Acerinox (OTCMKTS:ANIOY) Shares Gap Down - Here's Why

Key Points

• Acerinox shares fell 5.5% at the open, dropping from $10.21 to $9.65 on light trading volume.
• Analyst sentiment remains broadly positive despite the decline, with a consensus “Moderate Buy” rating based on one Strong Buy, three Buys, one Hold and one Sell.
• The company exceeded quarterly EPS expectations, reporting $0.17 versus the $0.13 consensus estimate, although net margin was only 0.95% and return on equity was 2.59%.

Acerinox (OTCMKTS:ANIOY - Get Free Report)'s share price gapped down before the market opened on Monday. The stock had previously closed at $10.21, but opened at $9.65. Acerinox shares last traded at $9.65, with a volume of 282 shares trading hands.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Jefferies Financial Group upgraded Acerinox to a "strong-buy" rating in a report on Monday, July 13th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of Acerinox in a research report on Friday, September 4th. Citigroup restated a "buy" rating on shares of Acerinox in a report on Tuesday, September 15th. BNP Paribas Exane cut shares of Acerinox from a "neutral" rating to an "underperform" rating in a research report on Wednesday, July 8th. Finally, Morgan Stanley reiterated an "overweight" rating on shares of Acerinox in a research note on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Acerinox presently has a consensus rating of "Moderate Buy".

Acerinox Stock Performance

The business's 50-day moving average price is $10.15 and its 200-day moving average price is $9.07. The company has a current ratio of 1.65, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. The stock has a market cap of $4.81 billion, a PE ratio of 74.23 and a beta of 1.08.

Acerinox (OTCMKTS:ANIOY - Get Free Report) last posted its earnings results on Friday, July 24th. The company reported $0.17 EPS for the quarter, beating analysts' consensus estimates of $0.13 by $0.04. Acerinox had a net margin of 0.95% and a return on equity of 2.59%. The company had revenue of $1.84 billion during the quarter, compared to analysts' expectations of $3.51 billion. As a group, equities research analysts expect that Acerinox will post 0.51 earnings per share for the current fiscal year.

About Acerinox

Acerinox, SA is a Spanish manufacturer of stainless steel and high-performance alloys. The company produces flat and long stainless-steel products, including sheets, coils, plates, bars, wire rod and wire, serving applications such as construction, transportation, energy, industrial equipment, food processing and household products.

Founded in 1970, Acerinox has developed an international production and distribution network. Its principal manufacturing operations have included facilities in Spain, the United States and South Africa, while its commercial network serves customers across Europe, the Americas, Africa and Asia.

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