Schnitzer Steel Industries (SCHN) Raised to Buy at ValuEngine

Schnitzer Steel Industries (NASDAQ:SCHN) was upgraded by equities researchers at ValuEngine from a “hold” rating to a “buy” rating in a note issued to investors on Saturday.

SCHN has been the subject of a number of other research reports. Morgan Stanley upped their price objective on shares of Schnitzer Steel Industries from $27.00 to $29.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 31st. Macquarie began coverage on shares of Schnitzer Steel Industries in a research report on Wednesday, September 6th. They issued a “neutral” rating and a $26.00 price objective for the company. Zacks Investment Research downgraded shares of Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a research report on Thursday, October 26th. KeyCorp restated a “hold” rating on shares of Schnitzer Steel Industries in a research report on Wednesday, October 11th. Finally, BidaskClub downgraded shares of Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, August 16th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $29.33.

Schnitzer Steel Industries (NASDAQ:SCHN) opened at $29.50 on Friday. The firm has a market cap of $773.97, a PE ratio of 18.69 and a beta of 1.36. Schnitzer Steel Industries has a 1 year low of $17.50 and a 1 year high of $31.35. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.92 and a quick ratio of 0.97.

Schnitzer Steel Industries (NASDAQ:SCHN) last issued its quarterly earnings data on Tuesday, October 24th. The basic materials company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.01. The business had revenue of $494.00 million during the quarter, compared to the consensus estimate of $495.73 million. Schnitzer Steel Industries had a net margin of 2.64% and a return on equity of 8.49%. The company’s revenue was up 26.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.60 earnings per share. sell-side analysts expect that Schnitzer Steel Industries will post 2.18 EPS for the current year.

In related news, SVP Peter B. Saba sold 2,393 shares of the company’s stock in a transaction dated Tuesday, November 14th. The shares were sold at an average price of $26.52, for a total transaction of $63,462.36. Following the completion of the sale, the senior vice president now owns 30,911 shares of the company’s stock, valued at approximately $819,759.72. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Stefano R. Gaggini sold 1,074 shares of the company’s stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $28.97, for a total transaction of $31,113.78. Following the sale, the vice president now directly owns 16,480 shares of the company’s stock, valued at approximately $477,425.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,770 shares of company stock valued at $654,919. Insiders own 3.80% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Numeric Investors LLC grew its stake in Schnitzer Steel Industries by 25.0% during the 2nd quarter. Numeric Investors LLC now owns 45,000 shares of the basic materials company’s stock valued at $1,134,000 after acquiring an additional 9,000 shares in the last quarter. Fox Run Management L.L.C. purchased a new stake in Schnitzer Steel Industries during the 3rd quarter valued at about $597,000. Stifel Financial Corp grew its stake in shares of Schnitzer Steel Industries by 78.9% in the 2nd quarter. Stifel Financial Corp now owns 355,800 shares of the basic materials company’s stock valued at $8,983,000 after buying an additional 156,882 shares during the period. Royce & Associates LP grew its stake in shares of Schnitzer Steel Industries by 42.0% in the 2nd quarter. Royce & Associates LP now owns 339,253 shares of the basic materials company’s stock valued at $8,549,000 after buying an additional 100,300 shares during the period. Finally, Koch Industries Inc. purchased a new stake in shares of Schnitzer Steel Industries in the 2nd quarter valued at approximately $367,000. 86.84% of the stock is owned by institutional investors.

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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.

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