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 report released on Friday. The firm presently has a $30.00 price target on the basic materials company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 14.50% 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. “
Separately, TheStreet raised Schnitzer Steel Industries from a “c+” rating to a “b” rating in a research note on Friday, June 30th.
Shares of Schnitzer Steel Industries (NASDAQ:SCHN) traded down 2.42% during mid-day trading on Friday, hitting $26.20. The stock had a trading volume of 438,959 shares. The company has a market cap of $723.12 million, a PE ratio of 17.04 and a beta of 1.33. Schnitzer Steel Industries has a 12 month low of $17.30 and a 12 month high of $30.60. The stock’s 50-day moving average is $22.59 and its 200 day moving average is $21.95.
Schnitzer Steel Industries (NASDAQ:SCHN) last released its earnings results on Monday, June 26th. The basic materials company reported $0.56 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.56. Schnitzer Steel Industries had a return on equity of 8.34% and a net margin of 2.68%. The firm had revenue of $477 million during the quarter. During the same quarter in the prior year, the business posted $0.46 EPS. The business’s revenue for the quarter was up 35.5% compared to the same quarter last year. On average, equities research analysts forecast that Schnitzer Steel Industries will post $1.44 earnings per share for the current fiscal year.
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Institutional investors have recently made changes to their positions in the stock. Trellus Management Company LLC purchased a new position in shares of Schnitzer Steel Industries during the first quarter worth approximately $207,000. USA Financial Portformulas Corp purchased a new position in shares of Schnitzer Steel Industries during the fourth quarter worth approximately $225,000. Wedbush Securities Inc. raised its position in shares of Schnitzer Steel Industries by 11.2% in the first quarter. Wedbush Securities Inc. now owns 11,890 shares of the basic materials company’s stock worth $246,000 after buying an additional 1,200 shares during the last quarter. GW&K Investment Management LLC purchased a new position in shares of Schnitzer Steel Industries during the second quarter worth approximately $246,000. Finally, Affinity Investment Advisors LLC purchased a new position in shares of Schnitzer Steel Industries during the first quarter worth approximately $308,000. 85.77% of the stock is owned by institutional investors.
About Schnitzer Steel Industries
Schnitzer Steel Industries, Inc is a recycler of ferrous and nonferrous scrap metal, including end-of-life vehicles, and a manufacturer of finished steel products. The Company operates through two segments: the Auto and Metals Recycling (AMR) business and the Steel Manufacturing Business (SMB). The AMR segment collects and recycles auto bodies, rail cars, home appliances, industrial machinery, manufacturing scrap and construction and demolition scrap from bridges, buildings and other infrastructure.
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