Sims Metal Management (OTCMKTS:SMSMY) Trading 9.6% Higher – Here’s Why

Sims Metal Management Ltd. (OTCMKTS:SMSMY)’s share price traded up 9.6% during trading on Thursday . The stock traded as high as $21.35 and last traded at $20.15. 901 shares changed hands during trading, a decline of 85% from the average session volume of 5,834 shares. The stock had previously closed at $18.3770.

Analysts Set New Price Targets

Several analysts recently commented on the company. Zacks Research downgraded Sims Metal Management from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 19th. The Goldman Sachs Group raised Sims Metal Management from a “strong sell” rating to a “hold” rating in a research note on Tuesday, March 10th. Finally, Royal Bank Of Canada raised Sims Metal Management from a “hold” rating to a “moderate buy” rating in a research note on Wednesday, March 18th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold”.

Sims Metal Management Stock Performance

The stock has a fifty day simple moving average of $15.01 and a 200-day simple moving average of $13.73.

About Sims Metal Management

Sims Metal Management, trading over-the-counter under the symbol SMSMY, is the global metal recycling division of Sims Limited. Established in the early 20th century, the company has grown into one of the world’s leading recyclers of ferrous and non-ferrous metals. It serves a diverse customer base, including steel mills, foundries, manufacturers and fabricators, by collecting, processing and trading scrap metal commodities.

The company’s core activities encompass the sourcing and processing of end-of-life metal products.