Schnitzer Steel Industries (SCHN) Upgraded by BidaskClub to Buy

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Schnitzer Steel Industries (NASDAQ:SCHN) was upgraded by analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued on Saturday.

Several other research analysts have also recently commented on the company. ValuEngine cut Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a research note on Saturday, May 26th. Zacks Investment Research cut Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a research note on Friday, April 13th. Finally, Goldman Sachs Group initiated coverage on Schnitzer Steel Industries in a research note on Tuesday, March 20th. They set a “buy” rating and a $42.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Schnitzer Steel Industries has a consensus rating of “Hold” and an average target price of $33.50.

Schnitzer Steel Industries opened at $35.80 on Friday, Marketbeat reports. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.25 and a current ratio of 2.42. Schnitzer Steel Industries has a one year low of $18.65 and a one year high of $38.85. The stock has a market capitalization of $970.39 million, a P/E ratio of 23.40 and a beta of 1.46.

Schnitzer Steel Industries (NASDAQ:SCHN) last released its quarterly earnings results on Thursday, April 5th. The basic materials company reported $1.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.51. Schnitzer Steel Industries had a return on equity of 14.28% and a net margin of 4.68%. The business had revenue of $559.00 million for the quarter, compared to analysts’ expectations of $507.82 million. During the same quarter in the previous year, the firm posted $0.37 earnings per share. The company’s revenue was up 46.3% compared to the same quarter last year. equities research analysts predict that Schnitzer Steel Industries will post 3.48 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Ladenburg Thalmann Financial Services Inc. raised its stake in 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 valued at $101,000 after buying an additional 1,481 shares in the last quarter. Piermont Capital Management Inc. raised its stake in Schnitzer Steel Industries by 2.3% during the first quarter. Piermont Capital Management Inc. now owns 81,356 shares of the basic materials company’s stock valued at $2,632,000 after buying an additional 1,800 shares in the last quarter. Affinity Investment Advisors LLC raised its stake in Schnitzer Steel Industries by 19.7% during the first quarter. Affinity Investment Advisors LLC now owns 10,987 shares of the basic materials company’s stock valued at $355,000 after buying an additional 1,811 shares in the last quarter. Koch Industries Inc. raised its stake in Schnitzer Steel Industries by 27.3% during the fourth quarter. Koch Industries Inc. now owns 10,076 shares of the basic materials company’s stock valued at $338,000 after buying an additional 2,158 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in Schnitzer Steel Industries by 134.9% during the first quarter. PNC Financial Services Group Inc. now owns 4,784 shares of the basic materials company’s stock valued at $156,000 after buying an additional 2,747 shares in the last quarter. Hedge funds and other institutional investors own 89.95% 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. 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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