On Monday, the DOW pushed over 16,000 for the first time and the S&P 500 pushed over 1800 for the first time. Bu then both fell back and we ended the day with the S&P 500 down 0.4% and Toronto was down 0.2%.
Stantec is a great company. But its price now seems to be rising on a momentum basis. It’s up 74% this year. I had earlier sold the shares that I held in non-taxable accounts. I have some shares left in a taxable account and I will likely sell those tomorrow. The P/E ratio is 21 and that’s certainly not extreme for a growth company. But it does seem a little too rich for me. On the other hand Stantec is almost certain to have a higher stock price than this in 10 years. I certainly would not short the stock but I am inclined to sell.