Top 5 Industrials Stocks You May Want To Dump In Q3

The most overbought stocks in the industrials sector presents an opportunity to go short on these overvalued companies.

The RSI is a momentum indicator, which compares a stock's strength on days when prices go up to its strength on days when prices go down. When compared to a stock's price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70.

Here’s the latest list of major overbought players in this sector.

ACCO Brands Corporation ACCO

ACCO Brands reported better-than-expected first-quarter adjusted EPS and sales results. "I am pleased with the solid execution by our team that allowed us to exceed the top- and bottom-line expectations set in February. Our results reflect the ongoing strength of our brands and the impact of the actions we have taken to transform our business by expanding our product categories, broadening our geographic reach, bringing innovative new consumer-centric products to market and streamlining our cost structure," said Boris Elisman, Chairman and Chief Executive Officer of ACCO Brands. The company’s stock has a 52-week high of $7.08. .
RSI Value: 70.74
ACCO Price Action: Shares of ACCO Brands fell 0.7% to close at $6.05 on Monday.

MillerKnoll, Inc. MLKN

MilleKnoll reported better-than-expected fourth-quarter financial results and issued guidance. The company’s stock has a 52-week high of $33.46.
RSI Value: 70.10
MLKN Price Action: Shares of MillerKnoll rose 0.9% to close at $19.91 on Monday.

The Greenbrier Companies, Inc. GBX

Greenbrier Companies reported third-quarter FY23 sales growth of 30.8% year-on-year to $1.04 billion, beating the analyst consensus of $898.75 million. "Our results demonstrated the early impact of operational initiatives described during our Investor Day in April," President and CEO Lorie Tekorius said. The company has a 52-week high of $48.21.
RSI Value: 71.39
GBX Price Action: Shares of Greenbrier rose 0.6% to close at $46.97 on Monday.

Global Industrial Company GIC

Global Industrial posted upbeat second-quarter results. Barry Litwin, Chief Executive Officer, said, "We had a very productive second quarter as we continued to execute on our ACE strategy, made further investments in growth initiatives and completed the strategic acquisition of Indoff in late May." The company’s 52-week high is $33.74.
RSI Value: 70.20
GIC Price Action: Shares of Global Industrial Company gained 4.2% to close at $33.16 on Monday.

The Gorman-Rupp Company GRC

Gorman-Rupp Company reported better-than-expected second-quarter financial results. Scott A. King, President and CEO commented, "Our strong organic sales growth of over 21% marked our eighth consecutive quarter of year-over-year double-digit increases, as we continued to see strength across the majority of our markets." The company has a 52-week high of $33.74.
RSI Value: 76.65
GRC Price Action: Shares of Gorman-Rupp rose 1.3% to settle at $33.50 on Monday.