Sims Metal Management (OTCMKTS:SMSMY) Shares Up 9.5% – Here’s Why

Sims Metal Management Ltd. (OTCMKTS:SMSMY) shares were up 9.5% during mid-day trading on Thursday . The stock traded as high as $14.2950 and last traded at $14.10. Approximately 1,138 shares changed hands during trading, a decline of 84% from the average daily volume of 7,135 shares. The stock had previously closed at $12.88.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on SMSMY shares. Royal Bank Of Canada raised Sims Metal Management from a “hold” rating to a “moderate buy” rating in a research note on Wednesday, March 18th. The Goldman Sachs Group raised Sims Metal Management from a “strong sell” rating to a “hold” rating in a research note on Tuesday, March 10th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy”.

Sims Metal Management Stock Performance

The company has a 50 day moving average price of $14.20 and a 200-day moving average price of $12.05.

About Sims Metal Management

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.