Zacks Investment Research Downgrades Schnitzer Steel Industries Inc. (SCHN) to Hold
Schnitzer Steel Industries Inc. (NASDAQ:SCHN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday.
According to Zacks, “Schnitzer Steel Industries, Inc. collects, processes and recycles metals by operating one of the largest metals recycling businesses in the United States. They also manufacture finished steel products at their technologically advanced steel mini-mill. “
Separately, DA Davidson restated a “hold” rating on shares of Schnitzer Steel Industries in a report on Tuesday, October 4th.
Schnitzer Steel Industries (NASDAQ:SCHN) opened at 27.60 on Thursday. Schnitzer Steel Industries has a 12-month low of $11.70 and a 12-month high of $27.80. The stock’s market cap is $719.04 million. The firm has a 50 day moving average of $22.51 and a 200-day moving average of $19.22.
Schnitzer Steel Industries (NASDAQ:SCHN) last announced its quarterly earnings data on Tuesday, October 25th. The company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.15. The firm earned $390.60 million during the quarter, compared to analysts’ expectations of $380.93 million. Schnitzer Steel Industries had a negative net margin of 1.43% and a positive return on equity of 3.78%. The business’s quarterly revenue was down 14.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.31 earnings per share. On average, analysts expect that Schnitzer Steel Industries will post $1.08 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 21st. Shareholders of record on Monday, November 7th will be issued a dividend of $0.1875 per share. This represents a $0.75 annualized dividend and a yield of 2.72%. The ex-dividend date of this dividend is Thursday, November 3rd. Schnitzer Steel Industries’s dividend payout ratio (DPR) is presently -101.35%.
In other Schnitzer Steel Industries news, CFO Richard Peach sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, October 31st. The shares were sold at an average price of $24.07, for a total transaction of $96,280.00. Following the completion of the transaction, the chief financial officer now owns 120,974 shares in the company, valued at approximately $2,911,844.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Michael R. Henderson sold 3,100 shares of the business’s stock in a transaction that occurred on Monday, October 31st. The stock was sold at an average price of $24.01, for a total transaction of $74,431.00. Following the transaction, the senior vice president now owns 62,250 shares of the company’s stock, valued at approximately $1,494,622.50. The disclosure for this sale can be found here. Company insiders own 3.30% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of Montreal Can purchased a new position in Schnitzer Steel Industries during the second quarter valued at approximately $108,000. Rational Advisors LLC bought a new position in shares of Schnitzer Steel Industries during the second quarter valued at about $117,000. AXA bought a new position in shares of Schnitzer Steel Industries during the second quarter valued at about $123,000. Catalyst Capital Advisors LLC bought a new position in shares of Schnitzer Steel Industries during the third quarter valued at about $146,000. Finally, BlackRock Inc. boosted its position in shares of Schnitzer Steel Industries by 446.9% in the second quarter. BlackRock Inc. now owns 10,381 shares of the company’s stock valued at $182,000 after buying an additional 8,483 shares during the last quarter. Institutional investors own 93.59% of the company’s stock.
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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