Schnitzer Steel Industries (NASDAQ:SCHN) Price Target Lowered to $47.00 at The Goldman Sachs Group

Schnitzer Steel Industries (NASDAQ:SCHNGet Rating) had its target price lowered by analysts at The Goldman Sachs Group from $63.00 to $47.00 in a research note issued to investors on Tuesday, The Fly reports. The Goldman Sachs Group’s target price indicates a potential upside of 13.17% from the company’s current price.

A number of other research analysts also recently commented on SCHN. StockNews.com downgraded shares of Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a research report on Friday. KeyCorp lifted their price objective on shares of Schnitzer Steel Industries from $59.00 to $62.00 and gave the company an “overweight” rating in a research report on Wednesday, April 20th. Finally, Zacks Investment Research downgraded shares of Schnitzer Steel Industries from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 25th.

Shares of SCHN stock opened at $41.53 on Tuesday. The company has a current ratio of 2.00, a quick ratio of 1.02 and a debt-to-equity ratio of 0.28. Schnitzer Steel Industries has a 1 year low of $34.37 and a 1 year high of $59.70. The firm’s fifty day moving average price is $46.69 and its two-hundred day moving average price is $46.71. The firm has a market capitalization of $1.15 billion, a P/E ratio of 6.49 and a beta of 1.48.

Schnitzer Steel Industries (NASDAQ:SCHNGet Rating) last issued its quarterly earnings results on Wednesday, April 6th. The basic materials company reported $1.38 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.38. Schnitzer Steel Industries had a net margin of 5.86% and a return on equity of 24.20%. The firm had revenue of $783.20 million for the quarter, compared to analyst estimates of $779.39 million. During the same period in the previous year, the business earned $1.51 EPS. The company’s revenue was up 30.5% compared to the same quarter last year. As a group, equities research analysts forecast that Schnitzer Steel Industries will post 6.96 EPS for the current fiscal year.

In related news, SVP Peter B. Saba sold 1,178 shares of Schnitzer Steel Industries stock in a transaction dated Wednesday, May 4th. The shares were sold at an average price of $44.46, for a total transaction of $52,373.88. Following the completion of the sale, the senior vice president now owns 63,261 shares of the company’s stock, valued at approximately $2,812,584.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 6.20% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Quantbot Technologies LP bought a new stake in Schnitzer Steel Industries in the 1st quarter valued at about $720,000. Sprott Inc. boosted its holdings in Schnitzer Steel Industries by 43.6% in the 1st quarter. Sprott Inc. now owns 201,000 shares of the basic materials company’s stock valued at $10,440,000 after purchasing an additional 61,000 shares during the period. Brinker Capital Investments LLC boosted its holdings in Schnitzer Steel Industries by 1.6% in the 1st quarter. Brinker Capital Investments LLC now owns 19,665 shares of the basic materials company’s stock valued at $1,021,000 after purchasing an additional 311 shares during the period. State Street Corp boosted its holdings in Schnitzer Steel Industries by 36.2% in the 1st quarter. State Street Corp now owns 1,521,234 shares of the basic materials company’s stock valued at $79,013,000 after purchasing an additional 404,669 shares during the period. Finally, Prelude Capital Management LLC bought a new stake in Schnitzer Steel Industries in the 1st quarter valued at about $2,005,000. 83.90% of the stock is owned by hedge funds and other institutional investors.

About Schnitzer Steel Industries (Get Rating)

Schnitzer Steel Industries, Inc recycles ferrous and nonferrous metal, and manufactures finished steel products worldwide. The company acquires, processes, and recycles salvaged vehicles, rail cars, home appliances, industrial machinery, manufacturing scrap, and construction and demolition scrap. It offers recycled ferrous metal, a feedstock used in the production of finished steel products; and nonferrous products, including mixed metal joint products recovered from the shredding process, such as zorba, zurik, aluminum, copper, stainless steel, nickel, brass, titanium, lead, and high temperature alloys.

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