BidaskClub Lowers Schnitzer Steel Industries (NASDAQ:SCHN) to Buy

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BidaskClub lowered shares of Schnitzer Steel Industries (NASDAQ:SCHN) from a strong-buy rating to a buy rating in a report published on Saturday morning, BidAskClub reports.

SCHN has been the subject of a number of other research reports. Zacks Investment Research upgraded Schnitzer Steel Industries from a hold rating to a buy rating and set a $29.00 price target for the company in a research report on Wednesday, July 24th. ValuEngine upgraded Schnitzer Steel Industries from a sell rating to a hold rating in a research report on Thursday, August 1st. Finally, Cowen restated a market perform rating and issued a $25.00 target price (up previously from $24.00) on shares of Schnitzer Steel Industries in a research report on Tuesday, June 25th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $27.20.

Shares of SCHN opened at $24.88 on Friday. The company has a market cap of $666.24 million, a P/E ratio of 4.62 and a beta of 1.45. The company has a current ratio of 2.36, a quick ratio of 1.22 and a debt-to-equity ratio of 0.20. The firm’s 50-day simple moving average is $25.39. Schnitzer Steel Industries has a 12-month low of $20.94 and a 12-month high of $32.45.

Schnitzer Steel Industries (NASDAQ:SCHN) last issued its quarterly earnings results on Wednesday, June 26th. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.02. The firm 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 company’s revenue for the quarter was down 16.1% on a year-over-year basis. During the same quarter last year, the company posted $1.26 EPS. On average, equities research analysts expect that Schnitzer Steel Industries will post 2.27 EPS for the current year.

The business also recently disclosed a dividend, which will be paid on Tuesday, August 27th. Shareholders of record on Tuesday, August 13th will be given a $0.1875 dividend. The ex-dividend date is Monday, August 12th. Schnitzer Steel Industries’s payout ratio is currently 13.91%.

Hedge funds have recently made changes to their positions in the business. Bank of Montreal Can lifted its position in Schnitzer Steel Industries by 20.2% in the first quarter. Bank of Montreal Can now owns 8,866 shares of the basic materials company’s stock valued at $213,000 after purchasing an additional 1,493 shares during the last quarter. Martingale Asset Management L P increased its stake in shares of Schnitzer Steel Industries by 8.0% during the first quarter. Martingale Asset Management L P now owns 153,239 shares of the basic materials company’s stock valued at $3,678,000 after buying an additional 11,400 shares during the period. WINTON GROUP Ltd increased its stake in shares of Schnitzer Steel Industries by 62.8% during the second quarter. WINTON GROUP Ltd now owns 50,872 shares of the basic materials company’s stock valued at $1,331,000 after buying an additional 19,620 shares during the period. Metropolitan Life Insurance Co. NY increased its stake in shares of Schnitzer Steel Industries by 401.7% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 9,055 shares of the basic materials company’s stock valued at $195,000 after buying an additional 7,250 shares during the period. Finally, Deutsche Bank AG increased its stake in shares of Schnitzer Steel Industries by 11.8% during the fourth quarter. Deutsche Bank AG now owns 330,474 shares of the basic materials company’s stock valued at $7,120,000 after buying an additional 34,813 shares during the period. Hedge funds and other institutional investors own 83.66% 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. 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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