Morgan Stanley Increases Schnitzer Steel Industries, Inc. (SCHN) Price Target to $29.00
Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) had its price objective upped by investment analysts at Morgan Stanley from $27.00 to $29.00 in a report issued on Tuesday. The firm currently has an “equal weight” rating on the basic materials company’s stock. Morgan Stanley’s price objective indicates a potential downside of 0.17% from the stock’s current price.
Other equities analysts also recently issued reports about the stock. Zacks Investment Research upgraded shares of Schnitzer Steel Industries from a “hold” rating to a “buy” rating and set a $33.00 price objective on the stock in a research note on Saturday, October 21st. KeyCorp reiterated a “hold” rating on shares of Schnitzer Steel Industries in a research note on Wednesday, October 11th. ValuEngine upgraded shares of Schnitzer Steel Industries from a “hold” rating to a “buy” rating in a research note on Thursday, October 5th. Finally, Macquarie began coverage on shares of Schnitzer Steel Industries in a research note on Wednesday, September 6th. They set a “neutral” rating and a $26.00 price objective on the stock. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $29.33.
Shares of Schnitzer Steel Industries (SCHN) opened at 29.05 on Tuesday. The firm’s 50-day moving average price is $28.18 and its 200 day moving average price is $24.07. The company has a market capitalization of $801.78 million, a PE ratio of 18.89 and a beta of 1.34. Schnitzer Steel Industries has a 52-week low of $17.50 and a 52-week high of $31.35.
Schnitzer Steel Industries (NASDAQ:SCHN) last issued its earnings results on Tuesday, October 24th. The basic materials company reported $0.63 EPS for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.01. The business had revenue of $494.00 million for the quarter, compared to analyst estimates of $495.73 million. Schnitzer Steel Industries had a net margin of 2.64% and a return on equity of 8.49%. The company’s quarterly revenue was up 26.3% compared to the same quarter last year. During the same period last year, the company posted $0.60 earnings per share. On average, equities analysts forecast that Schnitzer Steel Industries will post $1.87 earnings per share for the current year.
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Institutional investors and hedge funds have recently made changes to their positions in the business. BlueCrest Capital Management Ltd acquired a new stake in Schnitzer Steel Industries in the second quarter valued at approximately $228,000. GW&K Investment Management LLC acquired a new stake in Schnitzer Steel Industries in the second quarter valued at approximately $246,000. Menta Capital LLC acquired a new stake in Schnitzer Steel Industries in the second quarter valued at approximately $247,000. Royal Bank of Canada boosted its stake in Schnitzer Steel Industries by 252.3% in the second quarter. Royal Bank of Canada now owns 13,285 shares of the basic materials company’s stock valued at $335,000 after acquiring an additional 22,009 shares in the last quarter. Finally, Voya Investment Management LLC boosted its stake in Schnitzer Steel Industries by 11.2% in the second quarter. Voya Investment Management LLC now owns 14,205 shares of the basic materials company’s stock valued at $358,000 after acquiring an additional 1,435 shares in the last quarter. Institutional investors own 83.88% of the company’s stock.
Schnitzer Steel Industries Company Profile
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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