Zacks Investment Research lowered shares of Ryerson (NYSE:RYI) from a buy rating to a hold rating in a research report report published on Thursday morning.
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 analysts also recently weighed in on the company. Deutsche Bank upgraded Ryerson from a hold rating to a buy rating and set a $12.00 price objective for the company in a report on Monday, November 5th. ValuEngine upgraded Ryerson from a strong sell rating to a sell rating in a report on Wednesday, October 31st. One research analyst has rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. The stock has an average rating of Hold and an average target price of $10.00.
Ryerson (NYSE:RYI) last released its earnings results on Friday, November 2nd. The basic materials company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.07). The business had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.24 billion. Ryerson had a return on equity of 101.73% and a net margin of 2.60%. The firm’s revenue for the quarter was up 44.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.05 earnings per share. On average, sell-side analysts anticipate that Ryerson will post 1.2 earnings per share for the current year.
In other news, CEO Edward J. Lehner acquired 4,125 shares of the firm’s stock in a transaction that occurred on Tuesday, November 20th. The stock was purchased at an average cost of $8.10 per share, for a total transaction of $33,412.50. Following the completion of the acquisition, the chief executive officer now directly owns 215,439 shares of the company’s stock, valued at approximately $1,745,055.90. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders purchased 13,625 shares of company stock valued at $113,158 over the last 90 days. 1.10% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its holdings in 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 worth $12,703,000 after purchasing an additional 100,475 shares in the last quarter. Prudential Financial Inc. raised its holdings in Ryerson by 20.1% in the third quarter. Prudential Financial Inc. now owns 245,698 shares of the basic materials company’s stock worth $2,776,000 after purchasing an additional 41,154 shares in the last quarter. Towle & Co. raised its holdings in Ryerson by 1.0% in the third quarter. Towle & Co. now owns 2,209,425 shares of the basic materials company’s stock worth $24,967,000 after purchasing an additional 20,912 shares in the last quarter. Calamos Advisors LLC bought a new position in Ryerson in the third quarter worth about $322,000. Finally, Jefferies Group LLC bought a new position in Ryerson in the third quarter worth about $162,000. Hedge funds and other institutional investors own 36.83% of the company’s stock.
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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