Schnitzer Steel Industries Inc. (SCHN) has been one of the best performers amongst all NYSE and NASDAQ listed stocks in the basic materials sector during morning trading on September 22. At the lunch break, shares of SCHN have gained 4.46% to $19.91 after closing the day prior at $19.06. In the first two and a half hours of trading, the stock has gone as high as $19.96 and as low as $19.3. Today’s rise has come with about 190,763 shares changing hands, compared to an average 30-day volume of 355,507 for Schnitzer Steel Industries Inc.. The price is currently below the 30-day volume weighted average price of $19.78 for SCHN.
The share appreciation gives the company a market capitalization of $510.5 million based upon 26.78 million shares outstanding. It also means that SCHN has a price-to-book ratio of 1.05:1.
In the past 52 weeks, shares of SCHN have traded as low as $11.7 and as high as $21.57. Technical traders will take note that at $19.91, shares of SCHN are trading above their 200-day MA at $16.65 and above their 50-day MA at $18.91. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move through or holding above them is typically regarded as bullish.
Who is SCHN?
Schnitzer Steel Industries Inc is a recycler of ferrous and nonferrous scrap metal including end-of-life vehicles and a manufacturer of finished steel products. The company’s 2955 employees are led by CEO from the corporate headquarters at 299 SW Clay Street in Portland, OR.
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