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

Salzgitter AG (OTCMKTS:SZGPY) gapped up before the market opened 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.

Analysts Set New Price Targets

SZGPY has been the subject of a number of analyst reports. Jefferies Financial Group upgraded Salzgitter from a “hold” rating to a “buy” rating in a research note on Monday, July 13th. Zacks Research upgraded Salzgitter to a “hold” rating in a research note on Thursday, July 16th. Citigroup reaffirmed a “neutral” rating on shares of Salzgitter in a report on Wednesday, May 20th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Salzgitter in a report on Friday, September 4th. Finally, Morgan Stanley raised Salzgitter from an “underweight” rating to an “overweight” rating in a report on Monday, June 1st. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Salzgitter currently has a consensus rating of “Moderate Buy”.

Salzgitter Stock Up 14.3%

The stock has a market cap of $3.62 billion, a price-to-earnings ratio of 55.83 and a beta of 1.70. The business’s fifty day moving average is $6.15 and its two-hundred day moving average is $5.86.

Salzgitter (OTCMKTS:SZGPY) last released its quarterly earnings data on Tuesday, August 11th. The basic materials company reported ($0.09) earnings per share (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 firm had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.42 billion. As a group, sell-side analysts expect that Salzgitter AG will post 0.22 earnings per share 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.