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

Shares of Sims Metal Management Ltd. (OTCMKTS:SMSMY) were up 9.6% during mid-day trading on Thursday . The company traded as high as $21.35 and last traded at $20.15. Approximately 901 shares changed hands during trading, a decline of 85% from the average daily volume of 5,834 shares. The stock had previously closed at $18.3770.

Analysts Set New Price Targets

A number of equities analysts have issued reports on SMSMY shares. Zacks Research cut Sims Metal Management from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 19th. Royal Bank Of Canada upgraded Sims Metal Management from a “hold” rating to a “moderate buy” rating in a report on Wednesday, March 18th. Finally, The Goldman Sachs Group upgraded Sims Metal Management from a “strong sell” rating to a “hold” rating in a report on Tuesday, March 10th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Sims Metal Management currently has an average rating of “Hold”.

Sims Metal Management Stock Up 0.2%

The company has a fifty day moving average price of $15.01 and a two-hundred day moving average price of $13.73.

Sims Metal Management Company Profile

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.