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

Salzgitter AG (OTCMKTS:SZGPY) shares gapped down before the market opened on Friday . The stock had previously closed at $6.10, but opened at $5.30. Salzgitter shares last traded at $5.49, with a volume of 2,110 shares.

Analysts Set New Price Targets

Several brokerages have commented on SZGPY. Morgan Stanley raised Salzgitter from an “underweight” rating to an “overweight” rating in a research note on Monday, June 1st. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Salzgitter in a research report on Wednesday, May 13th. Finally, Citigroup reaffirmed a “neutral” rating on shares of Salzgitter in a research note on Wednesday, May 20th. Four analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Salzgitter currently has a consensus rating of “Moderate Buy”.

Salzgitter Trading Down 8.2%

The firm has a market cap of $2.96 billion, a P/E ratio of 60.89 and a beta of 1.65. The company’s 50-day moving average is $6.26 and its two-hundred day moving average is $5.64.

Salzgitter (OTCMKTS:SZGPY) last issued its quarterly earnings data on Tuesday, May 12th. The basic materials company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.09. Salzgitter had a return on equity of 1.00% and a net margin of 0.49%.The business had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.53 billion.

Salzgitter Company Profile

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.