Schnitzer Steel Industries, Inc. (SCHN) Lowered to “Hold” at Zacks Investment Research
Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday.
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. “
Other equities analysts also recently issued reports about the stock. TheStreet raised shares of Schnitzer Steel Industries from a “c+” rating to a “b” rating in a report on Friday, June 30th. BidaskClub downgraded shares of Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a report on Wednesday, August 16th. ValuEngine downgraded shares of Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a report on Friday. Finally, Macquarie started coverage on shares of Schnitzer Steel Industries in a report on Wednesday, September 6th. They set a “neutral” rating and a $26.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating, The stock presently has a consensus rating of “Hold” and a consensus target price of $27.50.
Shares of Schnitzer Steel Industries (NASDAQ:SCHN) opened at 27.15 on Tuesday. The company has a market capitalization of $749.34 million, a P/E ratio of 17.65 and a beta of 1.33. The firm has a 50-day moving average of $25.93 and a 200-day moving average of $22.40. Schnitzer Steel Industries has a one year low of $17.50 and a one year high of $30.60.
Schnitzer Steel Industries (NASDAQ:SCHN) last posted its quarterly earnings data on Monday, June 26th. The basic materials company reported $0.56 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.56. The business had revenue of $477.00 million for the quarter. Schnitzer Steel Industries had a net margin of 2.68% and a return on equity of 8.34%. The business’s revenue for the quarter was up 35.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.46 earnings per share. Analysts forecast that Schnitzer Steel Industries will post $1.47 earnings per share for the current year.
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Several large investors have recently bought and sold shares of SCHN. Acadian Asset Management LLC lifted its stake in shares of Schnitzer Steel Industries by 273.4% in the second quarter. Acadian Asset Management LLC now owns 1,062,264 shares of the basic materials company’s stock worth $18,698,000 after buying an additional 777,806 shares in the last quarter. Norges Bank purchased a new position in shares of Schnitzer Steel Industries in the fourth quarter worth about $18,585,000. State Street Corp lifted its stake in shares of Schnitzer Steel Industries by 65.0% in the first quarter. State Street Corp now owns 1,681,401 shares of the basic materials company’s stock worth $31,007,000 after buying an additional 662,412 shares in the last quarter. Wells Fargo & Company MN lifted its stake in shares of Schnitzer Steel Industries by 395.2% in the second quarter. Wells Fargo & Company MN now owns 577,820 shares of the basic materials company’s stock worth $14,561,000 after buying an additional 461,146 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Schnitzer Steel Industries by 21.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,252,341 shares of the basic materials company’s stock worth $57,886,000 after buying an additional 399,181 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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