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

Salzgitter AG (OTCMKTS:SZGPY) shares gapped up before the market opened on Wednesday . The stock had previously closed at $5.86, but opened at $6.70. Salzgitter shares last traded at $6.70, with a volume of 206 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Morgan Stanley raised shares of Salzgitter from an “underweight” rating to an “overweight” rating in a research report on Monday, June 1st. Citigroup reaffirmed a “neutral” rating on shares of Salzgitter in a report on Wednesday, May 20th. Zacks Research raised shares of Salzgitter to a “hold” rating in a research report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Salzgitter in a report on Friday, September 4th. Finally, Jefferies Financial Group upgraded Salzgitter from a “hold” rating to a “buy” rating in a research report on Monday, July 13th. Five investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy”.

Salzgitter Stock Performance

The stock has a market cap of $3.62 billion, a price-to-earnings ratio of 55.83 and a beta of 1.70. The company’s 50 day simple moving average is $6.15 and its 200 day simple moving average is $5.86.

Salzgitter (OTCMKTS:SZGPY) last posted its quarterly earnings data on Tuesday, August 11th. The basic materials company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.15). Salzgitter had a net margin of 0.65% and a return on equity of 1.30%. The company had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.42 billion. Sell-side analysts predict that Salzgitter AG will post 0.22 EPS for the current year.

About Salzgitter

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.