Goldman Sachs Begins Coverage on Schnitzer Steel Industries (SCHN)

Equities researchers at Goldman Sachs started coverage on shares of Schnitzer Steel Industries (NASDAQ:SCHN) in a research report issued to clients and investors on Tuesday. The firm set a “buy” rating on the basic materials company’s stock.

Other equities research analysts also recently issued reports about the stock. ValuEngine raised shares of Schnitzer Steel Industries from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. BidaskClub downgraded shares of Schnitzer Steel Industries from a “strong-buy” rating to a “buy” rating in a research report on Friday. Finally, Zacks Investment Research raised shares of Schnitzer Steel Industries from a “hold” rating to a “strong-buy” rating and set a $39.00 target price for the company in a research report on Tuesday, January 2nd. Three analysts have rated the stock with a hold rating, two have given a buy rating and two have assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $31.33.

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Schnitzer Steel Industries (NASDAQ SCHN) opened at $34.00 on Tuesday. Schnitzer Steel Industries has a fifty-two week low of $17.50 and a fifty-two week high of $38.85. The firm has a market cap of $957.55, a PE ratio of 14.91 and a beta of 1.34. The company has a current ratio of 2.31, a quick ratio of 1.04 and a debt-to-equity ratio of 0.33.

Schnitzer Steel Industries (NASDAQ:SCHN) last posted its earnings results on Tuesday, January 9th. The basic materials company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.61 by $0.02. The company had revenue of $483.00 million during the quarter, compared to the consensus estimate of $502.02 million. Schnitzer Steel Industries had a net margin of 3.50% and a return on equity of 11.90%. The firm’s revenue for the quarter was up 44.6% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.05) earnings per share. sell-side analysts forecast that Schnitzer Steel Industries will post 2.79 EPS for the current fiscal year.

Several large investors have recently bought and sold shares of SCHN. Ladenburg Thalmann Financial Services Inc. increased its position in shares of Schnitzer Steel Industries by 96.5% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,015 shares of the basic materials company’s stock worth $101,000 after acquiring an additional 1,481 shares in the last quarter. Sei Investments Co. grew its position in Schnitzer Steel Industries by 325.7% in the 3rd quarter. Sei Investments Co. now owns 6,220 shares of the basic materials company’s stock worth $175,000 after purchasing an additional 4,759 shares in the last quarter. Commonwealth Equity Services Inc bought a new stake in Schnitzer Steel Industries in the 3rd quarter worth about $204,000. Tiedemann Wealth Management LLC bought a new stake in Schnitzer Steel Industries in the 3rd quarter worth about $223,000. Finally, OppenheimerFunds Inc. bought a new stake in Schnitzer Steel Industries in the 4th quarter worth about $247,000. 91.01% of the stock is owned by institutional investors.

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Schnitzer Steel Industries Company Profile

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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