Salzgitter (OTCMKTS:SZGPY) Shares Gap Up Following Analyst Upgrade

Salzgitter AG (OTCMKTS:SZGPY)’s stock price gapped up prior to trading on Friday after Zacks Research upgraded the stock to a hold rating. The stock had previously closed at $5.8050, but opened at $6.20. Salzgitter shares last traded at $6.32, with a volume of 708 shares trading hands.

Other analysts have also issued reports about the company. Morgan Stanley upgraded Salzgitter from an “underweight” rating to an “overweight” rating in a research note on Monday, June 1st. Jefferies Financial Group raised shares of Salzgitter from a “hold” rating to a “buy” rating in a research note on Monday, July 13th. Citigroup reiterated a “neutral” rating on shares of Salzgitter in a research report on Wednesday, May 20th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Salzgitter in a research note on Wednesday, May 13th. Five investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy”.

Salzgitter Price Performance

The business has a 50 day simple moving average of $6.25 and a 200-day simple moving average of $5.70. The stock has a market capitalization of $3.42 billion, a price-to-earnings ratio of 70.22 and a beta of 1.72.

Salzgitter (OTCMKTS:SZGPY) last released its quarterly earnings results on Tuesday, May 12th. The basic materials company reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.09. Salzgitter had a return on equity of 1.00% and a net margin of 0.49%.The company had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.53 billion. As a group, equities analysts predict that Salzgitter AG will post 0.37 earnings per share for the current 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.