Schnitzer Steel Industries (SCHN) Lifted to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Schnitzer Steel Industries (NASDAQ:SCHN) from a sell rating to a hold rating in a research note released on Wednesday morning.

According to Zacks, “Schnitzer Steel Industries, Inc. collects, processes and recycles metals by operating one of the largest metals recycling businesses in the United States. They also manufacture finished steel products at their technologically advanced steel mini-mill. “

Several other research firms also recently weighed in on SCHN. Macquarie reduced their price target on shares of Schnitzer Steel Industries from $37.00 to $28.00 and set a hold rating for the company in a research report on Friday, September 28th. BidaskClub downgraded shares of Schnitzer Steel Industries from a hold rating to a sell rating in a research report on Saturday, August 11th. ValuEngine downgraded shares of Schnitzer Steel Industries from a hold rating to a sell rating in a research report on Tuesday, August 14th. Finally, Morgan Stanley upped their price target on shares of Schnitzer Steel Industries from $36.00 to $38.00 and gave the stock an equal weight rating in a research report on Friday, July 6th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $33.25.

Shares of SCHN traded down $0.24 during mid-day trading on Wednesday, hitting $25.54. 4,342 shares of the company were exchanged, compared to its average volume of 328,157. Schnitzer Steel Industries has a 1-year low of $25.00 and a 1-year high of $38.85. The company has a quick ratio of 1.12, a current ratio of 2.20 and a debt-to-equity ratio of 0.28. The company has a market cap of $728.97 million, a PE ratio of 16.79 and a beta of 1.26.

A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. raised its holdings in Schnitzer Steel Industries by 6.6% in the 2nd quarter. BlackRock Inc. now owns 2,847,448 shares of the basic materials company’s stock valued at $95,958,000 after acquiring an additional 175,455 shares during the last quarter. Northern Trust Corp raised its holdings in Schnitzer Steel Industries by 1.7% in the 1st quarter. Northern Trust Corp now owns 504,409 shares of the basic materials company’s stock valued at $16,318,000 after acquiring an additional 8,616 shares during the last quarter. Bank of America Corp DE raised its holdings in Schnitzer Steel Industries by 12.1% in the 2nd quarter. Bank of America Corp DE now owns 280,286 shares of the basic materials company’s stock valued at $9,445,000 after acquiring an additional 30,306 shares during the last quarter. LSV Asset Management raised its holdings in Schnitzer Steel Industries by 43.6% in the 2nd quarter. LSV Asset Management now owns 256,100 shares of the basic materials company’s stock valued at $8,630,000 after acquiring an additional 77,800 shares during the last quarter. Finally, American Century Companies Inc. raised its holdings in Schnitzer Steel Industries by 1.4% in the 2nd quarter. American Century Companies Inc. now owns 246,449 shares of the basic materials company’s stock valued at $8,305,000 after acquiring an additional 3,502 shares during the last quarter. Institutional investors own 89.74% 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. It operates through two segments, Auto and Metals Recycling (AMR); and Cascade Steel and Scrap (CSS). The AMR segment buys, collects, processes, recycles, sells, and brokers 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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