Engineers Gate Manager LP raised its holdings in Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) by 135.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 44,287 shares of the basic materials company’s stock after acquiring an additional 25,442 shares during the quarter. Engineers Gate Manager LP owned 0.16% of Schnitzer Steel Industries worth $1,198,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Janney Montgomery Scott LLC lifted its holdings in Schnitzer Steel Industries by 8.9% in the 2nd quarter. Janney Montgomery Scott LLC now owns 18,701 shares of the basic materials company’s stock valued at $630,000 after acquiring an additional 1,528 shares during the last quarter. D.A. Davidson & CO. lifted its holdings in Schnitzer Steel Industries by 17.5% in the 2nd quarter. D.A. Davidson & CO. now owns 13,366 shares of the basic materials company’s stock valued at $450,000 after acquiring an additional 1,992 shares during the last quarter. Alpha Windward LLC lifted its holdings in Schnitzer Steel Industries by 14.6% in the 2nd quarter. Alpha Windward LLC now owns 16,020 shares of the basic materials company’s stock valued at $540,000 after acquiring an additional 2,040 shares during the last quarter. Globeflex Capital L P lifted its holdings in Schnitzer Steel Industries by 13.9% in the 2nd quarter. Globeflex Capital L P now owns 18,000 shares of the basic materials company’s stock valued at $607,000 after acquiring an additional 2,200 shares during the last quarter. Finally, Legal & General Group Plc lifted its holdings in Schnitzer Steel Industries by 44.3% in the 1st quarter. Legal & General Group Plc now owns 8,980 shares of the basic materials company’s stock valued at $291,000 after acquiring an additional 2,755 shares during the last quarter. 89.79% of the stock is owned by institutional investors.
Several research firms have issued reports on SCHN. BidaskClub downgraded Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a report on Friday, August 3rd. Morgan Stanley downgraded 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 report on Wednesday, August 15th. ValuEngine downgraded Schnitzer Steel Industries from a “hold” rating to a “sell” rating in a report on Tuesday, August 14th. Macquarie set a $29.00 price objective on Schnitzer Steel Industries and gave the stock a “hold” rating in a report on Thursday, October 25th. Finally, Zacks Investment Research downgraded Schnitzer Steel Industries from a “hold” rating to a “sell” rating in a report on Thursday, September 6th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $33.50.
In other news, CFO Stefano R. Gaggini sold 4,401 shares of the company’s stock in a transaction dated Friday, November 2nd. The stock was sold at an average price of $26.75, for a total value of $117,726.75. Following the transaction, the chief financial officer now owns 30,467 shares in the company, valued at approximately $814,992.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Richard Peach sold 18,067 shares of the company’s stock in a transaction dated Tuesday, November 6th. The shares were sold at an average price of $27.29, for a total value of $493,048.43. Following the completion of the transaction, the chief financial officer now owns 133,950 shares in the company, valued at approximately $3,655,495.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 49,170 shares of company stock worth $1,335,920. Corporate insiders own 3.80% of the company’s stock.
NASDAQ SCHN opened at $27.03 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.95 and a current ratio of 1.76. The stock has a market cap of $728.97 million, a price-to-earnings ratio of 5.01 and a beta of 1.13. Schnitzer Steel Industries, Inc. has a 1 year low of $23.70 and a 1 year high of $38.85.
Schnitzer Steel Industries (NASDAQ:SCHN) last posted its quarterly earnings data on Wednesday, October 24th. The basic materials company reported $2.06 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $1.11. The firm had revenue of $670.00 million for the quarter, compared to the consensus estimate of $641.60 million. Schnitzer Steel Industries had a return on equity of 23.08% and a net margin of 6.62%. The business’s revenue for the quarter was up 35.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.63 EPS. On average, sell-side analysts expect that Schnitzer Steel Industries, Inc. will post 2.54 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 26th. Shareholders of record on Monday, November 12th will be issued a dividend of $0.1875 per share. The ex-dividend date of this dividend is Thursday, November 8th. This represents a $0.75 annualized dividend and a yield of 2.77%. Schnitzer Steel Industries’s payout ratio is presently 13.91%.
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Schnitzer Steel Industries Company Profile
Schnitzer Steel Industries, Inc recycles ferrous and nonferrous scrap metals; and manufactures finished steel products worldwide. It operates through two segments, Auto and Metals Recycling (AMR); and Cascade Steel and Scrap (CSS). The AMR segment buys, collects, processes, recycles, sells, and brokers 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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