Schnitzer Steel Industries (NASDAQ:SCHN) Downgraded by BidaskClub

BidaskClub cut shares of Schnitzer Steel Industries (NASDAQ:SCHN) from a buy rating to a hold rating in a research report report published on Thursday morning, BidAskClub reports.

Several other equities analysts have also weighed in on the stock. ValuEngine lowered shares of Schnitzer Steel Industries from a hold rating to a sell rating in a report on Saturday, August 10th. Goldman Sachs Group lowered shares of Schnitzer Steel Industries from a neutral rating to a sell rating and reduced their target price for the company from $27.00 to $23.00 in a report on Sunday, September 22nd. Zacks Investment Research lowered shares of Schnitzer Steel Industries from a hold rating to a sell rating in a report on Friday, August 30th. Finally, Cowen restated a market perform rating and set a $25.00 target price (up previously from $24.00) on shares of Schnitzer Steel Industries in a report on Tuesday, June 25th. Three equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. The company has an average rating of Hold and a consensus price target of $26.00.

Shares of NASDAQ:SCHN traded up $0.43 during midday trading on Thursday, hitting $20.12. 251,600 shares of the company’s stock traded hands, compared to its average volume of 203,148. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.22 and a current ratio of 2.36. The company has a market cap of $527.26 million, a PE ratio of 5.28 and a beta of 1.50. The firm’s fifty day moving average price is $23.14 and its two-hundred day moving average price is $23.98. Schnitzer Steel Industries has a twelve month low of $18.68 and a twelve month high of $28.90.

Schnitzer Steel Industries (NASDAQ:SCHN) last posted its earnings results on Wednesday, June 26th. The basic materials company reported $0.63 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.02. The business had revenue of $547.00 million for the quarter, compared to analyst estimates of $542.24 million. Schnitzer Steel Industries had a net margin of 4.63% and a return on equity of 15.72%. The business’s quarterly revenue was down 16.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.26 EPS. As a group, equities research analysts anticipate that Schnitzer Steel Industries will post 2.18 EPS for the current fiscal year.

Hedge funds have recently modified their holdings of the business. Swiss National Bank lifted its holdings in Schnitzer Steel Industries by 3.3% in the 2nd quarter. Swiss National Bank now owns 49,900 shares of the basic materials company’s stock worth $1,306,000 after buying an additional 1,600 shares in the last quarter. Bank of Montreal Can lifted its holdings in Schnitzer Steel Industries by 20.2% in the 1st quarter. Bank of Montreal Can now owns 8,866 shares of the basic materials company’s stock worth $213,000 after buying an additional 1,493 shares in the last quarter. Bessemer Group Inc. lifted its holdings in Schnitzer Steel Industries by 13.5% in the 2nd quarter. Bessemer Group Inc. now owns 60,600 shares of the basic materials company’s stock worth $1,586,000 after buying an additional 7,200 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Schnitzer Steel Industries by 1,119.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,292 shares of the basic materials company’s stock worth $374,000 after buying an additional 13,120 shares in the last quarter. Finally, Martingale Asset Management L P lifted its holdings in Schnitzer Steel Industries by 8.0% in 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 buying an additional 11,400 shares in the last quarter. Hedge funds and other institutional investors own 86.07% 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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