Radius Recycling (NASDAQ:RDUS) Shares Gap Up – Here’s Why

Shares of Radius Recycling, Inc. (NASDAQ:RDUS) gapped up before the market opened on Friday . The stock had previously closed at $13.66, but opened at $28.35. Radius Recycling shares last traded at $27.97, with a volume of 3,382,917 shares traded.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on RDUS. StockNews.com lowered shares of Radius Recycling from a “hold” rating to a “sell” rating in a research note on Thursday, December 26th. The Goldman Sachs Group began coverage on shares of Radius Recycling in a research note on Monday, December 2nd. They issued a “neutral” rating and a $22.00 price objective for the company.

Radius Recycling Trading Up 103.6 %

The company’s 50 day moving average price is $13.11 and its 200 day moving average price is $15.90. The company has a debt-to-equity ratio of 0.75, a current ratio of 2.02 and a quick ratio of 0.97. The firm has a market cap of $782.99 million, a PE ratio of -2.78 and a beta of 1.67.

Radius Recycling (NASDAQ:RDUS) last posted its quarterly earnings results on Tuesday, January 7th. The basic materials company reported ($1.33) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.67). Radius Recycling had a negative return on equity of 14.16% and a negative net margin of 10.49%. The firm had revenue of $656.54 million for the quarter, compared to analyst estimates of $665.90 million. During the same quarter last year, the firm earned ($0.64) EPS. The company’s revenue was down 2.4% on a year-over-year basis. As a group, analysts forecast that Radius Recycling, Inc. will post -3.84 EPS for the current fiscal year.

Radius Recycling Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, February 18th. Shareholders of record on Monday, February 3rd were issued a dividend of $0.1875 per share. This represents a $0.75 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend was Monday, February 3rd. Radius Recycling’s dividend payout ratio (DPR) is presently -7.49%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in RDUS. Victory Capital Management Inc. grew its holdings in Radius Recycling by 7.0% during the 3rd quarter. Victory Capital Management Inc. now owns 52,200 shares of the basic materials company’s stock worth $968,000 after acquiring an additional 3,400 shares in the last quarter. Empowered Funds LLC lifted its position in shares of Radius Recycling by 5.3% during the 3rd quarter. Empowered Funds LLC now owns 126,884 shares of the basic materials company’s stock worth $2,352,000 after buying an additional 6,432 shares during the last quarter. Quest Partners LLC lifted its position in shares of Radius Recycling by 2,836.2% during the 3rd quarter. Quest Partners LLC now owns 22,491 shares of the basic materials company’s stock worth $417,000 after buying an additional 21,725 shares during the last quarter. Algert Global LLC purchased a new stake in shares of Radius Recycling during the 3rd quarter worth approximately $922,000. Finally, FMR LLC lifted its position in shares of Radius Recycling by 23.7% during the 3rd quarter. FMR LLC now owns 951,337 shares of the basic materials company’s stock worth $17,638,000 after buying an additional 182,435 shares during the last quarter. Institutional investors and hedge funds own 78.11% of the company’s stock.

Radius Recycling Company Profile

Radius Recycling, Inc recycles ferrous and nonferrous metal, and manufactures finished steel products worldwide. The company acquires, processes, and recycles salvaged vehicles, rail cars, home appliances, industrial machinery, manufacturing scrap, and construction and demolition scrap. It offers recycled ferrous metal, a feedstock used in the production of finished steel products; and nonferrous products, including mixed metal joint products recovered from the shredding process, such as zorba, zurik, aluminum, copper, stainless steel, nickel, brass, titanium, lead, and high temperature alloys.