Zacks Investment Research upgraded shares of Schnitzer Steel Industries Inc. (NASDAQ:SCHN) from a hold rating to a buy rating in a report released on Wednesday morning. The firm currently has $23.00 price objective on the stock.
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. “
Separately, DA Davidson restated a hold rating on shares of Schnitzer Steel Industries in a research note on Tuesday, October 4th.
Shares of Schnitzer Steel Industries (NASDAQ:SCHN) opened at 21.30 on Wednesday. The stock’s market cap is $580.64 million. Schnitzer Steel Industries has a 52-week low of $11.70 and a 52-week high of $21.75. The firm has a 50-day moving average price of $19.72 and a 200 day moving average price of $18.58.
A number of large investors have recently bought and sold shares of SCHN. Bank of Montreal Can acquired a new stake in Schnitzer Steel Industries during the second quarter valued at $108,000. Rational Advisors LLC acquired a new stake in Schnitzer Steel Industries during the second quarter valued at $117,000. AXA acquired a new stake in Schnitzer Steel Industries during the second quarter valued at $123,000. BlackRock Inc. boosted its stake in Schnitzer Steel Industries by 446.9% in the second quarter. BlackRock Inc. now owns 10,381 shares of the company’s stock valued at $182,000 after buying an additional 8,483 shares during the last quarter. Finally, Acrospire Investment Management LLC boosted its stake in Schnitzer Steel Industries by 1,054.7% in the second quarter. Acrospire Investment Management LLC now owns 10,508 shares of the company’s stock valued at $185,000 after buying an additional 9,598 shares during the last quarter. Hedge funds and other institutional investors own 92.39% of the company’s stock.
About Schnitzer Steel Industries
Schnitzer Steel Industries, Inc (SSI) is a recycler of ferrous and nonferrous scrap metal. The Company is recycler of used and salvaged vehicles and a manufacturer of finished steel products. The Company operates in three business segments: the Metals Recycling Business (MRB), the Auto Parts Business (APB) and the Steel Manufacturing Business (SMB).
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Schnitzer Steel Industries Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Schnitzer Steel Industries Inc. and related companies with MarketBeat.com's FREE daily email newsletter.