Schnitzer Steel Industries Inc. (SCHN) Short Interest Down 24.5% in September
Schnitzer Steel Industries Inc. (NASDAQ:SCHN) was the recipient of a large decrease in short interest during the month of September. As of September 30th, there was short interest totalling 2,201,948 shares, a decrease of 24.5% from the September 15th total of 2,915,456 shares. Based on an average trading volume of 555,893 shares, the days-to-cover ratio is presently 4.0 days. Currently, 8.7% of the company’s stock are sold short.
Schnitzer Steel Industries (NASDAQ:SCHN) opened at 20.85 on Friday. The company’s market capitalization is $568.37 million. The stock has a 50 day moving average of $19.65 and a 200-day moving average of $18.56. Schnitzer Steel Industries has a 52-week low of $11.70 and a 52-week high of $21.65.
A number of hedge funds have recently bought and sold shares of the stock. Bank of Montreal Can acquired a new stake in Schnitzer Steel Industries during the second quarter worth about $108,000. Rational Advisors LLC acquired a new stake in Schnitzer Steel Industries during the second quarter worth about $117,000. AXA acquired a new stake in Schnitzer Steel Industries during the second quarter worth about $123,000. BlackRock Inc. boosted its stake in Schnitzer Steel Industries by 446.9% in the second quarter. BlackRock Inc. now owns 10,381 shares of the company’s stock worth $182,000 after buying an additional 8,483 shares during the period. Finally, Acrospire Investment Management LLC boosted its stake in Schnitzer Steel Industries by 1,054.7% in the second quarter. Acrospire Investment Management LLC now owns 10,508 shares of the company’s stock worth $185,000 after buying an additional 9,598 shares during the period. Hedge funds and other institutional investors own 92.43% of the company’s stock.
A number of research firms have commented on SCHN. Zacks Investment Research downgraded shares of Schnitzer Steel Industries from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 2nd. DA Davidson reiterated a “hold” rating on shares of Schnitzer Steel Industries in a research note on Tuesday, October 4th.
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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