Schnitzer Steel Industries (SCHN) Stock Rating Lowered by Goldman Sachs Group

Schnitzer Steel Industries (NASDAQ:SCHN) was downgraded by equities research analysts at Goldman Sachs Group from a “buy” rating to a “neutral” rating in a report issued on Monday, The Fly reports.

A number of other analysts have also weighed in on SCHN. Zacks Investment Research raised shares of Schnitzer Steel Industries from a “sell” rating to a “hold” rating in a research report on Wednesday, October 17th. Cowen began coverage on shares of Schnitzer Steel Industries in a research report on Tuesday, January 8th. They issued a “market perform” rating and a $24.00 price objective on the stock. ValuEngine lowered shares of Schnitzer Steel Industries from a “sell” rating to a “strong sell” rating in a research report on Friday, December 21st. BidaskClub lowered shares of Schnitzer Steel Industries from a “hold” rating to a “sell” rating in a research report on Thursday, December 27th. Finally, Macquarie dropped their target price on shares of Schnitzer Steel Industries from $37.00 to $28.00 and set a “hold” rating on the stock in a research note on Friday, September 28th. Four equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The stock presently has an average rating of “Sell” and an average target price of $30.20.

Schnitzer Steel Industries stock opened at $22.96 on Monday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.95 and a current ratio of 1.76. Schnitzer Steel Industries has a 1-year low of $20.94 and a 1-year high of $38.85. The stock has a market capitalization of $628.83 million, a P/E ratio of 4.26 and a beta of 1.32.

Schnitzer Steel Industries (NASDAQ:SCHN) last posted its quarterly earnings data on Wednesday, January 9th. The basic materials company reported $0.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.01. Schnitzer Steel Industries had a net margin of 6.31% and a return on equity of 22.10%. The company had revenue of $564.00 million for the quarter, compared to analyst estimates of $561.48 million. During the same period in the prior year, the company posted $0.63 EPS. The firm’s revenue for the quarter was up 16.8% on a year-over-year basis. Sell-side analysts expect that Schnitzer Steel Industries will post 2.23 EPS for the current fiscal year.

In other Schnitzer Steel Industries news, CFO Richard Peach sold 6,030 shares of the company’s stock in a transaction dated Friday, October 26th. The shares were sold at an average price of $27.56, for a total value of $166,186.80. Following the transaction, the chief financial officer now directly owns 131,298 shares in the company, valued at approximately $3,618,572.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Peter B. Saba sold 7,356 shares of the company’s stock in a transaction dated Friday, November 2nd. The stock was sold at an average price of $26.64, for a total transaction of $195,963.84. Following the completion of the transaction, the senior vice president now owns 44,198 shares in the company, valued at $1,177,434.72. The disclosure for this sale can be found here. Insiders sold a total of 49,170 shares of company stock worth $1,335,920 over the last 90 days. Insiders own 4.10% of the company’s stock.

A number of hedge funds have recently modified their holdings of the business. Legal & General Group Plc grew its stake in Schnitzer Steel Industries by 15.8% in the 3rd quarter. Legal & General Group Plc now owns 9,504 shares of the basic materials company’s stock worth $257,000 after acquiring an additional 1,297 shares in the last quarter. Stone Ridge Asset Management LLC boosted its stake in shares of Schnitzer Steel Industries by 34.4% during the third quarter. Stone Ridge Asset Management LLC now owns 8,666 shares of the basic materials company’s stock valued at $234,000 after purchasing an additional 2,217 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of Schnitzer Steel Industries by 1.2% during the third quarter. American Century Companies Inc. now owns 249,451 shares of the basic materials company’s stock valued at $6,748,000 after purchasing an additional 3,002 shares in the last quarter. OppenheimerFunds Inc. boosted its stake in shares of Schnitzer Steel Industries by 42.2% during the second quarter. OppenheimerFunds Inc. now owns 12,251 shares of the basic materials company’s stock valued at $412,000 after purchasing an additional 3,633 shares in the last quarter. Finally, MetLife Investment Advisors LLC boosted its stake in shares of Schnitzer Steel Industries by 30.1% during the third quarter. MetLife Investment Advisors LLC now owns 17,601 shares of the basic materials company’s stock valued at $476,000 after purchasing an additional 4,072 shares in the last quarter. Institutional investors and hedge funds own 86.02% of the company’s stock.

Schnitzer Steel Industries Company Profile

Schnitzer Steel Industries, Inc recycles ferrous and nonferrous scrap metals; and manufactures finished steel products worldwide. The company operates through two segments, Auto and Metals Recycling (AMR); and Cascade Steel and Scrap (CSS). The AMR segment acquires, processes and recycles scrap metals, as well as processes mixed and large pieces of scrap metal into smaller pieces by crushing, torching, shearing, shredding, and sorting.

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