Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) – Equities researchers at KeyCorp raised their FY2017 earnings per share estimates for Schnitzer Steel Industries in a report issued on Thursday. KeyCorp analyst P. Gibbs now anticipates that the basic materials company will post earnings of $1.47 per share for the year, up from their prior estimate of $1.35.

Schnitzer Steel Industries (NASDAQ:SCHN) last released its earnings results on Monday, June 26th. The basic materials company reported $0.56 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.56. Schnitzer Steel Industries had a return on equity of 8.34% and a net margin of 2.68%. The business had revenue of $477 million for the quarter. During the same period last year, the business earned $0.46 earnings per share. The firm’s quarterly revenue was up 35.5% compared to the same quarter last year. TRADEMARK VIOLATION NOTICE: “Schnitzer Steel Industries, Inc. to Post FY2017 Earnings of $1.47 Per Share, KeyCorp Forecasts (SCHN)” was originally reported by American Banking News and is the sole property of of American Banking News. If you are reading this article on another site, it was illegally copied and republished in violation of US and international copyright and trademark law. The correct version of this article can be viewed at https://www.americanbankingnews.com/2017/08/18/schnitzer-steel-industries-inc-to-post-fy2017-earnings-of-1-47-per-share-keycorp-forecasts-schn.html.

Several other research analysts have also recently weighed in on the stock. Zacks Investment Research raised shares of Schnitzer Steel Industries from a “hold” rating to a “strong-buy” rating and set a $22.00 price target on the stock in a report on Tuesday, May 9th. TheStreet raised shares of Schnitzer Steel Industries from a “c+” rating to a “b” rating in a report on Friday, June 30th. Finally, BidaskClub cut shares of Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a report on Wednesday.

Shares of Schnitzer Steel Industries (NASDAQ:SCHN) opened at 25.35 on Friday. The firm has a market capitalization of $699.66 million, a P/E ratio of 16.48 and a beta of 1.33. Schnitzer Steel Industries has a 52-week low of $17.30 and a 52-week high of $30.60. The company’s 50-day moving average price is $25.58 and its 200-day moving average price is $22.19.

Several hedge funds and other institutional investors have recently made changes to their positions in SCHN. Wells Fargo & Company MN boosted its position in shares of Schnitzer Steel Industries by 395.2% in the second quarter. Wells Fargo & Company MN now owns 577,820 shares of the basic materials company’s stock valued at $14,561,000 after buying an additional 461,146 shares in the last quarter. Koch Industries Inc. acquired a new position in shares of Schnitzer Steel Industries during the second quarter valued at approximately $367,000. Rutabaga Capital Management LLC MA boosted its position in shares of Schnitzer Steel Industries by 69.4% in the second quarter. Rutabaga Capital Management LLC MA now owns 891,536 shares of the basic materials company’s stock valued at $22,467,000 after buying an additional 365,259 shares in the last quarter. State Street Corp boosted its position in shares of Schnitzer Steel Industries by 17.5% in the first quarter. State Street Corp now owns 1,323,730 shares of the basic materials company’s stock valued at $27,335,000 after buying an additional 197,370 shares in the last quarter. Finally, Heartland Advisors Inc. boosted its position in shares of Schnitzer Steel Industries by 39.5% in the first quarter. Heartland Advisors Inc. now owns 664,548 shares of the basic materials company’s stock valued at $13,723,000 after buying an additional 188,256 shares in the last quarter. 84.49% of the stock is currently owned by institutional investors.

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 21st. Stockholders of record on Monday, August 7th will be issued a dividend of $0.1875 per share. The ex-dividend date is Thursday, August 3rd. This represents a $0.75 annualized dividend and a dividend yield of 2.96%. Schnitzer Steel Industries’s dividend payout ratio is presently 49.02%.

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.

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

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