KeyCorp Equities Analysts Increase Earnings Estimates for Schnitzer Steel Industries Inc. (SCHN)
Schnitzer Steel Industries Inc. (NASDAQ:SCHN) – Equities researchers at KeyCorp increased their FY2016 earnings per share estimates for shares of Schnitzer Steel Industries in a note issued to investors on Wednesday. KeyCorp analyst P. Gibbs now expects that the firm will post earnings of $0.47 per share for the year, up from their previous forecast of $0.31. KeyCorp also issued estimates for Schnitzer Steel Industries’ Q4 2016 earnings at $0.39 EPS and FY2017 earnings at $1.10 EPS.
Separately, Zacks Investment Research downgraded shares of Schnitzer Steel Industries from a “hold” rating to a “strong sell” rating in a report on Thursday, June 16th.
Shares of Schnitzer Steel Industries (NASDAQ:SCHN) opened at 20.80 on Monday. The company’s 50-day moving average is $19.08 and its 200 day moving average is $18.41. Schnitzer Steel Industries has a 1-year low of $11.70 and a 1-year high of $21.59. The firm’s market capitalization is $567.01 million.
Several institutional investors have recently added to or reduced their stakes in SCHN. Norges Bank purchased a new stake in shares of Schnitzer Steel Industries during the fourth quarter worth about $7,882,000. Prudential Financial Inc. purchased a new stake in shares of Schnitzer Steel Industries during the first quarter worth about $378,000. Franklin Resources Inc. boosted its stake in shares of Schnitzer Steel Industries by 44.6% in the first quarter. Franklin Resources Inc. now owns 105,000 shares of the company’s stock worth $1,936,000 after buying an additional 32,400 shares during the period. Shufro Rose & Co. LLC boosted its stake in shares of Schnitzer Steel Industries by 23.7% in the first quarter. Shufro Rose & Co. LLC now owns 377,360 shares of the company’s stock worth $6,959,000 after buying an additional 72,285 shares during the period. Finally, Landscape Capital Management L.L.C. purchased a new stake in shares of Schnitzer Steel Industries during the first quarter worth about $603,000. 92.43% of the stock is owned by institutional investors.
Schnitzer Steel Industries Company Profile
Schnitzer Steel Industries, Inc (SSI) is a recycler of ferrous and nonferrous scrap metal. The Company is recycler of used and salvaged vehicles and a manufacturer of finished steel products. The Company operates in three business segments: the Metals Recycling Business (MRB), the Auto Parts Business (APB) and the Steel Manufacturing Business (SMB).
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