Schnitzer Steel Industries Inc. (NASDAQ:SCHN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage currently has a $23.00 price objective on the stock. Zacks Investment Research’s price target would suggest a potential upside of 10.58% from the stock’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 reissued a “hold” rating on shares of Schnitzer Steel Industries in a research note on Tuesday, October 4th.
Schnitzer Steel Industries (NASDAQ:SCHN) opened at 20.80 on Wednesday. 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 $567.01 million. The firm’s 50-day moving average is $19.46 and its 200-day moving average is $18.51.
Institutional investors have recently modified their holdings of the company. Prudential Financial Inc. purchased a new position in shares of Schnitzer Steel Industries during the first quarter worth $378,000. Franklin Resources Inc. raised its position in shares of Schnitzer Steel Industries by 44.6% in the first quarter. Franklin Resources Inc. now owns 105,000 shares of the company’s stock worth $1,936,000 after buying an additional 32,400 shares during the last quarter. Landscape Capital Management L.L.C. purchased a new position in shares of Schnitzer Steel Industries during the first quarter worth $603,000. Royce & Associates LP raised its position in shares of Schnitzer Steel Industries by 68.6% in the first quarter. Royce & Associates LP now owns 347,082 shares of the company’s stock worth $6,400,000 after buying an additional 141,172 shares during the last quarter. Finally, State Street Corp raised its position in shares of Schnitzer Steel Industries by 65.0% in the first quarter. State Street Corp now owns 1,681,401 shares of the company’s stock worth $31,007,000 after buying an additional 662,412 shares during the last quarter. 92.43% of the stock is currently owned by institutional investors.
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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