Zacks Investment Research cut shares of Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) from a strong-buy rating to a hold rating in a research note released on Tuesday.

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 subject of several other research reports. TheStreet upgraded Schnitzer Steel Industries from a c+ rating to a b rating in a research report on Friday, June 30th. ValuEngine lowered Schnitzer Steel Industries from a buy rating to a hold rating in a research report on Friday, September 15th. Macquarie started coverage on Schnitzer Steel Industries in a research report on Wednesday, September 6th. They set a neutral rating and a $26.00 price target for the company. Finally, BidaskClub lowered Schnitzer Steel Industries from a buy rating to a hold rating in a research report on Wednesday, August 16th. Five analysts have rated the stock with a hold rating, The stock currently has a consensus rating of Hold and a consensus price target of $27.50.

Schnitzer Steel Industries (NASDAQ:SCHN) opened at 27.65 on Tuesday. The company has a 50 day moving average of $25.98 and a 200-day moving average of $22.43. The stock has a market capitalization of $763.14 million, a P/E ratio of 17.98 and a beta of 1.33. Schnitzer Steel Industries has a one year low of $17.50 and a one year high of $30.60.

Schnitzer Steel Industries (NASDAQ:SCHN) last posted its quarterly earnings results on Monday, June 26th. The basic materials company reported $0.56 EPS for the quarter, meeting the consensus estimate of $0.56. Schnitzer Steel Industries had a return on equity of 8.34% and a net margin of 2.68%. The firm had revenue of $477.00 million during the quarter. During the same period in the prior year, the business posted $0.46 EPS. Schnitzer Steel Industries’s revenue for the quarter was up 35.5% compared to the same quarter last year. Equities research analysts predict that Schnitzer Steel Industries will post $1.47 earnings per share for the current fiscal year.

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A number of hedge funds and other institutional investors have recently made changes to their positions in SCHN. Strs Ohio increased its position in shares of Schnitzer Steel Industries by 21.6% during the first quarter. Strs Ohio now owns 34,300 shares of the basic materials company’s stock worth $708,000 after purchasing an additional 6,100 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of Schnitzer Steel Industries by 20.7% during the first quarter. Wells Fargo & Company MN now owns 116,674 shares of the basic materials company’s stock worth $2,410,000 after purchasing an additional 20,025 shares in the last quarter. American Century Companies Inc. increased its position in shares of Schnitzer Steel Industries by 3.5% during the first quarter. American Century Companies Inc. now owns 154,143 shares of the basic materials company’s stock worth $3,183,000 after purchasing an additional 5,175 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Schnitzer Steel Industries by 4.9% during the first quarter. Bank of New York Mellon Corp now owns 250,220 shares of the basic materials company’s stock worth $5,167,000 after purchasing an additional 11,684 shares in the last quarter. Finally, Karp Capital Management Corp acquired a new stake in shares of Schnitzer Steel Industries during the first quarter worth about $1,553,000. 82.37% of the stock is owned by institutional investors.

Schnitzer Steel Industries Company Profile

Schnitzer Steel Industries, Inc is a recycler of ferrous and nonferrous scrap metal, including end-of-life vehicles, and a manufacturer of finished steel products. The Company operates through two segments: the Auto and Metals Recycling (AMR) business and the Steel Manufacturing Business (SMB). The AMR segment collects and recycles auto bodies, rail cars, home appliances, industrial machinery, manufacturing scrap and construction and demolition scrap from bridges, buildings and other infrastructure.

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