CA Inc. (NYSE: CA) is winning today but not on news of its own doing. The often ignored information technology outfit is trading higher on news that hedge fund Taconic Capital Advisors LP has taken a stake of about 5.1% of the outstanding shares of CA. The fund also has noted that it is in talks with CA management to help boost returns.
With shares at $21.78 after a 4% price gain on Thursday, the 52-week trading range is $18.61 to $25.68 and the consensus price target objective from Thomson Reuters is $24.30.
CA shares have been a bit stuck before today’s news and this stock will have to get above $22 or so and stay there a while before any technicians will start confirming that the long-term downward trend in place for the last year has finally reversed itself. As far as tech outfits, the 1% dividend yield is not likely to attract many new investors against a $2.4 billion cash balance and a $10.7 billion market cap.
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