Zacks Investment Research Downgrades Ryerson (NYSE:RYI) to Hold

Zacks Investment Research cut shares of Ryerson (NYSE:RYI) from a buy rating to a hold rating in a report released on Wednesday, Zacks.com reports.

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. “

RYI opened at $21.71 on Wednesday. The company has a quick ratio of 0.90, a current ratio of 1.72 and a debt-to-equity ratio of 1.96. Ryerson has a 12 month low of $5.31 and a 12 month high of $25.68. The company has a fifty day simple moving average of $19.88 and a 200 day simple moving average of $17.23. The stock has a market cap of $835.18 million, a P/E ratio of 10.44 and a beta of 1.68.

Ryerson (NYSE:RYI) last released its quarterly earnings data on Wednesday, August 4th. The basic materials company reported $1.24 EPS for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.43. Ryerson had a net margin of 1.92% and a return on equity of 34.04%. The business had revenue of $1.42 billion during the quarter. On average, equities research analysts expect that Ryerson will post 4.5 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, September 16th. Shareholders of record on Monday, August 16th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date of this dividend was Friday, August 13th. Ryerson’s dividend payout ratio (DPR) is presently -400.00%.

In other news, CAO Molly D. Kannan sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, August 17th. The stock was sold at an average price of $22.47, for a total value of $112,350.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.49% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in RYI. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Ryerson by 150.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 450,930 shares of the basic materials company’s stock valued at $7,684,000 after acquiring an additional 270,932 shares in the last quarter. BlackRock Inc. lifted its stake in Ryerson by 7.3% in the 1st quarter. BlackRock Inc. now owns 1,958,469 shares of the basic materials company’s stock valued at $33,373,000 after purchasing an additional 133,148 shares during the last quarter. Bridgeway Capital Management LLC lifted its stake in Ryerson by 35.2% in the 2nd quarter. Bridgeway Capital Management LLC now owns 481,200 shares of the basic materials company’s stock valued at $7,026,000 after purchasing an additional 125,400 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in Ryerson in the 1st quarter valued at about $1,666,000. Finally, Allianz Asset Management GmbH acquired a new stake in Ryerson during the first quarter worth approximately $1,468,000. Institutional investors own 92.93% of the company’s stock.

About Ryerson

Ryerson Holding Corp. engages in the processing and distribution of industrial metals. It processes and distributes products in stainless steel, aluminum carbon steel and alloy steels and a limited line of nickel and red metals in various shapes and forms. The firm serves end-markets including oil and gas, industrial equipment, transportation equipment, heavy equipment and electrical machinery; and also offers value-added processing and fabrication services such as sawing, slitting, blanking, cutting to length, leveling, flame cutting, laser cutting, edge trimming, edge rolling, roll forming, tube manufacturing, polishing, shearing, forming, stamping, punching, rolling shell plate to radius.

Read More: Hold Rating

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