Schnitzer Steel Industries (NASDAQ:SCHN) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Wednesday, Zacks.com reports. The firm presently has a $27.00 price objective on the basic materials company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 13.54% from the company’s previous close.
According to Zacks, “Schnitzer Steel Industries, Inc. collects, processes and recycles metals by operating one of the largest metals recycling businesses in the United States. They also manufacture finished steel products at their technologically advanced steel mini-mill. “
Several other equities research analysts also recently weighed in on SCHN. BidaskClub downgraded Schnitzer Steel Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 3rd. Cowen reiterated a “market perform” rating and issued a $25.00 price target (up from $24.00) on shares of Schnitzer Steel Industries in a report on Tuesday, June 25th. Finally, ValuEngine downgraded Schnitzer Steel Industries from a “hold” rating to a “sell” rating in a report on Saturday. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $26.80.
Shares of NASDAQ SCHN opened at $23.78 on Wednesday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.22 and a current ratio of 2.36. The business has a 50 day simple moving average of $25.40. Schnitzer Steel Industries has a fifty-two week low of $20.94 and a fifty-two week high of $29.10. The stock has a market capitalization of $623.17 million, a P/E ratio of 4.41 and a beta of 1.45.
Schnitzer Steel Industries (NASDAQ:SCHN) last issued its quarterly earnings results on Wednesday, June 26th. The basic materials company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.02. Schnitzer Steel Industries had a return on equity of 15.72% and a net margin of 4.63%. The firm had revenue of $547.00 million for the quarter, compared to the consensus estimate of $542.24 million. During the same period in the prior year, the business posted $1.26 earnings per share. The company’s revenue for the quarter was down 16.1% on a year-over-year basis. Research analysts expect that Schnitzer Steel Industries will post 2.27 EPS for the current year.
A number of large investors have recently made changes to their positions in the stock. Jacobs Levy Equity Management Inc. purchased a new position in Schnitzer Steel Industries in the 2nd quarter worth $2,442,000. BlackRock Inc. raised its stake in Schnitzer Steel Industries by 3.7% in the 2nd quarter. BlackRock Inc. now owns 2,222,115 shares of the basic materials company’s stock worth $58,152,000 after acquiring an additional 79,777 shares during the last quarter. APG Asset Management N.V. purchased a new position in Schnitzer Steel Industries in the 2nd quarter worth $2,785,000. BSW Wealth Partners purchased a new position in Schnitzer Steel Industries in the 2nd quarter worth $52,000. Finally, Parametric Portfolio Associates LLC raised its stake in Schnitzer Steel Industries by 19.2% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 163,451 shares of the basic materials company’s stock worth $4,278,000 after acquiring an additional 26,376 shares during the last quarter. 83.36% of the stock is currently owned by institutional investors.
About Schnitzer Steel Industries
Schnitzer Steel Industries, Inc recycles ferrous and nonferrous scrap metals; and manufactures finished steel products worldwide. The company operates through two segments, Auto and Metals Recycling (AMR), and Cascade Steel and Scrap (CSS). The AMR segment acquires, processes, and recycles scrap metals, as well as processes mixed and large pieces of scrap metal into smaller pieces by crushing, torching, shearing, shredding, and sorting.
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