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

Salzgitter AG (OTCMKTS:SZGPY)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $6.30, but opened at $6.65. Salzgitter shares last traded at $6.65, with a volume of 1,824 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SZGPY. Citigroup restated a “neutral” rating on shares of Salzgitter in a report on Wednesday, May 20th. Jefferies Financial Group upgraded Salzgitter from a “hold” rating to a “buy” rating in a research report on Monday, July 13th. Morgan Stanley upgraded 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 Wednesday, August 12th. Finally, Zacks Research raised shares of Salzgitter to a “hold” rating in a research report on Thursday, July 16th. Five investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy”.

Salzgitter Trading Up 5.6%

The firm has a market capitalization of $3.60 billion, a PE ratio of 55.42 and a beta of 1.68. The firm’s fifty day moving average price is $5.83 and its 200 day moving average price is $5.83.

Salzgitter (OTCMKTS:SZGPY) last released its earnings results on Tuesday, August 11th. The basic materials company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.15). The business had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.42 billion. Salzgitter had a return on equity of 1.30% and a net margin of 0.65%. On average, analysts predict that Salzgitter AG will post 0.22 earnings per share for the current year.

About Salzgitter

Salzgitter AG is a leading European steel producer headquartered in Salzgitter, Germany. The company operates an integrated steelworks, encompassing ironmaking, steelmaking, continuous casting and rolling mills. Its core business revolves around the production and processing of steel products for various industries, including automotive, construction, mechanical engineering and energy.

Founded in 1937 as part of Germany’s industrial expansion, Salzgitter evolved through post-war reconstruction and state ownership before being privatized in the late 1990s.