Zacks Research Upgrades Ryerson (NYSE:RYZ) to Strong-Buy

Ryerson (NYSE:RYZ) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Monday, Zacks reports.

Other equities analysts have also recently issued reports about the stock. Wall Street Zen upgraded shares of Ryerson from a “hold” rating to a “buy” rating in a research report on Saturday, August 1st. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Ryerson in a report on Monday, September 14th. One analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold”.

Ryerson Price Performance

Ryerson stock opened at $29.32 on Monday. The stock has a market capitalization of $1.52 billion, a PE ratio of -23.65 and a beta of 1.59. The business has a 50 day simple moving average of $25.68 and a 200-day simple moving average of $26.35. Ryerson has a 12 month low of $19.34 and a 12 month high of $32.00.

Ryerson (NYSE:RYZ) last announced its earnings results on Wednesday, July 29th. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. The business had revenue of $2.01 billion for the quarter. On average, equities research analysts anticipate that Ryerson will post 1.10 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SummerHaven Investment Management LLC boosted its stake in Ryerson by 37.2% during the 3rd quarter. SummerHaven Investment Management LLC now owns 41,447 shares of the company’s stock worth $976,000 after purchasing an additional 11,234 shares during the last quarter. State Street Corp acquired a new stake in shares of Ryerson in the second quarter valued at about $54,285,000. The Manufacturers Life Insurance Company purchased a new position in shares of Ryerson in the second quarter worth about $298,000. Engineers Gate Manager LP purchased a new position in shares of Ryerson in the second quarter worth about $1,376,000. Finally, Integrated Wealth Concepts LLC purchased a new position in shares of Ryerson in the second quarter worth about $33,000. Hedge funds and other institutional investors own 94.81% of the company’s stock.

Ryerson Company Profile

Ryerson Holding Corporation is a value-added processor and distributor of industrial metals. The company supplies carbon steel, stainless steel, aluminum, nickel, and copper products to manufacturers and other industrial customers, offering materials in forms such as sheets, plates, coils, bars, tubes, and structural products.

In addition to distributing metals, Ryerson provides processing and fabrication services designed to prepare materials for customer specifications. These services include cutting, slitting, sawing, forming, machining, and other methods that help customers manage their material requirements and supply chains.

Founded in Chicago in 1842 by Joseph T.