Schnitzer Steel Industries (NASDAQ:SCHN) Upgraded to “Hold” by ValuEngine

ValuEngine upgraded shares of Schnitzer Steel Industries (NASDAQ:SCHN) from a sell rating to a hold rating in a research report report published on Thursday morning, ValuEngine reports.

Other equities research analysts have also issued research reports about the company. Zacks Investment Research upgraded Schnitzer Steel Industries from a hold rating to a buy rating and set a $29.00 price objective on the stock in a research report on Wednesday, July 24th. Cowen restated a market perform rating and set a $25.00 price objective (up previously from $24.00) on shares of Schnitzer Steel Industries in a research report on Tuesday, June 25th. Finally, BidaskClub upgraded Schnitzer Steel Industries from a buy rating to a strong-buy rating in a research report on Friday, July 26th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $27.20.

Schnitzer Steel Industries stock traded down $0.44 during midday trading on Thursday, reaching $25.64. The company’s stock had a trading volume of 164,056 shares, compared to its average volume of 251,316. The firm has a market cap of $686.59 million, a PE ratio of 4.76 and a beta of 1.43. The company has a current ratio of 2.36, a quick ratio of 1.22 and a debt-to-equity ratio of 0.20. The firm’s 50-day moving average is $25.24. Schnitzer Steel Industries has a 52 week low of $20.94 and a 52 week high of $32.50.

Schnitzer Steel Industries (NASDAQ:SCHN) last announced its quarterly earnings results on Wednesday, June 26th. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.02. The company had revenue of $547.00 million for the quarter, compared to analyst estimates of $542.24 million. Schnitzer Steel Industries had a net margin of 4.63% and a return on equity of 15.72%. The firm’s revenue was down 16.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.26 EPS. Research analysts anticipate that Schnitzer Steel Industries will post 2.27 EPS for the current fiscal year.

Institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp lifted its holdings in shares of Schnitzer Steel Industries by 108.2% during the 4th quarter. Bank of New York Mellon Corp now owns 541,957 shares of the basic materials company’s stock valued at $11,679,000 after buying an additional 281,689 shares during the last quarter. United Services Automobile Association lifted its position in shares of Schnitzer Steel Industries by 19.5% in the fourth quarter. United Services Automobile Association now owns 10,753 shares of the basic materials company’s stock worth $232,000 after buying an additional 1,755 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Schnitzer Steel Industries by 3.9% in the fourth quarter. Geode Capital Management LLC now owns 318,447 shares of the basic materials company’s stock worth $6,862,000 after buying an additional 11,973 shares during the last quarter. Two Sigma Advisers LP lifted its position in shares of Schnitzer Steel Industries by 69.4% in the fourth quarter. Two Sigma Advisers LP now owns 25,466 shares of the basic materials company’s stock worth $549,000 after buying an additional 10,436 shares during the last quarter. Finally, Squarepoint Ops LLC lifted its holdings in Schnitzer Steel Industries by 7.5% in the 4th quarter. Squarepoint Ops LLC now owns 45,369 shares of the basic materials company’s stock worth $978,000 after purchasing an additional 3,169 shares during the last quarter. 83.74% of the stock is currently owned by institutional investors.

About Schnitzer Steel Industries

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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