Goldman Sachs Group Downgrades Schnitzer Steel Industries (SCHN) to Neutral

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Schnitzer Steel Industries (NASDAQ:SCHN) was downgraded by investment analysts at Goldman Sachs Group from a “buy” rating to a “neutral” rating in a note issued to investors on Monday, The Fly reports.

SCHN has been the topic of several other reports. BidaskClub raised Schnitzer Steel Industries from a “strong sell” rating to a “sell” rating in a research report on Friday, October 26th. ValuEngine lowered Schnitzer Steel Industries from a “sell” rating to a “strong sell” rating in a research report on Wednesday, October 17th. Macquarie set a $29.00 target price on Schnitzer Steel Industries and gave the stock a “hold” rating in a research report on Thursday, October 25th. Zacks Investment Research raised Schnitzer Steel Industries from a “sell” rating to a “hold” rating in a research report on Wednesday, October 17th. Finally, Cowen started coverage on Schnitzer Steel Industries in a research report on Tuesday, January 8th. They issued a “market perform” rating and a $24.00 target price on the stock. Four investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company. The stock currently has an average rating of “Sell” and an average price target of $30.20.

SCHN stock opened at $22.96 on Monday. The company has a current ratio of 1.76, a quick ratio of 0.95 and a debt-to-equity ratio of 0.16. The company has a market cap of $628.83 million, a P/E ratio of 4.26 and a beta of 1.32. Schnitzer Steel Industries has a 12-month low of $20.94 and a 12-month high of $38.85.

Schnitzer Steel Industries (NASDAQ:SCHN) last posted its quarterly earnings results on Wednesday, January 9th. The basic materials company reported $0.58 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.01. The business had revenue of $564.00 million for the quarter, compared to analyst estimates of $561.48 million. Schnitzer Steel Industries had a return on equity of 22.10% and a net margin of 6.31%. The business’s revenue was up 16.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.63 EPS. Sell-side analysts expect that Schnitzer Steel Industries will post 2.23 earnings per share for the current year.

In other Schnitzer Steel Industries news, CFO Richard Peach sold 6,030 shares of the stock in a transaction on Friday, October 26th. The stock was sold at an average price of $27.56, for a total value of $166,186.80. Following the sale, the chief financial officer now directly owns 131,298 shares of the company’s stock, valued at $3,618,572.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Stefano R. Gaggini sold 4,401 shares of the stock in a transaction on Friday, November 2nd. The stock was sold at an average price of $26.75, for a total value of $117,726.75. Following the completion of the sale, the chief financial officer now directly owns 30,467 shares in the company, valued at $814,992.25. The disclosure for this sale can be found here. Insiders sold 49,170 shares of company stock worth $1,335,920 over the last ninety days. 4.10% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. United Services Automobile Association bought a new position in shares of Schnitzer Steel Industries in the second quarter worth $250,000. Adams Diversified Equity Fund Inc. grew its stake in shares of Schnitzer Steel Industries by 41.6% in the third quarter. Adams Diversified Equity Fund Inc. now owns 25,200 shares of the basic materials company’s stock worth $682,000 after purchasing an additional 7,400 shares in the last quarter. Tocqueville Asset Management L.P. bought a new position in shares of Schnitzer Steel Industries in the third quarter worth $2,465,000. Affinity Investment Advisors LLC grew its stake in shares of Schnitzer Steel Industries by 46.7% in the third quarter. Affinity Investment Advisors LLC now owns 16,113 shares of the basic materials company’s stock worth $436,000 after purchasing an additional 5,126 shares in the last quarter. Finally, BlackRock Inc. grew its stake in shares of Schnitzer Steel Industries by 6.6% in the second quarter. BlackRock Inc. now owns 2,847,448 shares of the basic materials company’s stock worth $95,958,000 after purchasing an additional 175,455 shares in the last quarter. 86.02% of the stock is currently owned by hedge funds and other institutional investors.

About Schnitzer Steel Industries

Schnitzer Steel Industries, Inc recycles ferrous and nonferrous scrap metals; and manufactures finished steel products worldwide. The company operates through two segments, Auto and Metals Recycling (AMR); and Cascade Steel and Scrap (CSS). The AMR segment acquires, processes and recycles scrap metals, as well as processes mixed and large pieces of scrap metal into smaller pieces by crushing, torching, shearing, shredding, and sorting.

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