Bessemer Group Inc. bought a new position in shares of Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) during the fourth quarter, Holdings Channel reports. The fund bought 52,800 shares of the basic materials company’s stock, valued at approximately $1,138,000.

Several other hedge funds have also bought and sold shares of SCHN. Matarin Capital Management LLC acquired a new position in shares of Schnitzer Steel Industries during the 3rd quarter worth approximately $13,596,000. LSV Asset Management increased its holdings in shares of Schnitzer Steel Industries by 98.3% during the 4th quarter. LSV Asset Management now owns 638,113 shares of the basic materials company’s stock worth $13,751,000 after acquiring an additional 316,270 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Schnitzer Steel Industries by 108.2% during the 4th quarter. Bank of New York Mellon Corp now owns 541,957 shares of the basic materials company’s stock worth $11,679,000 after acquiring an additional 281,689 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in shares of Schnitzer Steel Industries by 262.2% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 322,448 shares of the basic materials company’s stock worth $6,972,000 after acquiring an additional 233,433 shares during the last quarter. Finally, Martingale Asset Management L P acquired a new position in shares of Schnitzer Steel Industries during the 4th quarter worth approximately $3,058,000. 84.35% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ SCHN opened at $23.81 on Friday. The company has a current ratio of 2.30, a quick ratio of 1.27 and a debt-to-equity ratio of 0.25. Schnitzer Steel Industries, Inc. has a one year low of $20.94 and a one year high of $37.95. The firm has a market capitalization of $635.11 million, a price-to-earnings ratio of 4.42 and a beta of 1.29.

Schnitzer Steel Industries (NASDAQ:SCHN) last issued its quarterly earnings data on Wednesday, January 9th. The basic materials company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.01. Schnitzer Steel Industries had a return on equity of 21.67% and a net margin of 6.31%. The firm had revenue of $564.00 million for the quarter, compared to analyst estimates of $561.48 million. During the same period in the prior year, the firm posted $0.63 EPS. The company’s revenue for the quarter was up 16.8% on a year-over-year basis. Equities analysts forecast that Schnitzer Steel Industries, Inc. will post 2.06 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 25th. Shareholders of record on Monday, February 11th were issued a $0.1875 dividend. This represents a $0.75 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date of this dividend was Friday, February 8th. Schnitzer Steel Industries’s dividend payout ratio is 13.91%.

SCHN has been the topic of a number of recent analyst reports. Goldman Sachs Group lowered Schnitzer Steel Industries from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $33.00 to $27.00 in a report on Monday, January 14th. ValuEngine lowered Schnitzer Steel Industries from a “sell” rating to a “strong sell” rating in a report on Monday, November 26th. Cowen began coverage on Schnitzer Steel Industries in a report on Tuesday, January 8th. They issued a “market perform” rating and a $24.00 price objective on the stock. BidaskClub raised Schnitzer Steel Industries from a “sell” rating to a “hold” rating in a report on Thursday, November 15th. Finally, Zacks Investment Research raised Schnitzer Steel Industries from a “hold” rating to a “strong-buy” rating and set a $30.00 price objective on the stock in a report on Wednesday, December 12th. Three analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $27.40.

COPYRIGHT VIOLATION WARNING: “Bessemer Group Inc. Buys New Holdings in Schnitzer Steel Industries, Inc. (SCHN)” was posted by The Cerbat Gem and is the property of of The Cerbat Gem. If you are accessing this piece on another site, it was illegally stolen and republished in violation of U.S. & international copyright and trademark law. The correct version of this piece can be viewed at https://www.thecerbatgem.com/2019/03/15/bessemer-group-inc-buys-new-holdings-in-schnitzer-steel-industries-inc-schn.html.

About Schnitzer Steel Industries

Schnitzer Steel Industries, Inc recycles ferrous and nonferrous scrap metals; and manufactures finished steel products worldwide. The company operates through two segments, Auto and Metals Recycling (AMR), and Cascade Steel and Scrap (CSS). The AMR segment acquires, processes, and recycles scrap metals, as well as processes mixed and large pieces of scrap metal into smaller pieces by crushing, torching, shearing, shredding, and sorting.

See Also: What are the Benefits of Index Funds?

Want to see what other hedge funds are holding SCHN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Schnitzer Steel Industries, Inc. (NASDAQ:SCHN).

Institutional Ownership by Quarter for Schnitzer Steel Industries (NASDAQ:SCHN)

Receive News & Ratings for Schnitzer Steel Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Schnitzer Steel Industries and related companies with MarketBeat.com's FREE daily email newsletter.