Schnitzer Steel Industries (NASDAQ:SCHN) Given a $27.00 Price Target at Cowen

Schnitzer Steel Industries (NASDAQ:SCHN) has been assigned a $27.00 price target by investment analysts at Cowen in a note issued to investors on Tuesday, April 9th, TipRanks reports. The firm presently has a “hold” rating on the basic materials company’s stock. Cowen’s price target points to a potential upside of 9.71% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. BidaskClub upgraded shares of Schnitzer Steel Industries from a “sell” rating to a “hold” rating in a research report on Friday, April 5th. Zacks Investment Research raised shares of Schnitzer Steel Industries from a “sell” rating to a “hold” rating in a research note on Thursday, February 28th. Goldman Sachs Group lowered shares of Schnitzer Steel Industries from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $33.00 to $27.00 in a research note on Monday, January 14th. Finally, ValuEngine raised shares of Schnitzer Steel Industries from a “strong sell” rating to a “sell” rating in a research note on Monday, April 1st. Three investment analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. The company has a consensus rating of “Hold” and an average target price of $27.80.

Shares of Schnitzer Steel Industries stock traded up $1.22 on Tuesday, hitting $24.61. 172,439 shares of the company’s stock traded hands, compared to its average volume of 263,639. The stock has a market capitalization of $658.96 million, a price-to-earnings ratio of 4.57 and a beta of 1.26. Schnitzer Steel Industries has a one year low of $20.94 and a one year high of $37.95. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.29 and a current ratio of 2.45.

Schnitzer Steel Industries (NASDAQ:SCHN) last issued its earnings results on Thursday, April 4th. The basic materials company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.46 by $0.02. Schnitzer Steel Industries had a net margin of 5.35% and a return on equity of 18.95%. The company had revenue of $474.00 million during the quarter, compared to analysts’ expectations of $487.25 million. During the same quarter in the previous year, the company posted $0.90 EPS. The business’s revenue for the quarter was down 15.2% compared to the same quarter last year. As a group, research analysts forecast that Schnitzer Steel Industries will post 2.27 EPS for the current fiscal year.

In other news, SVP Jeffery Dyck sold 5,337 shares of the stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $23.94, for a total transaction of $127,767.78. Following the completion of the transaction, the senior vice president now directly owns 64,063 shares in the company, valued at approximately $1,533,668.22. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 4.10% of the company’s stock.

Large investors have recently modified their holdings of the stock. Meeder Asset Management Inc. lifted its stake in Schnitzer Steel Industries by 195.9% in the 1st quarter. Meeder Asset Management Inc. now owns 1,826 shares of the basic materials company’s stock valued at $45,000 after purchasing an additional 1,209 shares during the last quarter. Bank of Montreal Can raised its holdings in Schnitzer Steel Industries by 26.3% in the 4th quarter. Bank of Montreal Can now owns 7,373 shares of the basic materials company’s stock valued at $158,000 after acquiring an additional 1,536 shares during the period. BNP Paribas Arbitrage SA raised its holdings in Schnitzer Steel Industries by 231.9% in the 1st quarter. BNP Paribas Arbitrage SA now owns 7,792 shares of the basic materials company’s stock valued at $187,000 after acquiring an additional 5,444 shares during the period. Metropolitan Life Insurance Co. NY raised its holdings in Schnitzer Steel Industries by 401.7% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 9,055 shares of the basic materials company’s stock valued at $195,000 after acquiring an additional 7,250 shares during the period. Finally, Juncture Wealth Strategies LLC bought a new position in Schnitzer Steel Industries in the 1st quarter valued at about $203,000. Institutional investors and hedge funds own 87.56% 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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