Salzgitter (OTCMKTS:SZGPY) Shares Gap Up – Here’s Why

Shares of Salzgitter AG (OTCMKTS:SZGPY) gapped up before the market opened on Wednesday. The stock had previously closed at $5.75, but opened at $5.90. Salzgitter shares last traded at $6.01, with a volume of 509 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SZGPY. Morgan Stanley raised Salzgitter from an “underweight” rating to an “overweight” rating in a report on Monday, June 1st. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Salzgitter in a report on Friday, September 4th. Jefferies Financial Group upgraded Salzgitter from a “hold” rating to a “buy” rating in a research note on Monday, July 13th. Finally, Zacks Research raised Salzgitter to a “hold” rating in a report on Thursday, July 16th. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy”.

Salzgitter Stock Performance

The company’s fifty day simple moving average is $6.19 and its 200 day simple moving average is $5.86. The stock has a market capitalization of $3.25 billion, a P/E ratio of 50.08 and a beta of 1.70.

Salzgitter (OTCMKTS:SZGPY) last released its quarterly earnings results on Tuesday, August 11th. The basic materials company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.15). Salzgitter had a return on equity of 1.29% and a net margin of 0.65%.The firm had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.42 billion. Equities research analysts predict that Salzgitter AG will post 0.22 earnings per share for the current year.

Salzgitter Company Profile

Salzgitter AG is a Germany-based industrial group headquartered in Salzgitter, Lower Saxony. Its core business is the production and processing of steel products, including flat steel, heavy plate, structural steel, and precision steel tubes. The company supplies products to customers in industries such as automotive manufacturing, construction, mechanical engineering, energy, and infrastructure.

The Salzgitter Group operates through several business areas, including steel production, steel processing, trading, and technology.