Schnitzer Steel Industries, Inc. (SCHN) Stake Lessened by Wells Fargo & Company MN

Wells Fargo & Company MN decreased its holdings in shares of Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) by 26.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 422,533 shares of the basic materials company’s stock after selling 155,287 shares during the period. Wells Fargo & Company MN owned about 1.56% of Schnitzer Steel Industries worth $11,894,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in the business. The Manufacturers Life Insurance Company lifted its holdings in Schnitzer Steel Industries by 4.6% in 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. D.A. Davidson & CO. lifted its holdings in Schnitzer Steel Industries by 5.9% in the 2nd quarter. D.A. Davidson & CO. now owns 17,588 shares of the basic materials company’s stock valued at $443,000 after purchasing an additional 987 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in Schnitzer Steel Industries by 3.9% in the 2nd quarter. Alliancebernstein L.P. now owns 29,130 shares of the basic materials company’s stock valued at $734,000 after purchasing an additional 1,100 shares in the last quarter. Voya Investment Management LLC lifted its holdings in Schnitzer Steel Industries by 11.2% in the 2nd quarter. Voya Investment Management LLC now owns 14,205 shares of the basic materials company’s stock valued at $358,000 after purchasing an additional 1,435 shares in the last quarter. Finally, Mark Sheptoff Financial Planning LLC lifted its holdings in Schnitzer Steel Industries by 10.8% in the 2nd quarter. Mark Sheptoff Financial Planning LLC now owns 15,464 shares of the basic materials company’s stock valued at $390,000 after purchasing an additional 1,508 shares in the last quarter. Institutional investors own 86.84% of the company’s stock.

In other news, SVP Jeffery Dyck sold 8,327 shares of Schnitzer Steel Industries stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $30.05, for a total transaction of $250,226.35. Following the transaction, the senior vice president now owns 49,184 shares in the company, valued at approximately $1,477,979.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Peter B. Saba sold 2,393 shares of Schnitzer Steel Industries stock in a transaction on Tuesday, November 14th. The stock was sold at an average price of $26.52, for a total value of $63,462.36. Following the transaction, the senior vice president now owns 30,911 shares in the company, valued at approximately $819,759.72. The disclosure for this sale can be found here. In the last quarter, insiders have sold 22,770 shares of company stock worth $654,919. Insiders own 3.80% of the company’s stock.

Schnitzer Steel Industries, Inc. (NASDAQ SCHN) opened at $33.10 on Monday. Schnitzer Steel Industries, Inc. has a fifty-two week low of $17.50 and a fifty-two week high of $33.81. The company has a current ratio of 1.92, a quick ratio of 0.97 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $895.77, a price-to-earnings ratio of 20.95 and a beta of 1.36.

Schnitzer Steel Industries (NASDAQ:SCHN) last posted its quarterly earnings results on Tuesday, October 24th. The basic materials company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.62 by $0.01. Schnitzer Steel Industries had a return on equity of 8.49% and a net margin of 2.64%. The business had revenue of $494.00 million for the quarter, compared to analyst estimates of $495.73 million. During the same quarter in the previous year, the firm earned $0.60 EPS. The company’s quarterly revenue was up 26.3% compared to the same quarter last year. research analysts expect that Schnitzer Steel Industries, Inc. will post 2.18 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, November 27th. Stockholders of record on Monday, November 13th were issued a dividend of $0.1875 per share. The ex-dividend date of this dividend was Friday, November 10th. This represents a $0.75 annualized dividend and a dividend yield of 2.27%. Schnitzer Steel Industries’s dividend payout ratio is presently 47.47%.

A number of research analysts have weighed in on the company. Morgan Stanley raised their price objective on Schnitzer Steel Industries from $27.00 to $29.00 and gave the company an “equal weight” rating in a report on Tuesday, October 31st. Macquarie assumed coverage on Schnitzer Steel Industries in a report on Wednesday, September 6th. They issued a “neutral” rating and a $26.00 price objective on the stock. Zacks Investment Research lowered Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a report on Thursday, October 26th. ValuEngine upgraded Schnitzer Steel Industries from a “hold” rating to a “buy” rating in a report on Saturday, December 9th. Finally, KeyCorp restated a “hold” rating on shares of Schnitzer Steel Industries in a report on Wednesday, October 11th. Four analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $29.33.

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Schnitzer Steel Industries Company Profile

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.

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

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