Schnitzer Steel Industries, Inc. (SCHN) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS
Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) issued its quarterly earnings results on Monday. The basic materials company reported $0.63 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.01, Bloomberg Earnings reports. Schnitzer Steel Industries had a return on equity of 8.34% and a net margin of 2.68%. The firm had revenue of $494.00 million during the quarter, compared to analysts’ expectations of $495.73 million. During the same period in the previous year, the business earned $0.60 earnings per share. The firm’s revenue for the quarter was up 26.3% on a year-over-year basis.
Shares of Schnitzer Steel Industries (SCHN) traded up 4.36% during mid-day trading on Tuesday, reaching $31.10. The company’s stock had a trading volume of 274,233 shares. The company’s 50-day moving average is $27.75 and its 200 day moving average is $23.69. Schnitzer Steel Industries has a 1-year low of $17.50 and a 1-year high of $31.35. The firm has a market capitalization of $858.36 million, a P/E ratio of 20.22 and a beta of 1.34.
Several brokerages recently commented on SCHN. Zacks Investment Research upgraded Schnitzer Steel Industries from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a research report on Saturday. KeyCorp restated a “hold” rating on shares of Schnitzer Steel Industries in a report on Wednesday, October 11th. ValuEngine upgraded Schnitzer Steel Industries from a “hold” rating to a “buy” rating in a report on Thursday, October 5th. Macquarie initiated coverage on Schnitzer Steel Industries in a report on Wednesday, September 6th. They issued a “neutral” rating and a $26.00 target price for the company. Finally, BidaskClub cut Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a report on Wednesday, August 16th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $29.50.
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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