Schnitzer Steel Industries (NASDAQ:SCHN) PT Set at $23.00 by Macquarie

Macquarie set a $23.00 price objective on Schnitzer Steel Industries (NASDAQ:SCHN) in a report published on Friday morning, TipRanks reports. The brokerage currently has a hold rating on the basic materials company’s stock.

A number of other equities analysts have also recently issued reports on SCHN. Cowen reissued a market perform rating and issued a $25.00 target price (up previously from $24.00) on shares of Schnitzer Steel Industries in a report on Tuesday, June 25th. ValuEngine cut shares of Schnitzer Steel Industries from a hold rating to a sell rating in a report on Saturday, August 10th. BidaskClub cut shares of Schnitzer Steel Industries from a buy rating to a hold rating in a report on Thursday. Zacks Investment Research cut shares of Schnitzer Steel Industries from a hold rating to a sell rating in a report on Friday, August 30th. Finally, Goldman Sachs Group cut shares of Schnitzer Steel Industries from a neutral rating to a sell rating and cut their target price for the stock from $27.00 to $23.00 in a report on Sunday, September 22nd. Three investment analysts have rated the stock with a sell rating and three have given a hold rating to the stock. The stock currently has an average rating of Hold and an average price target of $24.50.

Shares of SCHN stock traded up $0.54 during trading hours on Friday, hitting $20.66. 311,600 shares of the company were exchanged, compared to its average volume of 239,837. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.22 and a current ratio of 2.36. Schnitzer Steel Industries has a one year low of $18.68 and a one year high of $28.90. The business’s 50-day simple moving average is $23.14 and its two-hundred day simple moving average is $23.98. The stock has a market capitalization of $527.26 million, a price-to-earnings ratio of 3.83 and a beta of 1.50.

A number of hedge funds and other institutional investors have recently modified their holdings of SCHN. BSW Wealth Partners bought a new position in Schnitzer Steel Industries in the second quarter worth about $52,000. Marshall Wace LLP bought a new position in Schnitzer Steel Industries in the first quarter worth about $71,000. Smith Asset Management Group LP bought a new position in Schnitzer Steel Industries in the second quarter worth about $82,000. Marshall Wace North America L.P. bought a new position in Schnitzer Steel Industries in the first quarter worth about $143,000. Finally, Quantitative Systematic Strategies LLC bought a new position in Schnitzer Steel Industries in the second quarter worth about $201,000. 86.07% of the stock is currently owned by hedge funds and other institutional investors.

Schnitzer Steel Industries Company Profile

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