Radius Recycling (NASDAQ:RDUS) Shares Gap Up - Here's Why

Radius Recycling, Inc. (NASDAQ:RDUS - Get Free Report) gapped up prior to trading 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 changing hands.

Analysts Set New Price Targets

Several analysts have issued reports on RDUS shares. The Goldman Sachs Group started coverage on shares of Radius Recycling in a report on Monday, December 2nd. They issued a "neutral" rating and a $22.00 price target on the stock. StockNews.com lowered shares of Radius Recycling from a "hold" rating to a "sell" rating in a report on Thursday, December 26th.

Radius Recycling Trading Up 0.6 %

The firm has a market capitalization of $815.93 million, a PE ratio of -2.89 and a beta of 1.67. The company has a quick ratio of 0.97, a current ratio of 2.02 and a debt-to-equity ratio of 0.75. The business's fifty day moving average price is $13.67 and its 200 day moving average price is $16.10.

Radius Recycling (NASDAQ:RDUS - Get Free Report) last issued its quarterly earnings results on Tuesday, January 7th. The basic materials company reported ($1.33) EPS for the quarter, missing analysts' consensus estimates 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 analysts' expectations of $665.90 million. During the same quarter last year, the firm earned ($0.64) earnings per share. The business's quarterly revenue was down 2.4% compared to the same quarter last year. As a group, analysts expect that Radius Recycling, Inc. will post -3.84 EPS for the current fiscal year.

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Radius Recycling Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, February 18th. Investors of record on Monday, February 3rd were given a $0.1875 dividend. The ex-dividend date was Monday, February 3rd. This represents a $0.75 annualized dividend and a dividend yield of 2.59%. Radius Recycling's dividend payout ratio is presently -7.49%.

Institutional Investors Weigh In On Radius Recycling

Several hedge funds have recently modified their holdings of RDUS. Victory Capital Management Inc. boosted its position in shares of Radius Recycling by 7.0% in the third 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 during the last quarter. Empowered Funds LLC lifted its position in Radius Recycling by 5.3% during the third quarter. Empowered Funds LLC now owns 126,884 shares of the basic materials company's stock valued at $2,352,000 after buying an additional 6,432 shares in the last quarter. Quest Partners LLC lifted its position in Radius Recycling by 2,836.2% during the third quarter. Quest Partners LLC now owns 22,491 shares of the basic materials company's stock valued at $417,000 after buying an additional 21,725 shares in the last quarter. Algert Global LLC acquired a new position in Radius Recycling during the third quarter valued at approximately $922,000. Finally, FMR LLC lifted its position in Radius Recycling by 23.7% during the third quarter. FMR LLC now owns 951,337 shares of the basic materials company's stock valued at $17,638,000 after buying an additional 182,435 shares in the last quarter. 78.11% of the stock is owned by institutional investors and hedge funds.

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.