Ryerson (NYSE:RYI) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Wednesday.

According to Zacks, “Ryerson Holding Corporation is a services company that processes and distributes metals. The Company, through its subsidiaries, purchases, processes, and distributes various forms of stainless steel, aluminum, carbon, alloy steel, nickel, and red metals. Ryerson serves several industries including oil and gas, industrial equipment, transportation equipment, heavy equipment and electrical machinery. It has operations primarily in the United States, Mexico, Canada, China and Brazil. Ryerson Holding Corporation is headquartered in Chicago. “

A number of other equities analysts have also commented on RYI. KeyCorp reaffirmed a “buy” rating and issued a $13.50 price objective on shares of Ryerson in a research note on Tuesday, September 19th. BMO Capital Markets reissued a “hold” rating and issued a $13.00 price target on shares of Ryerson in a research note on Friday, October 20th. Finally, Jefferies Group reissued a “hold” rating and issued a $9.75 price target on shares of Ryerson in a research note on Friday, November 10th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $11.50.

Ryerson (NYSE:RYI) opened at $10.60 on Wednesday. The company has a quick ratio of 1.08, a current ratio of 2.49 and a debt-to-equity ratio of -70.93. The company has a market capitalization of $394.07, a P/E ratio of 46.09 and a beta of 2.07. Ryerson has a 12 month low of $7.65 and a 12 month high of $14.65.

Ryerson (NYSE:RYI) last posted its quarterly earnings data on Tuesday, November 7th. The basic materials company reported $0.05 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.05. The company had revenue of $864.20 million for the quarter, compared to analyst estimates of $853.35 million. Ryerson had a negative return on equity of 33.95% and a net margin of 0.26%. The firm’s quarterly revenue was up 17.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.28 earnings per share. analysts predict that Ryerson will post 0.55 EPS for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of the business. California Public Employees Retirement System lifted its stake in Ryerson by 89.2% in the third quarter. California Public Employees Retirement System now owns 83,059 shares of the basic materials company’s stock valued at $901,000 after buying an additional 39,159 shares during the period. Highbridge Capital Management LLC acquired a new position in Ryerson in the third quarter valued at approximately $431,000. Dimensional Fund Advisors LP lifted its stake in Ryerson by 11.5% in the third quarter. Dimensional Fund Advisors LP now owns 872,310 shares of the basic materials company’s stock valued at $9,462,000 after buying an additional 89,892 shares during the period. Wells Fargo & Company MN lifted its stake in Ryerson by 1,111.8% in the third quarter. Wells Fargo & Company MN now owns 246,515 shares of the basic materials company’s stock valued at $2,674,000 after buying an additional 226,172 shares during the period. Finally, IndexIQ Advisors LLC lifted its stake in Ryerson by 83.1% in the third quarter. IndexIQ Advisors LLC now owns 68,790 shares of the basic materials company’s stock valued at $746,000 after buying an additional 31,218 shares during the period. 39.28% of the stock is currently owned by hedge funds and other institutional investors.

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About Ryerson

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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