Schnitzer Steel Industries (NASDAQ:SCHN) had its price target cut by Macquarie from $37.00 to $28.00 in a research report report published on Friday morning. They currently have a hold rating on the basic materials company’s stock.

Several other research firms have also issued reports on SCHN. BidaskClub lowered Schnitzer Steel Industries from a hold rating to a sell rating in a research report on Saturday, August 11th. ValuEngine lowered Schnitzer Steel Industries from a hold rating to a sell rating in a research report on Tuesday, August 14th. Zacks Investment Research lowered Schnitzer Steel Industries from a hold rating to a sell rating in a research report on Thursday, September 6th. Finally, Morgan Stanley boosted their target price on Schnitzer Steel Industries from $36.00 to $38.00 and gave the stock an equal weight rating in a research report on Friday, July 6th. Four equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. Schnitzer Steel Industries has an average rating of Hold and an average price target of $33.25.

Schnitzer Steel Industries stock opened at $27.03 on Friday. The stock has a market cap of $728.97 million, a PE ratio of 17.67 and a beta of 1.26. Schnitzer Steel Industries has a 1 year low of $25.00 and a 1 year high of $38.85. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.20 and a quick ratio of 1.12.

In related news, Director John D. Carter sold 13,676 shares of the business’s stock in a transaction that occurred on Tuesday, July 10th. The stock was sold at an average price of $37.02, for a total value of $506,285.52. Following the completion of the transaction, the director now directly owns 62,454 shares in the company, valued at approximately $2,312,047.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.50% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. boosted its position in Schnitzer Steel Industries by 6.6% during the 2nd quarter. BlackRock Inc. now owns 2,847,448 shares of the basic materials company’s stock worth $95,958,000 after acquiring an additional 175,455 shares during the last quarter. Northern Trust Corp boosted its position in Schnitzer Steel Industries by 1.7% during the 1st quarter. Northern Trust Corp now owns 504,409 shares of the basic materials company’s stock worth $16,318,000 after acquiring an additional 8,616 shares during the last quarter. Stifel Financial Corp boosted its position in Schnitzer Steel Industries by 5.3% during the 1st quarter. Stifel Financial Corp now owns 414,333 shares of the basic materials company’s stock worth $13,420,000 after acquiring an additional 20,740 shares during the last quarter. Bank of America Corp DE boosted its position in Schnitzer Steel Industries by 12.1% during the 2nd quarter. Bank of America Corp DE now owns 280,286 shares of the basic materials company’s stock worth $9,445,000 after acquiring an additional 30,306 shares during the last quarter. Finally, LSV Asset Management boosted its position in Schnitzer Steel Industries by 43.6% during the 2nd quarter. LSV Asset Management now owns 256,100 shares of the basic materials company’s stock worth $8,630,000 after acquiring an additional 77,800 shares during the last quarter. Institutional investors and hedge funds own 89.74% of the company’s stock.

About Schnitzer Steel Industries

Schnitzer Steel Industries, Inc recycles ferrous and nonferrous scrap metals; and manufactures finished steel products worldwide. It operates through two segments, Auto and Metals Recycling (AMR); and Cascade Steel and Scrap (CSS). The AMR segment buys, collects, processes, recycles, sells, and brokers 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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