Schnitzer Steel Industries, Inc. (SCHN) Receives Consensus Recommendation of “Buy” from Brokerages

Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) has been given a consensus recommendation of “Buy” by the seven ratings firms that are covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a hold rating, one has given a buy rating and two have issued a strong buy rating on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $31.33.

SCHN has been the topic of a number of analyst reports. Zacks Investment Research raised Schnitzer Steel Industries from a “hold” rating to a “buy” rating and set a $33.00 price objective on the stock in a research report on Saturday, October 21st. ValuEngine raised Schnitzer Steel Industries from a “hold” rating to a “buy” rating in a research report on Thursday, October 5th. Morgan Stanley lifted their price objective on Schnitzer Steel Industries from $27.00 to $29.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 31st. KeyCorp reaffirmed a “hold” rating on shares of Schnitzer Steel Industries in a research report on Wednesday, October 11th. Finally, BidaskClub raised Schnitzer Steel Industries from a “buy” rating to a “strong-buy” rating in a research report on Friday, December 22nd.

In related news, VP Stefano R. Gaggini sold 1,074 shares of Schnitzer Steel Industries stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $28.97, for a total transaction of $31,113.78. Following the sale, the vice president now owns 16,480 shares of the company’s stock, valued at approximately $477,425.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jeffery Dyck sold 8,327 shares of Schnitzer Steel Industries stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $30.05, for a total value of $250,226.35. Following the sale, the senior vice president now directly owns 49,184 shares in the company, valued at approximately $1,477,979.20. The disclosure for this sale can be found here. Insiders have sold a total of 22,770 shares of company stock worth $654,919 in the last three months. 3.80% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Wells Fargo & Company MN increased its stake in Schnitzer Steel Industries by 395.2% in the 2nd quarter. Wells Fargo & Company MN now owns 577,820 shares of the basic materials company’s stock worth $14,561,000 after acquiring an additional 461,146 shares during the last quarter. Koch Industries Inc. bought a new stake in Schnitzer Steel Industries in the 2nd quarter worth approximately $367,000. Rutabaga Capital Management LLC MA increased its stake in Schnitzer Steel Industries by 69.4% in the 2nd quarter. Rutabaga Capital Management LLC MA now owns 891,536 shares of the basic materials company’s stock worth $22,467,000 after acquiring an additional 365,259 shares during the last quarter. Hillcrest Asset Management LLC bought a new stake in Schnitzer Steel Industries in the 3rd quarter worth approximately $5,651,000. Finally, Telemark Asset Management LLC bought a new stake in Schnitzer Steel Industries in the 3rd quarter worth approximately $5,630,000. 86.84% of the stock is currently owned by institutional investors.

Schnitzer Steel Industries (NASDAQ SCHN) traded up $0.80 during mid-day trading on Friday, hitting $37.20. The stock had a trading volume of 373,574 shares, compared to its average volume of 386,443. Schnitzer Steel Industries has a 12-month low of $17.50 and a 12-month high of $38.85. The company has a current ratio of 2.31, a quick ratio of 1.04 and a debt-to-equity ratio of 0.33. The stock has a market cap of $990.19, a PE ratio of 16.32 and a beta of 1.36.

Schnitzer Steel Industries (NASDAQ:SCHN) last posted its quarterly earnings data on Tuesday, January 9th. The basic materials company reported $0.63 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.02. Schnitzer Steel Industries had a return on equity of 11.90% and a net margin of 3.50%. The firm had revenue of $483.00 million for the quarter, compared to analysts’ expectations of $502.02 million. During the same period in the previous year, the firm earned ($0.05) EPS. The business’s quarterly revenue was up 44.6% on a year-over-year basis. equities analysts forecast that Schnitzer Steel Industries will post 2.57 earnings per share for the current year.

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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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