Ryerson Holding Corp. (RYI) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Ryerson Holding Corp. (NYSE:RYI) from a hold rating to a buy rating in a report issued on Wednesday morning. Zacks Investment Research currently has $11.00 target price on the stock.
According to Zacks, “Ryerson Holding Corporation is a services company that processes and distributes metals. The Company, through its subsidiaries, purchases, processes, and distributes various forms of stainless steel, aluminum, carbon, alloy steel, nickel, and red metals. Ryerson serves several industries including oil and gas, industrial equipment, transportation equipment, heavy equipment and electrical machinery. It has operations primarily in the United States, Mexico, Canada, China and Brazil. Ryerson Holding Corporation is headquartered in Chicago. “
A number of other equities research analysts have also weighed in on RYI. Jefferies Group reiterated a hold rating on shares of Ryerson Holding Corp. in a research note on Saturday, October 1st. JPMorgan Chase & Co. upped their price objective on Ryerson Holding Corp. from $11.00 to $13.00 and gave the stock a neutral rating in a research note on Thursday, August 11th. Finally, BMO Capital Markets upped their price objective on Ryerson Holding Corp. from $10.00 to $13.00 and gave the stock a market perform rating in a research note on Thursday, August 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. The company has an average rating of Hold and an average price target of $12.25.
Ryerson Holding Corp. (NYSE:RYI) traded down 5.06% during trading on Wednesday, hitting $9.01. The stock had a trading volume of 33,229 shares. The company has a market cap of $334.26 million, a price-to-earnings ratio of 55.62 and a beta of 2.21. The company has a 50-day moving average price of $11.03 and a 200-day moving average price of $12.00. Ryerson Holding Corp. has a 52-week low of $2.53 and a 52-week high of $19.71.
Ryerson Holding Corp. (NYSE:RYI) last announced its earnings results on Wednesday, August 10th. The company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.05. Ryerson Holding Corp. had a net margin of 0.18% and a negative return on equity of 14.34%. Equities research analysts forecast that Ryerson Holding Corp. will post $1.54 EPS for the current year.
In other Ryerson Holding Corp. news, insider Michael Burbach bought 2,800 shares of the firm’s stock in a transaction dated Friday, August 12th. The shares were purchased at an average cost of $12.90 per share, for a total transaction of $36,120.00. Following the transaction, the insider now owns 37,800 shares of the company’s stock, valued at $487,620. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Edward J. Lehner bought 7,060 shares of the firm’s stock in a transaction dated Friday, August 12th. The shares were acquired at an average price of $12.00 per share, for a total transaction of $84,720.00. Following the completion of the transaction, the chief executive officer now directly owns 79,060 shares in the company, valued at approximately $948,720. The disclosure for this purchase can be found here. Company insiders own 0.90% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC raised its position in shares of Ryerson Holding Corp. by 3.4% in the first quarter. Geode Capital Management LLC now owns 71,362 shares of the company’s stock worth $396,000 after buying an additional 2,333 shares during the period. Nantahala Capital Management LLC bought a new position in shares of Ryerson Holding Corp. during the first quarter worth approximately $2,242,000. Menta Capital LLC raised its position in shares of Ryerson Holding Corp. by 31.5% in the first quarter. Menta Capital LLC now owns 51,598 shares of the company’s stock worth $287,000 after buying an additional 12,350 shares during the period. Smith Asset Management Group LP bought a new position in shares of Ryerson Holding Corp. during the second quarter worth approximately $397,000. Finally, Bank of Montreal Can bought a new position in shares of Ryerson Holding Corp. during the second quarter worth approximately $195,000. 29.13% of the stock is currently owned by institutional investors.
About Ryerson Holding Corp.
Ryerson Holding Corporation (Ryerson Holding) is a service center company for carbon and stainless steel, as well as aluminum. The Company processes and distributes a full line of over 70,000 products in stainless steel, aluminum, carbon steel and alloy steels, and a limited line of nickel and red metals in various shapes and forms.
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