Zacks Investment Research Downgrades Schnitzer Steel Industries (NASDAQ:SCHN) to Hold

Schnitzer Steel Industries (NASDAQ:SCHN) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday, Zacks.com reports.

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. “

Other analysts have also recently issued reports about the company. Cowen restated a “market perform” rating and issued a $25.00 target price (up from $24.00) on shares of Schnitzer Steel Industries in a report on Tuesday, June 25th. ValuEngine lowered Schnitzer Steel Industries from a “hold” rating to a “sell” rating in a research note on Saturday, August 10th. Finally, BidaskClub lowered Schnitzer Steel Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 3rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $27.00.



Schnitzer Steel Industries stock opened at $23.68 on Tuesday. Schnitzer Steel Industries has a 52 week low of $20.94 and a 52 week high of $28.90. The company has a market capitalization of $620.18 million, a price-to-earnings ratio of 4.39 and a beta of 1.45. The stock has a 50-day moving average price of $25.09 and a 200 day moving average price of $24.21. The company has a quick ratio of 1.22, a current ratio of 2.36 and a debt-to-equity ratio of 0.20.

Schnitzer Steel Industries (NASDAQ:SCHN) last announced its earnings results on Wednesday, June 26th. The basic materials company reported $0.63 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.02. The business had revenue of $547.00 million during the quarter, compared to the consensus estimate 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 period in the prior year, the company posted $1.26 EPS. Research analysts anticipate that Schnitzer Steel Industries will post 2.27 EPS for the current fiscal year.

A number of hedge funds have recently modified their holdings of the stock. Bank of Montreal Can grew its holdings in Schnitzer Steel Industries by 20.2% during the 1st quarter. Bank of Montreal Can now owns 8,866 shares of the basic materials company’s stock worth $213,000 after acquiring an additional 1,493 shares during the period. Bessemer Group Inc. increased its stake in shares of Schnitzer Steel Industries by 13.5% during the 2nd quarter. Bessemer Group Inc. now owns 60,600 shares of the basic materials company’s stock worth $1,586,000 after purchasing an additional 7,200 shares during the last quarter. Martingale Asset Management L P increased its stake in shares of Schnitzer Steel Industries by 8.0% during the 1st quarter. Martingale Asset Management L P now owns 153,239 shares of the basic materials company’s stock worth $3,678,000 after purchasing an additional 11,400 shares during the last quarter. WINTON GROUP Ltd increased its stake in shares of Schnitzer Steel Industries by 62.8% during the 2nd quarter. WINTON GROUP Ltd now owns 50,872 shares of the basic materials company’s stock worth $1,331,000 after purchasing an additional 19,620 shares during the last quarter. Finally, Foundry Partners LLC increased its stake in shares of Schnitzer Steel Industries by 9.0% during the 1st quarter. Foundry Partners LLC now owns 216,298 shares of the basic materials company’s stock worth $5,191,000 after purchasing an additional 17,800 shares during the last quarter. 84.71% of the stock is owned by hedge funds and other institutional investors.

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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