Schnitzer Steel Industries Inc. (NASDAQ:SCHN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage presently has a $23.00 price objective on the stock. Zacks Investment Research’s price objective indicates a potential upside of 10.58% from the company’s previous close.

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 reaffirmed 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 20.80 on Wednesday. The company’s market cap is $567.01 million. Schnitzer Steel Industries has a one year low of $11.70 and a one year high of $21.65. The firm has a 50-day moving average of $19.46 and a 200 day moving average of $18.51.

Institutional investors have recently added to or reduced their stakes in the stock. Emerald Acquisition Ltd. purchased a new position in Schnitzer Steel Industries during the second quarter valued at $2,293,000. Acrospire Investment Management LLC boosted its position 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 in the last quarter. Renaissance Technologies LLC boosted its position in Schnitzer Steel Industries by 25.3% in the first quarter. Renaissance Technologies LLC now owns 1,076,696 shares of the company’s stock valued at $19,854,000 after buying an additional 217,696 shares in the last quarter. Kennedy Capital Management Inc. boosted its position in Schnitzer Steel Industries by 96.1% in the first quarter. Kennedy Capital Management Inc. now owns 388,379 shares of the company’s stock valued at $7,162,000 after buying an additional 190,280 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its position in Schnitzer Steel Industries by 273.4% in the second quarter. Acadian Asset Management LLC now owns 1,062,264 shares of the company’s stock valued at $18,698,000 after buying an additional 777,806 shares in the last quarter. 92.43% of the stock is owned by institutional investors and hedge funds.

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).

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