Showing posts with label Sims Metal Management. Show all posts
Showing posts with label Sims Metal Management. Show all posts
Friday, October 26, 2012
Agnico (AEM) (SMS) (BEN) (CLF) (LUN) (NS) Ratings Adjustments
Agnico-Eagle Mines Limited (AEM), Sims Metal Management Ltd (SMS), Franklin Resources, Inc. (BEN), Cliffs Natural Resources Inc (CLF), Lundin Mining Co. (LUN) and NuStar Energy L.P. (NS) had ratings on them adjusted by analysts.
DA Davidson upgraded Sims Metal Management Ltd (SMS) ) from a "Neutral" rating to a "Buy" rating.
Mackie downgraded Agnico-Eagle Mines Limited (AEM) from a "Buy" rating to a "Hold" rating.
Morgan Stanley (MS) downgraded Franklin Resources, Inc. (BEN) to an "Equal Weight" rating. They have a price target of $146.00 on the company.
Dahlman Rose downgraded Cliffs Natural Resources Inc. (CLF) from a "Buy" rating to a "Hold" rating.
Scotia Capital downgraded Lundin Mining Co. (LUN) from an "Outperform" rating to a "Sector Perform" rating. They have a price target of $7.00 on the company.
Credit Suisse downgraded NuStar Energy L.P. (NS) from an "Outperform" rating to an "Underperform" rating. They have a price target of $44.00 on the company.
Monday, October 4, 2010
Schnitzer (NASDAQ:SCHN), Sims (NYSE:SMS) Look Good Long Term Says Canaccord
Canaccord commented on the overall sector Schnitzer Steel (NASDAQ:SCHN) and Sims Metal Management (NYSE:SMS) operate in, and said in the short term there isn't much to get excited about, as little is out there that would suggest the ongoing drop in ferrous scrap prices will halt any time soon.
"Based on our research, we conclude the export market remains in a temporary lull following a fairly strong month in August. Overseas demand is relatively sluggish for the most part and ferrous scrap prices are on the decline (perhaps more so than we expected earlier this week). Although a lack of near-term catalysts is likely to keep Schnitzer and Sims Metal Management (NYSE:SMS) in a trading range for now, in our view, we maintain our BUY ratings based on attractive valuations and compelling long-term growth drivers," said Canaccord.
Both companies have had their shares drop from a year ago, as had most in the steel industry.
It's all about demand and it just isn't there, and likely won't be for some time.
"Based on our research, we conclude the export market remains in a temporary lull following a fairly strong month in August. Overseas demand is relatively sluggish for the most part and ferrous scrap prices are on the decline (perhaps more so than we expected earlier this week). Although a lack of near-term catalysts is likely to keep Schnitzer and Sims Metal Management (NYSE:SMS) in a trading range for now, in our view, we maintain our BUY ratings based on attractive valuations and compelling long-term growth drivers," said Canaccord.
Both companies have had their shares drop from a year ago, as had most in the steel industry.
It's all about demand and it just isn't there, and likely won't be for some time.
Wednesday, September 15, 2010
Nucor (NYSE:NUE), Steel Dynamics (Nasdaq:STLD) Lower Third-quarter Guidance
With Nucor (NYSE:NUE) and Steel Dynamics (Nasdaq:STLD) lowering their third-quarter guidance, Canaccord Genuity said it confirms the domestic steel scrap market, in relationship to flows and spreads, is slowing down for the quarter.
"Both Nucor and Steel Dynamics lowered their Q3 earnings guidance on Tuesday. For the record, Nucor expects Q3 earnings per share to be $0.05-$0.10, down from $0.29 in Q2/10. Steel Dynamics forecasts Q3 EPS of $0.05-$0.10, down from $0.22 in Q2/10," said Canaccord.
Neither Nucor or Steel Dynamics is rated at this time by Canaccord.
"This commentary confirms what we have been hearing about the domestic scrap market in the current quarter in terms of flows and spreads. As detailed in prior research, we recently lowered our Aug. (FQ4/10) quarter estimate for Schnitzer Steel (Nasdaq:SCHN), based on reduced expectations for average realized metal spreads. Also, we lowered our Sims Metal Management (NYSE:SMS) estimates for F2011 and F2012 due in part to mixed ferrous scrap demand trends and weaker scrap flows."
Canaccord rates Sims and Schnitzer at "Buy."
"Both Nucor and Steel Dynamics lowered their Q3 earnings guidance on Tuesday. For the record, Nucor expects Q3 earnings per share to be $0.05-$0.10, down from $0.29 in Q2/10. Steel Dynamics forecasts Q3 EPS of $0.05-$0.10, down from $0.22 in Q2/10," said Canaccord.
Neither Nucor or Steel Dynamics is rated at this time by Canaccord.
"This commentary confirms what we have been hearing about the domestic scrap market in the current quarter in terms of flows and spreads. As detailed in prior research, we recently lowered our Aug. (FQ4/10) quarter estimate for Schnitzer Steel (Nasdaq:SCHN), based on reduced expectations for average realized metal spreads. Also, we lowered our Sims Metal Management (NYSE:SMS) estimates for F2011 and F2012 due in part to mixed ferrous scrap demand trends and weaker scrap flows."
Canaccord rates Sims and Schnitzer at "Buy."
Friday, February 19, 2010
Sims Metal Management (ASX:SGM) First Half Results
Sims Metal Management
Sims Metal Management (ASX:SGM) reported a profit for the half year ending on December 31, 2009 of $35.9 million after taxes, as the Sydney-based company, even as overall sales dropped by 39 percent for the same time a year before. Sims Metal is the largest scrap metal recycler in the world.
Even with higher revenue last year, the company had looses of of A$79.4 million. Sales for the period dropped by A$3.4 billion. Diluted earnings per share stood at 21.2 cents for the first fiscal half year.
The company seems positioned strongly going forward, as it hasn't tapped any of its lines of credit and has $225 million cash on hand.
They may use that in the next months to grow it share in the North American scrap market, which they now have 13 percent of. They may try to increase that to 22 percent sometime soon.
Sims Metal Management
Sims Metal Management (ASX:SGM) reported a profit for the half year ending on December 31, 2009 of $35.9 million after taxes, as the Sydney-based company, even as overall sales dropped by 39 percent for the same time a year before. Sims Metal is the largest scrap metal recycler in the world.
Even with higher revenue last year, the company had looses of of A$79.4 million. Sales for the period dropped by A$3.4 billion. Diluted earnings per share stood at 21.2 cents for the first fiscal half year.
The company seems positioned strongly going forward, as it hasn't tapped any of its lines of credit and has $225 million cash on hand.
They may use that in the next months to grow it share in the North American scrap market, which they now have 13 percent of. They may try to increase that to 22 percent sometime soon.
Sims Metal Management
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