Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) had its price objective increased by Morgan Stanley from $27.00 to $29.00 in a report released on Tuesday, October 31st. Morgan Stanley currently has an equal weight rating on the basic materials company’s stock.
Several other research firms have also commented on SCHN. Zacks Investment Research lowered shares of Schnitzer Steel Industries from a strong-buy rating to a hold rating in a report on Wednesday, July 5th. BidaskClub lowered shares of Schnitzer Steel Industries from a buy rating to a hold rating in a report on Wednesday, August 16th. Macquarie initiated coverage on shares of Schnitzer Steel Industries in a research note on Wednesday, September 6th. They set a neutral rating and a $26.00 price objective for the company. ValuEngine lowered shares of Schnitzer Steel Industries from a buy rating to a hold rating in a research note on Friday, September 15th. Finally, KeyCorp reiterated a hold rating on shares of Schnitzer Steel Industries in a research note on Wednesday, October 11th. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company has a consensus rating of Hold and an average target price of $29.33.
Schnitzer Steel Industries (NASDAQ SCHN) traded up $0.40 during mid-day trading on Tuesday, hitting $27.50. 195,321 shares of the company were exchanged, compared to its average volume of 308,502. Schnitzer Steel Industries has a 52-week low of $17.50 and a 52-week high of $31.35. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.97 and a current ratio of 1.92. The stock has a market cap of $744.21, a PE ratio of 17.97 and a beta of 1.37.
Schnitzer Steel Industries (NASDAQ:SCHN) last announced its quarterly earnings data on Tuesday, October 24th. The basic materials company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.01. Schnitzer Steel Industries had a net margin of 2.64% and a return on equity of 8.49%. The company had revenue of $494.00 million during the quarter, compared to analyst estimates of $495.73 million. During the same quarter last year, the business posted $0.60 EPS. The firm’s revenue for the quarter was up 26.3% on a year-over-year basis. equities research analysts predict that Schnitzer Steel Industries will post 2.12 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Monday, November 27th. Shareholders of record on Monday, November 13th will be given a dividend of $0.1875 per share. This represents a $0.75 annualized dividend and a yield of 2.73%. The ex-dividend date is Friday, November 10th. Schnitzer Steel Industries’s dividend payout ratio is presently 47.17%.
In other news, SVP Jeffery Dyck sold 8,327 shares of the company’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $30.05, for a total value of $250,226.35. Following the sale, the senior vice president now directly owns 49,184 shares of the company’s stock, valued at approximately $1,477,979.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Richard Peach sold 8,000 shares of the company’s stock in a transaction on Monday, November 6th. The shares were sold at an average price of $28.33, for a total transaction of $226,640.00. Following the completion of the sale, the chief financial officer now directly owns 119,283 shares in the company, valued at $3,379,287.39. The disclosure for this sale can be found here. Insiders sold a total of 22,770 shares of company stock worth $654,919 over the last ninety days. Insiders own 3.80% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in SCHN. Bank of New York Mellon Corp boosted its holdings in Schnitzer Steel Industries by 4.9% during the first quarter. Bank of New York Mellon Corp now owns 250,220 shares of the basic materials company’s stock worth $5,167,000 after buying an additional 11,684 shares in the last quarter. Parametric Portfolio Associates LLC boosted its holdings in Schnitzer Steel Industries by 41.5% during the first quarter. Parametric Portfolio Associates LLC now owns 135,362 shares of the basic materials company’s stock worth $2,795,000 after buying an additional 39,704 shares in the last quarter. American International Group Inc. boosted its holdings in Schnitzer Steel Industries by 7.1% during the first quarter. American International Group Inc. now owns 16,073 shares of the basic materials company’s stock worth $332,000 after buying an additional 1,061 shares in the last quarter. Teachers Advisors LLC boosted its holdings in Schnitzer Steel Industries by 10.6% during the first quarter. Teachers Advisors LLC now owns 477,498 shares of the basic materials company’s stock worth $9,860,000 after buying an additional 45,664 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Schnitzer Steel Industries by 9.5% during the first quarter. Geode Capital Management LLC now owns 265,481 shares of the basic materials company’s stock worth $5,482,000 after buying an additional 23,085 shares in the last quarter. 84.39% of the stock is currently owned by hedge funds and other institutional investors.
About Schnitzer Steel Industries
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 operates through two segments: the Auto and Metals Recycling (AMR) business and the Steel Manufacturing Business (SMB). The AMR segment collects and recycles auto bodies, rail cars, home appliances, industrial machinery, manufacturing scrap and construction and demolition scrap from bridges, buildings and other infrastructure.
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