Zacks Investment Research lowered shares of Ryerson (NYSE:RYI) from a buy rating to a hold rating in a research note published on Thursday.
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. “
Several other brokerages have also recently weighed in on RYI. ValuEngine upgraded shares of Ryerson from a strong sell rating to a sell rating in a research note on Monday, October 8th. Deutsche Bank upgraded shares of Ryerson from a hold rating to a buy rating and set a $12.00 price objective on the stock in a research note on Monday, November 5th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $10.00.
Ryerson (NYSE:RYI) last announced its quarterly earnings results on Friday, November 2nd. The basic materials company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.07). The company had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Ryerson had a net margin of 2.60% and a return on equity of 101.73%. The business’s revenue was up 44.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.05 EPS. On average, equities research analysts forecast that Ryerson will post 1.2 earnings per share for the current fiscal year.
In other news, CEO Edward J. Lehner bought 4,125 shares of the firm’s stock in a transaction on Tuesday, November 20th. The shares were bought at an average price of $8.10 per share, for a total transaction of $33,412.50. Following the purchase, the chief executive officer now owns 215,439 shares in the company, valued at $1,745,055.90. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders have acquired 13,625 shares of company stock worth $113,158. 1.10% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in RYI. BlackRock Inc. grew its holdings in Ryerson by 24.1% during the 3rd quarter. BlackRock Inc. now owns 1,712,097 shares of the basic materials company’s stock valued at $19,347,000 after buying an additional 332,254 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Ryerson by 73.4% in the third quarter. AQR Capital Management LLC now owns 367,007 shares of the basic materials company’s stock valued at $4,147,000 after purchasing an additional 155,294 shares in the last quarter. Hillsdale Investment Management Inc. purchased a new position in shares of Ryerson in the third quarter valued at $1,460,000. Dimensional Fund Advisors LP grew its holdings in shares of Ryerson by 9.7% in the second quarter. Dimensional Fund Advisors LP now owns 1,139,289 shares of the basic materials company’s stock valued at $12,703,000 after purchasing an additional 100,475 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Ryerson by 96.1% in the third quarter. Bank of New York Mellon Corp now owns 169,020 shares of the basic materials company’s stock valued at $1,910,000 after purchasing an additional 82,820 shares in the last quarter. 36.83% of the stock is owned by institutional investors and hedge funds.
Ryerson Company Profile
Ryerson Holding Corporation, together with its subsidiaries, processes and distributes industrial metals in the United States, Canada, Mexico, and China. The company offers a line of products in stainless steel, aluminum, carbon steel, and alloy steels, as well as nickel and red metals in various shapes and forms, including coils, sheets, rounds, hexagons, square and flat bars, plates, structural products, and tubing.
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