Schnitzer Steel Industries (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 Thursday. The firm presently has a $38.00 price target on the basic materials company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 7.80% 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. “

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Several other research analysts have also recently issued reports on the company. Goldman Sachs began coverage on Schnitzer Steel Industries in a research note on Tuesday. They issued a “buy” rating and a $42.00 price objective on the stock. BidaskClub cut Schnitzer Steel Industries from a “strong-buy” rating to a “buy” rating in a research report on Friday, March 16th. Finally, ValuEngine raised Schnitzer Steel Industries from a “buy” rating to a “strong-buy” rating in a research report on Thursday, March 1st. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Schnitzer Steel Industries currently has a consensus rating of “Buy” and a consensus price target of $33.75.

Schnitzer Steel Industries stock opened at $35.25 on Thursday. Schnitzer Steel Industries has a 52 week low of $17.50 and a 52 week high of $38.85. The stock has a market capitalization of $931.70, a P/E ratio of 15.46 and a beta of 1.34. The company has a quick ratio of 1.04, a current ratio of 2.31 and a debt-to-equity ratio of 0.33.

Schnitzer Steel Industries (NASDAQ:SCHN) last announced its quarterly earnings data on Tuesday, January 9th. The basic materials company reported $0.63 earnings per share (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 company had revenue of $483.00 million for the quarter, compared to analysts’ expectations of $502.02 million. During the same quarter in the prior year, the firm earned ($0.05) earnings per share. Schnitzer Steel Industries’s revenue was up 44.6% compared to the same quarter last year. analysts expect that Schnitzer Steel Industries will post 2.79 EPS for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in SCHN. Ladenburg Thalmann Financial Services Inc. boosted its position in Schnitzer Steel Industries by 96.5% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,015 shares of the basic materials company’s stock valued at $101,000 after acquiring an additional 1,481 shares in the last quarter. Sei Investments Co. boosted its position in Schnitzer Steel Industries by 325.7% during the 3rd quarter. Sei Investments Co. now owns 6,220 shares of the basic materials company’s stock valued at $175,000 after acquiring an additional 4,759 shares in the last quarter. Commonwealth Equity Services Inc bought a new stake in Schnitzer Steel Industries during the 3rd quarter valued at $204,000. Tiedemann Wealth Management LLC bought a new stake in Schnitzer Steel Industries during the 3rd quarter valued at $223,000. Finally, OppenheimerFunds Inc. bought a new stake in Schnitzer Steel Industries during the 4th quarter valued at $247,000. 91.01% of the stock is currently owned by institutional investors and hedge funds.

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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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