The Zacks Investment Research Upgrades Schnitzer Steel Industries Inc. (SCHN) to Buy

The Zacks Investment Research Upgrades Schnitzer Steel Industries Inc. (SCHN) to Buy

Schnitzer Steel Industries Inc. (NASDAQ:SCHN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm presently has a $23.00 price target on the stock. Zacks Investment Research’s target price would indicate a potential upside of 10.05% from the company’s current price.

According to Zacks, “Schnitzer Steel Industries, Inc. collects, processes and recycles metals by operating one of the largest metals recycling businesses in the United States. They also manufacture finished steel products at their technologically advanced steel mini-mill. “

Separately, DA Davidson restated a “hold” rating on shares of Schnitzer Steel Industries in a research note on Tuesday, October 4th.

Shares of Schnitzer Steel Industries (NASDAQ:SCHN) opened at 20.90 on Wednesday. The firm’s 50-day moving average is $19.59 and its 200 day moving average is $18.55. Schnitzer Steel Industries has a 52 week low of $11.70 and a 52 week high of $21.65. The company’s market capitalization is $569.73 million.

Several hedge funds have recently bought and sold shares of SCHN. Vanguard Group Inc. boosted its stake in Schnitzer Steel Industries by 13.9% in the second quarter. Vanguard Group Inc. now owns 2,372,997 shares of the company’s stock worth $41,765,000 after buying an additional 289,686 shares in the last quarter. State Street Corp boosted its stake in shares of Schnitzer Steel Industries by 30.4% in the second quarter. State Street Corp now owns 2,191,827 shares of the company’s stock valued at $38,579,000 after buying an additional 510,426 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Schnitzer Steel Industries by 5.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,611,156 shares of the company’s stock valued at $28,355,000 after buying an additional 80,603 shares during the period. Anchor Bolt Capital LP boosted its stake in shares of Schnitzer Steel Industries by 11.3% in the first quarter. Anchor Bolt Capital LP now owns 1,348,851 shares of the company’s stock valued at $24,873,000 after buying an additional 136,967 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in shares of Schnitzer Steel Industries by 25.3% in the first quarter. Renaissance Technologies LLC now owns 1,076,696 shares of the company’s stock valued at $19,854,000 after buying an additional 217,696 shares during the period. Institutional investors own 92.43% of the company’s stock.

Schnitzer Steel Industries Company Profile

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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