Schnitzer Steel Industries (NASDAQ:SCHN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday. The brokerage currently has a $35.00 price target on the basic materials company’s stock. Zacks Investment Research‘s price target points to a potential upside of 8.19% from the company’s current price.
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. “
Several other research analysts also recently commented on SCHN. ValuEngine raised Schnitzer Steel Industries from a “hold” rating to a “buy” rating in a research note on Saturday, December 9th. BidaskClub raised Schnitzer Steel Industries from a “buy” rating to a “strong-buy” rating in a research note on Friday, December 22nd. Finally, Goldman Sachs started coverage on Schnitzer Steel Industries in a research note on Tuesday, March 20th. They issued a “buy” rating and a $42.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Schnitzer Steel Industries has a consensus rating of “Buy” and a consensus target price of $33.00.
Schnitzer Steel Industries (NASDAQ:SCHN) last posted its quarterly earnings data on Tuesday, January 9th. The basic materials company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.61 by $0.02. Schnitzer Steel Industries had a return on equity of 11.90% and a net margin of 3.50%. The firm had revenue of $483.00 million for the quarter, compared to the consensus estimate of $502.02 million. During the same quarter last year, the company earned ($0.05) earnings per share. The business’s revenue for the quarter was up 44.6% compared to the same quarter last year. equities analysts predict that Schnitzer Steel Industries will post 2.92 EPS for the current fiscal year.
A number of institutional investors and hedge funds have recently modified their holdings of SCHN. Millennium Management LLC raised its stake in Schnitzer Steel Industries by 706.8% during the 4th quarter. Millennium Management LLC now owns 685,889 shares of the basic materials company’s stock valued at $22,977,000 after purchasing an additional 600,873 shares during the period. Mackenzie Financial Corp bought a new stake in Schnitzer Steel Industries during the 3rd quarter valued at approximately $4,304,000. Renaissance Technologies LLC raised its stake in Schnitzer Steel Industries by 401.8% during the 4th quarter. Renaissance Technologies LLC now owns 164,096 shares of the basic materials company’s stock valued at $5,497,000 after purchasing an additional 131,396 shares during the period. Peregrine Asset Advisers Inc. bought a new stake in Schnitzer Steel Industries during the 4th quarter valued at approximately $3,894,000. Finally, Cornerstone Capital Management Holdings LLC. bought a new stake in Schnitzer Steel Industries during the 3rd quarter valued at approximately $3,130,000. 91.01% of the stock is currently owned by institutional investors.
TRADEMARK VIOLATION WARNING: This article was first reported by WKRB News and is the sole property of of WKRB News. If you are reading this article on another publication, it was illegally copied and reposted in violation of international copyright and trademark legislation. The original version of this article can be read at https://www.wkrb13.com/2018/04/01/schnitzer-steel-industries-schn-rating-increased-to-buy-at-zacks-investment-research.html.
About Schnitzer Steel Industries
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.
Receive News & Ratings for Schnitzer Steel Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Schnitzer Steel Industries and related companies with MarketBeat.com's FREE daily email newsletter.