SSAB (OTCMKTS:SSAAY) Shares Gap Up – Time to Buy?

Shares of SSAB (OTCMKTS:SSAAY) gapped up before the market opened on Tuesday . The stock had previously closed at $4.6950, but opened at $4.8850. SSAB shares last traded at $4.8850, with a volume of 240 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on SSAAY shares. Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of SSAB in a research note on Tuesday. Citigroup reissued a “buy” rating on shares of SSAB in a report on Wednesday, May 20th. Finally, Morgan Stanley restated an “overweight” rating on shares of SSAB in a research note on Monday, June 29th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy”.

SSAB Trading Up 2.8%

The company has a quick ratio of 1.39, a current ratio of 2.48 and a debt-to-equity ratio of 0.10. The firm’s 50 day simple moving average is $4.92 and its two-hundred day simple moving average is $4.42. The stock has a market cap of $9.74 billion, a P/E ratio of 16.85 and a beta of 1.40.

SSAB (OTCMKTS:SSAAY) last issued its earnings results on Tuesday, April 28th. The basic materials company reported $0.09 earnings per share for the quarter. SSAB had a net margin of 5.59% and a return on equity of 8.13%. The company had revenue of $2.77 billion for the quarter. As a group, equities research analysts predict that SSAB will post 0.38 earnings per share for the current fiscal year.

SSAB Company Profile

SSAB (OTCMKTS:SSAAY) is a Swedish steel producer specializing in high-strength and wear-resistant steels. The company develops and manufactures steel products for customers in industries such as construction, automotive, mining and heavy transport. SSAB’s key brands include Hardox® for abrasion-resistant steel, Strenx® for high-strength steel in structural applications and Docol® for advanced automotive steel solutions.

Founded in 1978 through the merger of Sweden’s state-owned steelworks, SSAB was privatized in the mid-1980s and listed on the Nasdaq Stockholm exchange.