Schnitzer Steel Industries, Inc. (SCHN) Coverage Initiated by Analysts at Macquarie
Macquarie began coverage on shares of Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) in a report published on Wednesday morning, MarketBeat reports. The brokerage issued a neutral rating and a $26.00 price target on the basic materials company’s stock.
A number of other brokerages have also issued reports on SCHN. BidaskClub lowered shares of Schnitzer Steel Industries from a buy rating to a hold rating in a research note on Wednesday, August 16th. Zacks Investment Research lowered shares of Schnitzer Steel Industries from a buy rating to a hold rating in a research note on Saturday, July 22nd. Finally, TheStreet raised shares of Schnitzer Steel Industries from a c+ rating to a b rating in a research note on Friday, June 30th. Three equities research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $27.50.
Schnitzer Steel Industries (NASDAQ SCHN) opened at 26.25 on Wednesday. The stock has a market cap of $724.50 million, a price-to-earnings ratio of 17.07 and a beta of 1.33. Schnitzer Steel Industries has a 52 week low of $17.30 and a 52 week high of $30.60. The firm’s 50 day moving average price is $25.88 and its 200-day moving average price is $22.36.
Schnitzer Steel Industries (NASDAQ:SCHN) last issued its earnings results on Monday, June 26th. The basic materials company reported $0.56 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.56. The company had revenue of $477 million during the quarter. Schnitzer Steel Industries had a net margin of 2.68% and a return on equity of 8.34%. The company’s quarterly revenue was up 35.5% on a year-over-year basis. During the same period last year, the business earned $0.46 EPS. Analysts expect that Schnitzer Steel Industries will post $1.46 EPS for the current year.
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The firm also recently declared a quarterly dividend, which was paid on Monday, August 21st. Stockholders of record on Monday, August 7th were issued a dividend of $0.1875 per share. The ex-dividend date was Thursday, August 3rd. This represents a $0.75 dividend on an annualized basis and a dividend yield of 2.86%. Schnitzer Steel Industries’s dividend payout ratio is currently 49.02%.
Several institutional investors have recently added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd bought a new position in shares of Schnitzer Steel Industries during the 2nd quarter valued at $949,000. Koch Industries Inc. bought a new position in shares of Schnitzer Steel Industries during the 2nd quarter valued at $367,000. Rutabaga Capital Management LLC MA raised its holdings in shares of Schnitzer Steel Industries by 69.4% during the 2nd quarter. Rutabaga Capital Management LLC MA now owns 891,536 shares of the basic materials company’s stock valued at $22,467,000 after purchasing an additional 365,259 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Schnitzer Steel Industries by 4.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,261 shares of the basic materials company’s stock valued at $536,000 after purchasing an additional 942 shares in the last quarter. Finally, BlueCrest Capital Management Ltd bought a new position in shares of Schnitzer Steel Industries during the 2nd quarter valued at $228,000. Institutional investors and hedge funds own 82.37% of the company’s stock.
About Schnitzer Steel Industries
Schnitzer Steel Industries, Inc is a recycler of ferrous and nonferrous scrap metal, including end-of-life vehicles, and a manufacturer of finished steel products. The Company operates through two segments: the Auto and Metals Recycling (AMR) business and the Steel Manufacturing Business (SMB). The AMR segment collects and recycles auto bodies, rail cars, home appliances, industrial machinery, manufacturing scrap and construction and demolition scrap from bridges, buildings and other infrastructure.
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