Zacks Investment Research upgraded shares of Schnitzer Steel Industries (NASDAQ:SCHN) from a hold rating to a strong-buy rating in a research report released on Wednesday morning. The firm currently has $30.00 target price on the basic materials company’s stock.
According to Zacks, “Schnitzer Steel Industries, Inc. collects, processes and recycles metals by operating one of the largest metals recycling businesses in the United States. They also manufacture finished steel products at their technologically advanced steel mini-mill. “
SCHN has been the topic of a number of other research reports. BidaskClub upgraded shares of Schnitzer Steel Industries from a strong sell rating to a sell rating in a research note on Friday, October 26th. ValuEngine lowered shares of Schnitzer Steel Industries from a sell rating to a strong sell rating in a research note on Wednesday, October 17th. Macquarie set a $29.00 price objective on shares of Schnitzer Steel Industries and gave the stock a hold rating in a research note on Thursday, October 25th. Finally, Morgan Stanley lowered shares of Schnitzer Steel Industries from an equal weight rating to an underweight rating and cut their price objective for the stock from $38.00 to $26.00 in a research note on Wednesday, August 15th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of Hold and an average target price of $31.75.
Shares of NASDAQ:SCHN traded down $0.11 during midday trading on Wednesday, reaching $25.99. The company’s stock had a trading volume of 2,002 shares, compared to its average volume of 311,021. The firm has a market capitalization of $687.31 million, a P/E ratio of 4.87 and a beta of 1.12. Schnitzer Steel Industries has a twelve month low of $23.70 and a twelve month high of $38.85. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.76 and a quick ratio of 0.95.
Schnitzer Steel Industries (NASDAQ:SCHN) last released its quarterly earnings data on Wednesday, October 24th. The basic materials company reported $2.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.95 by $1.11. The firm had revenue of $670.00 million for the quarter, compared to analyst estimates of $641.60 million. Schnitzer Steel Industries had a net margin of 6.62% and a return on equity of 23.08%. The business’s quarterly revenue was up 35.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.63 earnings per share. Equities analysts anticipate that Schnitzer Steel Industries will post 2.54 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, November 26th. Shareholders of record on Monday, November 12th were issued a dividend of $0.1875 per share. This represents a $0.75 annualized dividend and a yield of 2.89%. The ex-dividend date was Thursday, November 8th. Schnitzer Steel Industries’s payout ratio is 13.91%.
In other news, CFO Richard Peach sold 6,030 shares of the firm’s stock in a transaction dated Friday, October 26th. The shares were sold at an average price of $27.56, for a total value of $166,186.80. Following the transaction, the chief financial officer now directly owns 131,298 shares of the company’s stock, valued at $3,618,572.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Peter B. Saba sold 7,356 shares of the firm’s stock in a transaction dated Friday, November 2nd. The stock was sold at an average price of $26.64, for a total transaction of $195,963.84. Following the completion of the transaction, the senior vice president now directly owns 44,198 shares in the company, valued at $1,177,434.72. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 49,170 shares of company stock worth $1,335,920. Insiders own 3.50% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Janney Montgomery Scott LLC lifted its stake in shares of Schnitzer Steel Industries by 8.9% in the second quarter. Janney Montgomery Scott LLC now owns 18,701 shares of the basic materials company’s stock worth $630,000 after buying an additional 1,528 shares in the last quarter. D.A. Davidson & CO. increased its position in Schnitzer Steel Industries by 17.5% during the second quarter. D.A. Davidson & CO. now owns 13,366 shares of the basic materials company’s stock worth $450,000 after purchasing an additional 1,992 shares during the last quarter. Globeflex Capital L P increased its position in Schnitzer Steel Industries by 13.9% during the second quarter. Globeflex Capital L P now owns 18,000 shares of the basic materials company’s stock worth $607,000 after purchasing an additional 2,200 shares during the last quarter. Stone Ridge Asset Management LLC increased its position in Schnitzer Steel Industries by 34.4% during the third quarter. Stone Ridge Asset Management LLC now owns 8,666 shares of the basic materials company’s stock worth $234,000 after purchasing an additional 2,217 shares during the last quarter. Finally, American Century Companies Inc. increased its position in Schnitzer Steel Industries by 1.2% during the third quarter. American Century Companies Inc. now owns 249,451 shares of the basic materials company’s stock worth $6,748,000 after purchasing an additional 3,002 shares during the last quarter. 86.29% of the stock is currently owned by hedge funds and other institutional investors.
About Schnitzer Steel Industries
Schnitzer Steel Industries, Inc recycles ferrous and nonferrous scrap metals; and manufactures finished steel products worldwide. The company operates through two segments, Auto and Metals Recycling (AMR); and Cascade Steel and Scrap (CSS). The AMR segment acquires, processes and recycles scrap metals, as well as processes mixed and large pieces of scrap metal into smaller pieces by crushing, torching, shearing, shredding, and sorting.
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