Jefferies reiterated a Hold rating on Ryerson Holding (NYSE: RYI), and cut the price target to $6.00 (from $6.75), following the company's 3Q earnings report. RYI reported adjusted 3Q15 EPS of $0.23 which exceeded consensus of $0.17, but missed Jefferies estimate by 2c. Despite the operating beat, several below the line items contributed to a slight EPS miss versus forecast.

Analyst Martin Englert commented, "RYI’s adj. 3Q15 earnings were ahead of consensus, though slightly below our estimate. Mgmt. introduced $20M of targeted annual cost savings and continues to focus on improving a) margins, b) WC mgmt. & FCF & c) gradual balance sheet/liquidity improvement. While RYI executed well in 3Q and guided to lower than previously expected Capex/Pension costs next year, we lower EPS on reduced margins maintaining HOLD on a lower $6.00 (-$0.75) PT."

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Shares of Ryerson Holding closed at $5.39 yesterday.