SSAB (OTCMKTS:SSAAY) Sees Large Drop in Short Interest

Key Points

• SSAB’s short interest plunged 99.8%, falling from 3,287 shares on July 30 to just 8 shares on August 14. Short positions represented 0.0% of shares outstanding, with a days-to-cover ratio of 0.0.
• Analyst sentiment remains favorable overall, with three Buy ratings and two Hold ratings giving SSAB an average “Moderate Buy” rating. However, DNB Carnegie recently downgraded the stock from Strong Buy to Hold.
• SSAB shares were flat at $5.40, near their 52-week high of $5.74, while the company reported quarterly EPS of $0.11 and revenue of $2.94 billion. Analysts expect full-year EPS of $0.39.

SSAB (OTCMKTS:SSAAY - Get Free Report) was the target of a large drop in short interest in the month of August. As of August 14th, there was short interest totaling 8 shares, a drop of 99.8% from the July 30th total of 3,287 shares. Based on an average daily volume of 1,477 shares, the days-to-cover ratio is presently 0.0 days. Currently, 0.0% of the company's stock are short sold.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on SSAAY shares. Dnb Carnegie lowered shares of SSAB from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 23rd. Morgan Stanley reaffirmed an "overweight" rating on shares of SSAB in a research report on Tuesday, July 28th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating on shares of SSAB in a report on Tuesday, July 7th. Finally, Citigroup reaffirmed a "buy" rating on shares of SSAB in a research report on Monday, July 13th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, SSAB currently has an average rating of "Moderate Buy".

SSAB Stock Performance

OTCMKTS:SSAAY remained flat at $5.40 on Tuesday. 205 shares of the company's stock traded hands, compared to its average volume of 894. The company has a current ratio of 2.43, a quick ratio of 1.37 and a debt-to-equity ratio of 0.10. The firm has a market cap of $10.76 billion, a PE ratio of 18.00 and a beta of 1.40. SSAB has a 52-week low of $2.83 and a 52-week high of $5.74. The firm's 50-day simple moving average is $5.19 and its two-hundred day simple moving average is $4.74.

SSAB (OTCMKTS:SSAAY - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The basic materials company reported $0.11 earnings per share for the quarter. The firm had revenue of $2.94 billion for the quarter. SSAB had a return on equity of 8.18% and a net margin of 5.73%. Equities research analysts predict that SSAB will post 0.39 EPS for the current 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.

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