SSAB (OTCMKTS:SSAAY) Hits New 1-Year High – Here’s Why

Shares of SSAB (OTCMKTS:SSAAY) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $5.45 and last traded at $5.45, with a volume of 300 shares trading hands. The stock had previously closed at $5.15.

Wall Street Analysts Forecast Growth

SSAAY has been the topic of several research analyst reports. Dnb Carnegie downgraded shares of SSAB from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 23rd. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating on shares of SSAB in a research report on Tuesday, July 7th. Citigroup restated a “buy” rating on shares of SSAB in a research report on Monday, July 13th. Finally, Morgan Stanley restated an “overweight” rating on shares of SSAB in a research note on Tuesday. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, SSAB currently has an average rating of “Moderate Buy”.

SSAB Stock Up 3.5%

The company has a current ratio of 2.48, a quick ratio of 1.39 and a debt-to-equity ratio of 0.10. The stock’s 50-day moving average price is $5.05 and its 200-day moving average price is $4.57. The stock has a market cap of $10.86 billion, a price-to-earnings ratio of 18.17 and a beta of 1.43.

SSAB (OTCMKTS:SSAAY) last announced its earnings results on Wednesday, July 22nd. The basic materials company reported $0.11 earnings per share for the quarter. SSAB had a net margin of 5.73% and a return on equity of 8.52%. The business had revenue of $2.94 billion during the quarter. On average, sell-side analysts expect that SSAB will post 0.4 earnings per share for the current year.

About SSAB

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.