Brokerages Set Ryerson Holding Corp (RYI) Target Price at $11.50
Shares of Ryerson Holding Corp (NYSE:RYI) have been given a consensus recommendation of “Hold” by the seven brokerages that are covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $11.50.
Several equities analysts have recently weighed in on the stock. Jefferies Group reissued a “hold” rating and issued a $11.00 price target on shares of Ryerson in a research note on Tuesday, January 9th. Zacks Investment Research cut shares of Ryerson from a “hold” rating to a “strong sell” rating in a research report on Wednesday, January 10th. Finally, BMO Capital Markets cut their price objective on shares of Ryerson to $10.00 and set a “market perform” rating for the company in a research report on Monday, November 13th.
A number of institutional investors have recently added to or reduced their stakes in the stock. California Public Employees Retirement System increased its position in Ryerson by 89.2% during the third quarter. California Public Employees Retirement System now owns 83,059 shares of the basic materials company’s stock worth $901,000 after purchasing an additional 39,159 shares during the last quarter. Highbridge Capital Management LLC acquired a new stake in Ryerson during the third quarter worth about $431,000. Dimensional Fund Advisors LP increased its position in Ryerson by 11.5% during the third quarter. Dimensional Fund Advisors LP now owns 872,310 shares of the basic materials company’s stock worth $9,462,000 after purchasing an additional 89,892 shares during the last quarter. Wells Fargo & Company MN increased its position in Ryerson by 1,111.8% during the third quarter. Wells Fargo & Company MN now owns 246,515 shares of the basic materials company’s stock worth $2,674,000 after purchasing an additional 226,172 shares during the last quarter. Finally, IndexIQ Advisors LLC increased its position in Ryerson by 83.1% during the third quarter. IndexIQ Advisors LLC now owns 68,790 shares of the basic materials company’s stock worth $746,000 after purchasing an additional 31,218 shares during the last quarter. Hedge funds and other institutional investors own 39.28% of the company’s stock.
Ryerson (NYSE:RYI) last posted its quarterly earnings results on Tuesday, November 7th. The basic materials company reported $0.05 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.05. The firm had revenue of $864.20 million for the quarter, compared to the consensus estimate of $853.35 million. Ryerson had a net margin of 0.26% and a negative return on equity of 33.95%. The company’s revenue for the quarter was up 17.6% on a year-over-year basis. During the same period last year, the firm posted $0.28 earnings per share. analysts expect that Ryerson will post 0.56 earnings per share for the current year.
Ryerson Company Profile
Ryerson Holding Corporation is a service center company for carbon and stainless steel, as well as aluminum. The Company operates through metal service centers segment. In addition to providing a range of flat and long metals products, it offers various value-added processing and fabrication services, such as sawing, slitting, blanking, cutting to length, leveling, flame cutting, laser cutting, edge trimming, edge rolling, roll forming, tube manufacturing, polishing, shearing, forming, stamping, punching, rolling shell plate to radius and beveling to process materials to a specified thickness, length, width, shape and surface quality pursuant to specific customer orders.
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