Salzgitter (OTCMKTS:SZGPY) Shares Gap Up – Still a Buy?

Salzgitter AG (OTCMKTS:SZGPY)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $6.30, but opened at $6.65. Salzgitter shares last traded at $6.65, with a volume of 1,824 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Citigroup reiterated a “neutral” rating on shares of Salzgitter in a research report on Wednesday, May 20th. Jefferies Financial Group upgraded shares of Salzgitter from a “hold” rating to a “buy” rating in a research note on Monday, July 13th. Morgan Stanley raised Salzgitter from an “underweight” rating to an “overweight” rating in a report on Monday, June 1st. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Salzgitter in a research note on Wednesday, August 12th. Finally, Zacks Research raised Salzgitter to a “hold” rating in a research report on Thursday, July 16th. Five equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Salzgitter has a consensus rating of “Moderate Buy”.

Salzgitter Stock Up 5.6%

The firm has a market capitalization of $3.60 billion, a PE ratio of 55.42 and a beta of 1.68. The company has a 50-day moving average of $5.83 and a 200 day moving average of $5.83.

Salzgitter (OTCMKTS:SZGPY) last released its quarterly earnings results on Tuesday, August 11th. The basic materials company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.15). The firm had revenue of $2.61 billion during the quarter, compared to analysts’ expectations of $2.42 billion. Salzgitter had a return on equity of 1.30% and a net margin of 0.65%. As a group, equities analysts anticipate that Salzgitter AG will post 0.22 EPS for the current fiscal year.

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.