Stock analysts at Goldman Sachs initiated coverage on shares of Schnitzer Steel Industries (NASDAQ:SCHN) in a research note issued to investors on Tuesday, March 20th, Marketbeat reports. The brokerage set a “buy” rating and a $42.00 price target on the basic materials company’s stock. Goldman Sachs’ price target indicates a potential upside of 34.62% from the company’s previous close.
A number of other research analysts have also commented on SCHN. ValuEngine upgraded Schnitzer Steel Industries from a “hold” rating to a “buy” rating in a research note on Saturday, December 9th. BidaskClub upgraded Schnitzer Steel Industries from a “buy” rating to a “strong-buy” rating in a research note on Friday, December 22nd. Finally, Zacks Investment Research upgraded Schnitzer Steel Industries from a “hold” rating to a “strong-buy” rating and set a $39.00 target price for the company in a research note on Tuesday, January 2nd. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Schnitzer Steel Industries currently has an average rating of “Hold” and a consensus price target of $33.25.
Shares of SCHN traded up $0.65 during mid-day trading on Tuesday, hitting $31.20. The company’s stock had a trading volume of 253,613 shares, compared to its average volume of 351,810. Schnitzer Steel Industries has a one year low of $17.50 and a one year high of $38.85. The company has a current ratio of 2.42, a quick ratio of 1.25 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $862.34, a price-to-earnings ratio of 19.97 and a beta of 1.41.
Schnitzer Steel Industries (NASDAQ:SCHN) last issued its earnings results on Thursday, April 5th. The basic materials company reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $0.91 by $0.51. The business had revenue of $559.00 million during the quarter, compared to analyst estimates of $507.82 million. Schnitzer Steel Industries had a return on equity of 14.28% and a net margin of 4.68%. Schnitzer Steel Industries’s revenue was up 46.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.37 earnings per share. equities analysts predict that Schnitzer Steel Industries will post 3.39 EPS for the current year.
Institutional investors have recently added to or reduced their stakes in the business. Engineers Gate Manager LP raised its stake in Schnitzer Steel Industries by 126.4% during the third quarter. Engineers Gate Manager LP now owns 41,286 shares of the basic materials company’s stock worth $1,162,000 after acquiring an additional 23,049 shares in the last quarter. Prudential Financial Inc. raised its stake in Schnitzer Steel Industries by 18.9% during the third quarter. Prudential Financial Inc. now owns 232,427 shares of the basic materials company’s stock worth $6,543,000 after acquiring an additional 37,010 shares in the last quarter. California Public Employees Retirement System raised its stake in Schnitzer Steel Industries by 4.2% during the fourth quarter. California Public Employees Retirement System now owns 92,350 shares of the basic materials company’s stock worth $3,094,000 after acquiring an additional 3,685 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in Schnitzer Steel Industries by 9.7% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 443,492 shares of the basic materials company’s stock worth $14,857,000 after acquiring an additional 39,216 shares in the last quarter. Finally, LSV Asset Management acquired a new position in Schnitzer Steel Industries during the fourth quarter worth $1,614,000. Hedge funds and other institutional investors own 91.01% of the company’s stock.
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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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