Schnitzer Steel Industries, Inc. (NASDAQ:SCHN - Get Rating) - Investment analysts at KeyCorp raised their Q1 2023 earnings per share estimates for shares of Schnitzer Steel Industries in a report issued on Monday, November 21st. KeyCorp analyst P. Gibbs now forecasts that the basic materials company will post earnings per share of ($0.13) for the quarter, up from their previous estimate of ($0.14). The consensus estimate for Schnitzer Steel Industries' current full-year earnings is $0.90 per share. KeyCorp also issued estimates for Schnitzer Steel Industries' FY2023 earnings at $1.30 EPS and FY2024 earnings at $2.15 EPS.
A number of other brokerages also recently weighed in on SCHN. StockNews.com assumed coverage on shares of Schnitzer Steel Industries in a report on Wednesday, October 12th. They issued a "hold" rating on the stock. TheStreet cut shares of Schnitzer Steel Industries from a "b-" rating to a "c" rating in a research note on Monday, October 24th. Finally, The Goldman Sachs Group decreased their price target on shares of Schnitzer Steel Industries from $45.00 to $39.00 and set a "buy" rating for the company in a research note on Thursday, October 6th.
Schnitzer Steel Industries Stock Down 1.5 %
SCHN stock opened at $33.27 on Thursday. Schnitzer Steel Industries has a 1-year low of $25.96 and a 1-year high of $59.70. The stock has a market cap of $896.63 million, a P/E ratio of 5.84 and a beta of 1.44. The stock's fifty day simple moving average is $29.81 and its two-hundred day simple moving average is $33.63. The company has a current ratio of 1.76, a quick ratio of 0.93 and a debt-to-equity ratio of 0.25.
Schnitzer Steel Industries (NASDAQ:SCHN - Get Rating) last issued its quarterly earnings data on Monday, October 24th. The basic materials company reported $0.50 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.48 by $0.02. Schnitzer Steel Industries had a net margin of 4.84% and a return on equity of 19.34%. The business had revenue of $894.00 million during the quarter, compared to the consensus estimate of $817.60 million. During the same period in the prior year, the firm posted $1.81 EPS. The firm's quarterly revenue was up 5.7% compared to the same quarter last year.
Schnitzer Steel Industries Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 29th. Shareholders of record on Thursday, November 10th will be issued a $0.1875 dividend. This represents a $0.75 annualized dividend and a yield of 2.25%. The ex-dividend date is Wednesday, November 9th. Schnitzer Steel Industries's payout ratio is 13.16%.
In related news, CFO Stefano R. Gaggini sold 7,466 shares of the business's stock in a transaction dated Thursday, November 3rd. The stock was sold at an average price of $26.29, for a total transaction of $196,281.14. Following the completion of the transaction, the chief financial officer now directly owns 56,825 shares in the company, valued at $1,493,929.25. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, SVP Michael R. Henderson sold 16,823 shares of the stock in a transaction on Thursday, November 3rd. The shares were sold at an average price of $26.36, for a total value of $443,454.28. Following the transaction, the senior vice president now owns 123,695 shares of the company's stock, valued at approximately $3,260,600.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Stefano R. Gaggini sold 7,466 shares of Schnitzer Steel Industries stock in a transaction on Thursday, November 3rd. The stock was sold at an average price of $26.29, for a total transaction of $196,281.14. Following the sale, the chief financial officer now directly owns 56,825 shares of the company's stock, valued at $1,493,929.25. The disclosure for this sale can be found here. Company insiders own 6.20% of the company's stock.
Institutional Inflows and Outflows
Institutional investors have recently added to or reduced their stakes in the company. State Street Corp grew its position in Schnitzer Steel Industries by 36.2% during the first quarter. State Street Corp now owns 1,521,234 shares of the basic materials company's stock valued at $79,013,000 after acquiring an additional 404,669 shares during the last quarter. Allianz Asset Management GmbH raised its position in Schnitzer Steel Industries by 1,855.0% in the 1st quarter. Allianz Asset Management GmbH now owns 161,935 shares of the basic materials company's stock worth $8,411,000 after purchasing an additional 153,652 shares during the period. Bornite Capital Management LP raised its position in Schnitzer Steel Industries by 100.0% in the 2nd quarter. Bornite Capital Management LP now owns 300,000 shares of the basic materials company's stock worth $9,852,000 after purchasing an additional 150,000 shares during the period. Eagle Asset Management Inc. bought a new stake in Schnitzer Steel Industries in the first quarter worth $5,964,000. Finally, Goldman Sachs Group Inc. boosted its position in Schnitzer Steel Industries by 268.1% during the second quarter. Goldman Sachs Group Inc. now owns 136,761 shares of the basic materials company's stock valued at $4,491,000 after buying an additional 99,607 shares during the period. Institutional investors own 83.55% of the company's stock.
Schnitzer Steel Industries Company Profile
Schnitzer Steel Industries, Inc recycles ferrous and nonferrous metal, and manufactures finished steel products worldwide. The company acquires, processes, and recycles salvaged vehicles, rail cars, home appliances, industrial machinery, manufacturing scrap, and construction and demolition scrap. It offers recycled ferrous metal, a feedstock used in the production of finished steel products; and nonferrous products, including mixed metal joint products recovered from the shredding process, such as zorba, zurik, aluminum, copper, stainless steel, nickel, brass, titanium, lead, and high temperature alloys.
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