Research analysts at Macquarie assumed coverage on shares of Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) in a note issued to investors on Wednesday, Marketbeat.com reports. The brokerage set a “neutral” rating and a $26.00 price target on the basic materials company’s stock. Macquarie’s price objective indicates a potential downside of 0.95% from the stock’s current price.

A number of other equities research analysts have also recently commented on SCHN. BidaskClub cut shares of Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a research note on Wednesday, August 16th. Zacks Investment Research raised shares of Schnitzer Steel Industries from a “hold” rating to a “strong-buy” rating and set a $29.00 price objective on the stock in a research note on Wednesday, August 16th. Finally, TheStreet raised shares of Schnitzer Steel Industries from a “c+” rating to a “b” rating in a research note on Friday, June 30th. Three research analysts have rated the stock with a hold rating and one has given a strong buy rating to the company. Schnitzer Steel Industries currently has a consensus rating of “Buy” and a consensus price target of $27.50.

Schnitzer Steel Industries (NASDAQ SCHN) traded down 0.76% during trading on Wednesday, hitting $26.25. 244,304 shares of the stock traded hands. Schnitzer Steel Industries has a 52-week low of $17.30 and a 52-week high of $30.60. The stock has a market cap of $724.50 million, a P/E ratio of 17.07 and a beta of 1.33. The company’s 50 day moving average price is $25.88 and its 200-day moving average price is $22.36.

Schnitzer Steel Industries (NASDAQ:SCHN) last issued its quarterly earnings data on Monday, June 26th. The basic materials company reported $0.56 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.56. The firm had revenue of $477 million for the quarter. Schnitzer Steel Industries had a net margin of 2.68% and a return on equity of 8.34%. Schnitzer Steel Industries’s revenue was up 35.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.46 earnings per share. Equities research analysts forecast that Schnitzer Steel Industries will post $1.46 earnings per share for the current fiscal year.

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Hedge funds and other institutional investors have recently modified their holdings of the stock. Strs Ohio lifted its holdings in Schnitzer Steel Industries by 21.6% in the 1st quarter. Strs Ohio now owns 34,300 shares of the basic materials company’s stock valued at $708,000 after purchasing an additional 6,100 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in Schnitzer Steel Industries by 20.7% in the 1st quarter. Wells Fargo & Company MN now owns 116,674 shares of the basic materials company’s stock valued at $2,410,000 after purchasing an additional 20,025 shares in the last quarter. American Century Companies Inc. lifted its holdings in Schnitzer Steel Industries by 3.5% in the 1st quarter. American Century Companies Inc. now owns 154,143 shares of the basic materials company’s stock valued at $3,183,000 after purchasing an additional 5,175 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Schnitzer Steel Industries by 4.9% in the 1st quarter. Bank of New York Mellon Corp now owns 250,220 shares of the basic materials company’s stock valued at $5,167,000 after purchasing an additional 11,684 shares in the last quarter. Finally, BNP Paribas Arbitrage SA lifted its holdings in Schnitzer Steel Industries by 2,435.2% in the 1st quarter. BNP Paribas Arbitrage SA now owns 123,135 shares of the basic materials company’s stock valued at $2,543,000 after purchasing an additional 118,278 shares in the last quarter. 82.37% of the stock is currently owned by hedge funds and other 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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