Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) updated its third quarter earnings guidance on Thursday. The company provided earnings per share guidance of $0.52-0.56 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.42.

Separately, Zacks Investment Research cut Schnitzer Steel Industries from a hold rating to a strong sell rating in a research report on Tuesday, March 14th.

Earnings History and Estimates for Schnitzer Steel Industries (NASDAQ:SCHN)

Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) opened at 19.55 on Thursday. The company has a 50-day moving average price of $19.43 and a 200 day moving average price of $22.73. The firm has a market cap of $538.09 million, a PE ratio of 14.66 and a beta of 1.39. Schnitzer Steel Industries, Inc. has a 12 month low of $14.83 and a 12 month high of $30.60.

Schnitzer Steel Industries (NASDAQ:SCHN) last posted its quarterly earnings data on Thursday, April 6th. The basic materials company reported $0.37 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.37. Schnitzer Steel Industries had a net margin of 2.53% and a return on equity of 7.88%. The business had revenue of $382 million for the quarter. During the same quarter in the prior year, the business earned ($0.25) EPS. Schnitzer Steel Industries’s revenue was up 32.2% compared to the same quarter last year. Equities research analysts anticipate that Schnitzer Steel Industries, Inc. will post $1.08 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 22nd. Investors of record on Monday, May 8th were paid a dividend of $0.1875 per share. The ex-dividend date of this dividend was Thursday, May 4th. This represents a $0.75 dividend on an annualized basis and a dividend yield of 3.84%. Schnitzer Steel Industries’s dividend payout ratio is presently 56.39%.

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A hedge fund recently raised its stake in Schnitzer Steel Industries stock. Bank of America Corp DE raised its stake in Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) by 334.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 53,357 shares of the basic materials company’s stock after buying an additional 41,068 shares during the period. Bank of America Corp DE owned about 0.19% of Schnitzer Steel Industries worth $1,102,000 as of its most recent SEC filing. 85.88% of the stock is 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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