Schnitzer Steel Industries (NASDAQ:SCHN) Stock Rating Upgraded by ValuEngine

Schnitzer Steel Industries (NASDAQ:SCHN) was upgraded by investment analysts at ValuEngine from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday, ValuEngine reports.

Several other equities research analysts have also recently weighed in on the company. Cowen reissued a “market perform” rating and issued a $25.00 price target (up previously from $24.00) on shares of Schnitzer Steel Industries in a research note on Tuesday, June 25th. BidaskClub raised Schnitzer Steel Industries from a “buy” rating to a “strong-buy” rating in a research note on Friday, July 26th. Finally, Zacks Investment Research raised Schnitzer Steel Industries from a “hold” rating to a “buy” rating and set a $29.00 price target for the company in a research note on Wednesday, July 24th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $27.20.

Shares of SCHN stock traded down $0.44 on Thursday, hitting $25.64. The company had a trading volume of 174,975 shares, compared to its average volume of 182,789. The stock has a market cap of $713.10 million, a price-to-earnings ratio of 7.14 and a beta of 1.45. The company’s 50-day moving average price is $25.24. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.22 and a current ratio of 2.36. Schnitzer Steel Industries has a twelve month low of $20.94 and a twelve month high of $32.50.

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

Several institutional investors have recently made changes to their positions in SCHN. Meeder Asset Management Inc. boosted its position in shares of Schnitzer Steel Industries by 195.9% during 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 in the last quarter. New York State Teachers Retirement System bought a new stake in shares of Schnitzer Steel Industries during the 1st quarter valued at about $55,000. Marshall Wace LLP bought a new stake in shares of Schnitzer Steel Industries during the 1st quarter valued at about $71,000. Marshall Wace North America L.P. bought a new stake in shares of Schnitzer Steel Industries during the 1st quarter valued at about $143,000. Finally, BNP Paribas Arbitrage SA boosted its position in shares of Schnitzer Steel Industries by 231.9% during the 1st quarter. BNP Paribas Arbitrage SA now owns 7,792 shares of the basic materials company’s stock valued at $187,000 after purchasing an additional 5,444 shares in the last quarter. Institutional investors own 83.74% of the company’s stock.

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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