SSAB shares reached a new 52-week high of $4.30 during trading on October 23, 2023. The stock, which traded at this peak before closing at the same price, experienced a volume of 200 shares exchanged. This marks a notable increase from the previous day’s closing price of $4.13.
Analysts Raise Price Targets for SSAB
Several analysts have recently provided updated assessments of SSAB’s stock. On October 23, Danske upgraded the company’s rating from “hold” to “buy.” Following this, Citigroup reaffirmed its “buy” rating in a report issued on December 5, 2023. Currently, two analysts have rated SSAB as a “buy,” while another two maintain a “hold” rating. According to data from MarketBeat, the stock has an average rating categorized as a “Moderate Buy.”
Quarterly Earnings Reflect Strong Performance
SSAB published its quarterly earnings results on October 22, 2023. The company reported earnings per share (EPS) of $0.08 for the quarter, alongside revenues totaling $2.41 billion. SSAB’s return on equity was recorded at 7.33%, with a net margin of 5.17%. Looking ahead, analysts predict that SSAB will report $0.24 earnings per share for the current financial year.
SSAB, based in Sweden, is a prominent steel producer known for its specialization in high-strength and wear-resistant steels. The company serves various industries, including construction, automotive, mining, and heavy transport. Key brands under SSAB 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 state-owned steelworks, SSAB was privatized in the mid-1980s and is currently listed on the Nasdaq Stockholm exchange.
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