Schnitzer Steel Industries (NASDAQ:SCHN) Rating Lowered to Hold at ValuEngine

ValuEngine downgraded shares of Schnitzer Steel Industries (NASDAQ:SCHN) from a buy rating to a hold rating in a research note published on Thursday, ValuEngine reports.

A number of other equities analysts have also recently commented on SCHN. TheStreet cut shares of Schnitzer Steel Industries from a b- rating to a c+ rating in a research report on Friday, October 18th. Goldman Sachs Group cut shares of Schnitzer Steel Industries from a neutral rating to a sell rating and decreased their target price for the stock from $27.00 to $23.00 in a research report on Sunday, September 22nd. BidaskClub cut shares of Schnitzer Steel Industries from a buy rating to a hold rating in a research report on Thursday, September 26th. Macquarie set a $23.00 target price on shares of Schnitzer Steel Industries and gave the stock a hold rating in a research report on Friday, September 27th. Finally, Zacks Investment Research upgraded shares of Schnitzer Steel Industries from a strong sell rating to a hold rating in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating to the company. Schnitzer Steel Industries presently has a consensus rating of Hold and an average target price of $23.50.

NASDAQ:SCHN traded up $0.18 during trading hours on Thursday, reaching $21.03. The company’s stock had a trading volume of 195,700 shares, compared to its average volume of 234,761. The firm has a market capitalization of $558.36 million, a price-to-earnings ratio of 9.74 and a beta of 1.46. The firm has a 50-day simple moving average of $20.89 and a 200-day simple moving average of $23.04. Schnitzer Steel Industries has a 1 year low of $18.68 and a 1 year high of $28.90. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.74.

Schnitzer Steel Industries (NASDAQ:SCHN) last issued its earnings results on Thursday, October 24th. The basic materials company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.01. The company had revenue of $547.80 million for the quarter, compared to analysts’ expectations of $548.24 million. Schnitzer Steel Industries had a net margin of 2.64% and a return on equity of 8.64%. The firm’s revenue was down 18.2% compared to the same quarter last year. During the same quarter last year, the company earned $2.06 EPS. Equities analysts anticipate that Schnitzer Steel Industries will post 0.93 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Monday, November 18th will be given a $0.1875 dividend. This represents a $0.75 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date is Friday, November 15th. Schnitzer Steel Industries’s payout ratio is 34.72%.

In other Schnitzer Steel Industries news, CFO Richard Peach sold 24,090 shares of the business’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $21.86, for a total value of $526,607.40. Following the transaction, the chief financial officer now owns 184,077 shares in the company, valued at $4,023,923.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Peter B. Saba sold 9,333 shares of the business’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $22.14, for a total transaction of $206,632.62. Following the completion of the transaction, the senior vice president now owns 58,305 shares in the company, valued at approximately $1,290,872.70. The disclosure for this sale can be found here. 4.10% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Swiss National Bank increased its position in shares of Schnitzer Steel Industries by 3.3% during the second quarter. Swiss National Bank now owns 49,900 shares of the basic materials company’s stock valued at $1,306,000 after buying an additional 1,600 shares during the period. BlackRock Inc. boosted its stake in Schnitzer Steel Industries by 3.7% during the second quarter. BlackRock Inc. now owns 2,222,115 shares of the basic materials company’s stock worth $58,152,000 after acquiring an additional 79,777 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Schnitzer Steel Industries by 1,119.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,292 shares of the basic materials company’s stock worth $374,000 after acquiring an additional 13,120 shares in the last quarter. Bessemer Group Inc. boosted its stake in Schnitzer Steel Industries by 13.5% during the second quarter. Bessemer Group Inc. now owns 60,600 shares of the basic materials company’s stock worth $1,586,000 after acquiring an additional 7,200 shares in the last quarter. Finally, WINTON GROUP Ltd boosted its stake in Schnitzer Steel Industries by 62.8% during the second quarter. WINTON GROUP Ltd now owns 50,872 shares of the basic materials company’s stock worth $1,331,000 after acquiring an additional 19,620 shares in the last quarter. Institutional investors own 87.90% of the company’s stock.

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 is Depreciation?

To view ValuEngine’s full report, visit ValuEngine’s official website.

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.