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

Shares of Salzgitter AG (OTCMKTS:SZGPY) gapped up prior to trading on Monday . The stock had previously closed at $5.87, but opened at $6.4975. Salzgitter shares last traded at $6.11, with a volume of 8,823 shares changing hands.

Wall Street Analysts Forecast Growth

SZGPY has been the subject of a number of recent research reports. Morgan Stanley upgraded shares of Salzgitter from an “underweight” rating to an “overweight” rating in a report on Monday, June 1st. Citigroup reaffirmed a “neutral” rating on shares of Salzgitter in a research report on Wednesday, May 20th. Jefferies Financial Group upgraded Salzgitter from a “hold” rating to a “buy” rating in a research note on Monday, July 13th. Zacks Research raised Salzgitter to a “hold” rating in a report on Thursday, July 16th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Salzgitter in a research note on Wednesday, May 13th. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy”.

Salzgitter Price Performance

The firm has a 50 day simple moving average of $6.24 and a 200-day simple moving average of $5.76. The stock has a market capitalization of $3.30 billion, a price-to-earnings ratio of 67.89 and a beta of 1.72.

Salzgitter (OTCMKTS:SZGPY) last announced its quarterly earnings results on Tuesday, May 12th. The basic materials company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.09. The firm had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.53 billion. Salzgitter had a net margin of 0.49% and a return on equity of 1.00%. On average, sell-side analysts forecast that Salzgitter AG will post 0.37 earnings per share for the current fiscal 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.