Schnitzer Steel Industries (NASDAQ:SCHN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Saturday.

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. “

SCHN has been the topic of several other reports. Morgan Stanley raised their price objective on Schnitzer Steel Industries from $36.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Friday, July 6th. BidaskClub cut Schnitzer Steel Industries from a “hold” rating to a “sell” rating in a research note on Saturday, August 11th. Finally, ValuEngine cut Schnitzer Steel Industries from a “hold” rating to a “sell” rating in a research note on Tuesday. Three analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. Schnitzer Steel Industries presently has an average rating of “Hold” and a consensus target price of $32.75.

Shares of SCHN opened at $25.50 on Friday. Schnitzer Steel Industries has a 12-month low of $25.00 and a 12-month high of $38.85. The firm has a market cap of $801.73 million, a P/E ratio of 16.67 and a beta of 1.37. The company has a current ratio of 2.20, a quick ratio of 1.12 and a debt-to-equity ratio of 0.28.

Schnitzer Steel Industries (NASDAQ:SCHN) last announced its quarterly earnings data on Tuesday, June 26th. The basic materials company reported $1.26 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.18 by $0.08. Schnitzer Steel Industries had a return on equity of 17.21% and a net margin of 5.25%. The firm had revenue of $652.00 million for the quarter, compared to analysts’ expectations of $651.09 million. During the same period last year, the business posted $0.56 earnings per share. The firm’s revenue for the quarter was up 36.7% on a year-over-year basis. analysts predict that Schnitzer Steel Industries will post 3.56 EPS for the current fiscal year.

In other Schnitzer Steel Industries news, Director John D. Carter sold 13,676 shares of the firm’s stock in a transaction on Tuesday, July 10th. The stock was sold at an average price of $37.02, for a total value of $506,285.52. Following the sale, the director now directly owns 62,454 shares in the company, valued at $2,312,047.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.50% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. Swiss National Bank lifted its stake in Schnitzer Steel Industries by 7.3% in the first quarter. Swiss National Bank now owns 46,800 shares of the basic materials company’s stock valued at $1,514,000 after buying an additional 3,200 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of Schnitzer Steel Industries during the first quarter valued at about $239,000. Bowling Portfolio Management LLC raised its stake in shares of Schnitzer Steel Industries by 104.5% during the second quarter. Bowling Portfolio Management LLC now owns 55,371 shares of the basic materials company’s stock valued at $1,866,000 after purchasing an additional 28,292 shares in the last quarter. MetLife Investment Advisors LLC bought a new stake in shares of Schnitzer Steel Industries during the fourth quarter valued at about $453,000. Finally, Legal & General Group Plc raised its stake in shares of Schnitzer Steel Industries by 44.3% during the first quarter. Legal & General Group Plc now owns 8,980 shares of the basic materials company’s stock valued at $291,000 after purchasing an additional 2,755 shares in the last quarter. Institutional investors own 89.40% 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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