Schnitzer Steel Industries Inc. (SCHN) Upgraded to “Buy” by Zacks Investment Research
Schnitzer Steel Industries Inc. (NASDAQ:SCHN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm presently has a $23.00 price objective on the stock. Zacks Investment Research’s target price points to a potential upside of 10.58% from the stock’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. “
Separately, DA Davidson restated a “hold” rating on shares of Schnitzer Steel Industries in a report on Tuesday, October 4th.
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Schnitzer Steel Industries (NASDAQ:SCHN) opened at 20.80 on Wednesday. The stock’s 50 day moving average is $19.46 and its 200 day moving average is $18.51. The company’s market cap is $567.01 million. Schnitzer Steel Industries has a 12 month low of $11.70 and a 12 month high of $21.65.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of Montreal Can acquired a new position in Schnitzer Steel Industries during the second quarter worth $108,000. Rational Advisors LLC purchased a new position in shares of Schnitzer Steel Industries during the second quarter valued at approximately $117,000. AXA purchased a new position in shares of Schnitzer Steel Industries during the second quarter valued at approximately $123,000. BlackRock Inc. increased its position in shares of Schnitzer Steel Industries by 446.9% in the second quarter. BlackRock Inc. now owns 10,381 shares of the company’s stock valued at $182,000 after buying an additional 8,483 shares during the period. Finally, Acrospire Investment Management LLC increased its position in shares of Schnitzer Steel Industries by 1,054.7% in the second quarter. Acrospire Investment Management LLC now owns 10,508 shares of the company’s stock valued at $185,000 after buying an additional 9,598 shares during the period. Institutional investors and hedge funds own 92.43% of the company’s stock.
About Schnitzer Steel Industries
Schnitzer Steel Industries, Inc (SSI) is a recycler of ferrous and nonferrous scrap metal. The Company is recycler of used and salvaged vehicles and a manufacturer of finished steel products. The Company operates in three business segments: the Metals Recycling Business (MRB), the Auto Parts Business (APB) and the Steel Manufacturing Business (SMB).
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