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

Salzgitter AG (OTCMKTS:SZGPY) shares gapped up prior to trading 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 traded.

Wall Street Analysts Forecast Growth

SZGPY has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Salzgitter in a research note on Friday, September 4th. Morgan Stanley raised Salzgitter from an “underweight” rating to an “overweight” rating in a research note on Monday, June 1st. Zacks Research upgraded shares of Salzgitter to a “hold” rating in a report on Thursday, July 16th. Finally, Jefferies Financial Group upgraded shares of 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 company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy”.

Salzgitter Price Performance

The firm has a market capitalization of $3.65 billion, a price-to-earnings ratio of 56.17 and a beta of 1.70. The stock has a fifty day moving average of $6.19 and a two-hundred day moving average of $5.86.

Salzgitter (OTCMKTS:SZGPY) last announced its earnings results on Tuesday, August 11th. The basic materials company reported ($0.09) EPS for the quarter, missing the consensus estimate of $0.06 by ($0.15). Salzgitter had a return on equity of 1.30% and a net margin of 0.65%.The company had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.42 billion. On average, research analysts forecast 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.