Engineers Gate Manager LP cut its stake in shares of Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) by 40.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,845 shares of the basic materials company’s stock after selling 12,680 shares during the quarter. Engineers Gate Manager LP’s holdings in Schnitzer Steel Industries were worth $635,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. SG Americas Securities LLC purchased a new stake in shares of Schnitzer Steel Industries during the first quarter valued at $113,000. PNC Financial Services Group Inc. boosted its holdings in Schnitzer Steel Industries by 134.9% in the first quarter. PNC Financial Services Group Inc. now owns 4,784 shares of the basic materials company’s stock valued at $156,000 after purchasing an additional 2,747 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in Schnitzer Steel Industries in the second quarter valued at $217,000. Sei Investments Co. boosted its holdings in Schnitzer Steel Industries by 120.4% in the first quarter. Sei Investments Co. now owns 6,481 shares of the basic materials company’s stock valued at $210,000 after purchasing an additional 3,540 shares during the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. boosted its holdings in Schnitzer Steel Industries by 124.0% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 6,755 shares of the basic materials company’s stock valued at $218,000 after purchasing an additional 3,740 shares during the last quarter. 89.40% of the stock is currently owned by hedge funds and other institutional investors.
NASDAQ:SCHN opened at $25.50 on Monday. Schnitzer Steel Industries, Inc. has a one year low of $25.00 and a one year high of $38.85. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.12 and a current ratio of 2.20. The firm has a market capitalization of $801.73 million, a price-to-earnings ratio of 16.67 and a beta of 1.37.
Schnitzer Steel Industries (NASDAQ:SCHN) last posted its quarterly earnings results on Tuesday, June 26th. The basic materials company reported $1.26 EPS for the quarter, beating the consensus estimate of $1.18 by $0.08. Schnitzer Steel Industries had a net margin of 5.25% and a return on equity of 17.21%. The company had revenue of $652.00 million for the quarter, compared to analyst estimates of $651.09 million. During the same period in the prior year, the company earned $0.56 earnings per share. The firm’s revenue was up 36.7% on a year-over-year basis. sell-side analysts anticipate that Schnitzer Steel Industries, Inc. will post 3.56 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, August 27th. Stockholders of record on Monday, August 13th will be paid a dividend of $0.1875 per share. This represents a $0.75 annualized dividend and a dividend yield of 2.94%. The ex-dividend date is Friday, August 10th. Schnitzer Steel Industries’s payout ratio is currently 49.02%.
In other news, Director John D. Carter sold 13,676 shares of the stock in a transaction dated Tuesday, July 10th. The shares were sold at an average price of $37.02, for a total transaction of $506,285.52. Following the sale, the director now directly owns 62,454 shares of the company’s stock, valued at approximately $2,312,047.08. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 3.50% of the company’s stock.
Several research firms have commented on SCHN. Zacks Investment Research lowered shares of Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a report on Saturday. BidaskClub lowered shares of Schnitzer Steel Industries from a “sell” rating to a “strong sell” rating in a report on Friday. Morgan Stanley lowered shares of Schnitzer Steel Industries from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $38.00 to $26.00 in a report on Wednesday, August 15th. Finally, ValuEngine lowered shares of Schnitzer Steel Industries from a “hold” rating to a “sell” rating in a report on Tuesday, August 14th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $32.75.
Schnitzer Steel Industries 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.
Further Reading: Growth Stocks
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