Sims Metal Management (OTCMKTS:SMSMY) Shares Down 7.3% – Here’s What Happened

Shares of Sims Metal Management Ltd. (OTCMKTS:SMSMY) dropped 7.3% during mid-day trading on Thursday . The stock traded as low as $18.01 and last traded at $18.01. Approximately 563 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 5,605 shares. The stock had previously closed at $19.43.

Analyst Upgrades and Downgrades

Several research firms have commented on SMSMY. 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. Royal Bank Of Canada raised Sims Metal Management from a “hold” rating to a “moderate buy” rating in a report on Wednesday, March 18th. Finally, Zacks Research cut Sims Metal Management from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 19th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Sims Metal Management has an average rating of “Hold”.

Sims Metal Management Trading Up 5.5%

The firm’s fifty day moving average is $15.87 and its 200-day moving average is $14.18.

Sims Metal Management Company Profile

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.