.. and going shopping in the market fallout. In this case I'm suggesting exiting Clarkson (CKN) the shipping broking and services company that I featured in my Christmas Cracker series back in December when it was around 1900p and when I wrote it up back in March this year when it was around 2000p to 2100p. Back then I felt that the gap on the chart at around 2400p could have been a good mid range target, while the higher rating it had traded on in the last year also suggested possible upside as they on boarded their RS Platou acquisition which was the other significant feature at that time.
As you can see from the chart below the shares have done quite well since then, despite the recent falls in the broader market. Consequently they are now getting over bought and extended versus the 200 day moving average and are also approaching their previous highs in both share price and rating terms as they now trade on around 16.2x with a 2.85% yield at 2600p.
So in conclusion, while it is a well managed group and they are still expected to do well operationally this year, much of the good news now seems to be factored into the price, although there could be a little more upside if the rating can reach its previous highs or if it were to re-rate further. However, given the falls in the market recently I preferred to lock in profits up here and go in search of other more attractive buying opportunities which might be washed up by the current volatility in the stock market.