DA Davidson Comments on Schnitzer Steel Industries Inc.’s FY2016 Earnings (SCHN)
Schnitzer Steel Industries Inc. (NASDAQ:SCHN) – Equities research analysts at DA Davidson increased their FY2016 earnings estimates for Schnitzer Steel Industries in a report issued on Tuesday. DA Davidson analyst B. Thielman now anticipates that the firm will earn $0.68 per share for the year, up from their prior estimate of $0.35. DA Davidson has a “Hold” rating on the stock. DA Davidson also issued estimates for Schnitzer Steel Industries’ Q4 2016 earnings at $0.60 EPS.
Separately, Zacks Investment Research upgraded Schnitzer Steel Industries from a “strong sell” rating to a “hold” rating and set a $21.00 price target for the company in a research report on Saturday, July 2nd.
Schnitzer Steel Industries (NASDAQ:SCHN) traded up 0.90% during mid-day trading on Thursday, reaching $21.23. The company had a trading volume of 107,142 shares. Schnitzer Steel Industries has a 12 month low of $11.70 and a 12 month high of $21.59. The stock’s 50-day moving average is $19.20 and its 200 day moving average is $18.44. The firm’s market capitalization is $578.73 million.
Several hedge funds have recently made changes to their positions in the stock. Bank of Montreal Can purchased a new stake in shares of Schnitzer Steel Industries during the second quarter valued at $108,000. Rational Advisors LLC purchased a new stake in shares of Schnitzer Steel Industries during the second quarter valued at $117,000. AXA purchased a new stake in shares of Schnitzer Steel Industries during the second quarter valued at $123,000. BlackRock Inc. raised its stake in shares of Schnitzer Steel Industries by 446.9% in the second quarter. BlackRock Inc. now owns 10,381 shares of the company’s stock valued at $182,000 after buying an additional 8,483 shares during the period. Finally, Acrospire Investment Management LLC raised its stake in shares of Schnitzer Steel Industries by 1,054.7% in the second quarter. Acrospire Investment Management LLC now owns 10,508 shares of the company’s stock valued at $185,000 after buying an additional 9,598 shares during the period. Institutional investors and hedge funds own 92.43% of the company’s stock.
About Schnitzer Steel Industries
Schnitzer Steel Industries, Inc (SSI) is a recycler of ferrous and nonferrous scrap metal. The Company is recycler of used and salvaged vehicles and a manufacturer of finished steel products. The Company operates in three business segments: the Metals Recycling Business (MRB), the Auto Parts Business (APB) and the Steel Manufacturing Business (SMB).
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