In a report released today, Gus Richard from Northland Securities initiated coverage with a Buy rating on Schnitzer Steel (SCHN – Research Report) and a price target of $80.00. The company’s shares closed last Friday at $51.20.
According to TipRanks.com, Richard is a top 100 analyst with an average return of 32.8% and a 70.0% success rate. Richard covers the Technology sector, focusing on stocks such as Advanced Micro Devices, Power Integrations, and Enphase Energy.
Currently, the analyst consensus on Schnitzer Steel is a Moderate Buy with an average price target of $72.00.
Schnitzer Steel’s market cap is currently $1.41B and has a P/E ratio of 11.80. The company has a Price to Book ratio of 2.26.
Based on the recent corporate insider activity of 65 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SCHN in relation to earlier this year.
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Schnitzer Steel Industries, Inc. engages in recycling of ferrous and nonferrous scrap metal and manufacture of finished steel products. It operates through the Auto and Metals Recycling (AMR) and Cascade Steel and Scrap (CSS) segments. The AMR segment acquires and recycles ferrous and nonferrous scrap metal for sale to foreign and domestic metal producers, processors and brokers, and procure salvaged vehicles and sells serviceable used auto parts from these vehicles through a network of self-service auto parts stores. The CSS segment manages a steel mini-mill that produces a range of finished steel long products using ferrous recycled scrap metal and other raw materials. The company was founded by Sam Schnitzer in 1906 and is headquartered in Portland, OR.