier Inc (NYSE:RYN) jumped +1.22% to finish on Monday at $44.01.
Buckeye Technologies Inc (NYSE:BKI) on June 18, 2012 decreased -9.04% to the closing price of $26.47. The overall volume in the last trading session was 1.78 million shares. Its fifty two week range was $22.87-$38.50. The total market capitalization remained $1.04 billion.
BKI is ahead its 52 week low with 18.99% and lagging behind from its 52 week high price with -30.92%. BKI last month stock price volatility remained 3.36%. In its share capital BKI has 39.41 million outstanding shares among them 38.39 million shares have been floated in market exchange. BKI stock institutional ownership remained 91.11% while insider ownership included 3.59%.
The stock price of BKI is moving down from its 20 days moving average with -6.48% and remote negatively from 50 days moving average with -12.43%. BKI current year earnings per share experienced an addition with 5.26% while its current quarter performance remained -24.93%. Company’s beta coefficient included 2.47. Beta factors measures the amount of market risk associated with market trade.
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