Sims Metal Management (OTCMKTS:SMSMY) Trading 9.5% Higher – Still a Buy?

Sims Metal Management Ltd. (OTCMKTS:SMSMY)’s stock price rose 9.5% during mid-day trading on Friday . The stock traded as high as $19.14 and last traded at $19.10. Approximately 2,481 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 5,920 shares. The stock had previously closed at $17.45.

Analysts Set New Price Targets

SMSMY has been the subject of several recent analyst reports. Zacks Research downgraded shares of Sims Metal Management from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 19th. The Goldman Sachs Group upgraded Sims Metal Management from a “strong sell” rating to a “hold” rating in a research note on Tuesday, March 10th. Finally, Royal Bank Of Canada upgraded shares of Sims Metal Management from a “hold” rating to a “moderate buy” rating in a research note on Wednesday, March 18th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold”.

Sims Metal Management Stock Up 7.2%

The company has a 50 day moving average of $14.65 and a 200-day moving average of $13.47.

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.