KeyCorp Analysts Lift Earnings Estimates for Schnitzer Steel Industries, Inc. (SCHN)
Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) – Investment analysts at KeyCorp boosted their FY2018 earnings estimates for shares of Schnitzer Steel Industries in a research report issued to clients and investors on Monday. KeyCorp analyst P. Gibbs now forecasts that the basic materials company will post earnings of $2.65 per share for the year, up from their previous forecast of $2.12. KeyCorp has a “Hold” rating on the stock. KeyCorp also issued estimates for Schnitzer Steel Industries’ FY2019 earnings at $2.75 EPS.
SCHN has been the topic of several other reports. ValuEngine upgraded Schnitzer Steel Industries from a “hold” rating to a “buy” rating in a research report on Thursday, October 5th. Zacks Investment Research upgraded Schnitzer Steel Industries from a “hold” rating to a “strong-buy” rating and set a $39.00 price target on the stock in a research report on Tuesday, January 2nd. BidaskClub upgraded Schnitzer Steel Industries from a “buy” rating to a “strong-buy” rating in a research report on Friday, December 22nd. Finally, Morgan Stanley raised their price target on Schnitzer Steel Industries from $27.00 to $29.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 31st. Three research analysts have rated the stock with a hold rating, one has given a buy rating and two have issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $31.33.
Schnitzer Steel Industries (NASDAQ:SCHN) last posted its quarterly earnings results on Tuesday, January 9th. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.02. Schnitzer Steel Industries had a return on equity of 8.49% and a net margin of 2.64%. The business had revenue of $483.00 million for the quarter, compared to analyst estimates of $502.02 million. During the same period last year, the company earned ($0.05) EPS. Schnitzer Steel Industries’s revenue for the quarter was up 44.6% compared to the same quarter last year.
In other news, CFO Richard Peach sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $28.33, for a total value of $226,640.00. Following the completion of the transaction, the chief financial officer now owns 119,283 shares in the company, valued at approximately $3,379,287.39. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Jeffery Dyck sold 8,327 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the senior vice president now owns 49,184 shares of the company’s stock, valued at approximately $1,477,979.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,770 shares of company stock valued at $654,919. Company insiders own 3.50% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Algert Global LLC purchased a new position in shares of Schnitzer Steel Industries in the 3rd quarter valued at approximately $377,000. Sterling Capital Management LLC purchased a new position in shares of Schnitzer Steel Industries in the 3rd quarter valued at approximately $936,000. Cornerstone Capital Management Holdings LLC. purchased a new position in shares of Schnitzer Steel Industries in the 3rd quarter valued at approximately $3,130,000. Royce & Associates LP lifted its stake in shares of Schnitzer Steel Industries by 11.3% in the 3rd quarter. Royce & Associates LP now owns 377,705 shares of the basic materials company’s stock valued at $10,632,000 after purchasing an additional 38,452 shares during the period. Finally, Allianz Asset Management GmbH purchased a new position in shares of Schnitzer Steel Industries in the 3rd quarter valued at approximately $395,000. Institutional investors own 86.84% of the company’s stock.
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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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