Schnitzer Steel Industries (SCHN) Stock Price Up 6.2%

Shares of Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) rose 6.2% during mid-day trading on Monday . The stock traded as high as $38.15 and last traded at $37.65. Approximately 926,732 shares traded hands during trading, an increase of 104% from the average daily volume of 454,666 shares. The stock had previously closed at $35.45.

SCHN has been the topic of several recent analyst reports. ValuEngine upgraded Schnitzer Steel Industries from a “hold” rating to a “buy” rating in a report on Saturday, December 9th. Zacks Investment Research upgraded Schnitzer Steel Industries from a “hold” rating to a “buy” rating and set a $33.00 price objective on the stock in a report on Saturday, October 21st. Morgan Stanley boosted their price objective on Schnitzer Steel Industries from $27.00 to $29.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 31st. BidaskClub upgraded Schnitzer Steel Industries from a “buy” rating to a “strong-buy” rating in a report on Friday, December 22nd. Finally, KeyCorp restated a “hold” rating on shares of Schnitzer Steel Industries in a report on Wednesday, October 11th. Three investment analysts have rated the stock with a hold rating, one has issued a buy rating and two have given a strong buy rating to the company’s stock. Schnitzer Steel Industries has an average rating of “Buy” and a consensus target price of $31.33.

The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.97 and a current ratio of 1.92. The company has a market cap of $1,020.00, a P/E ratio of 23.83 and a beta of 1.36.

Schnitzer Steel Industries (NASDAQ:SCHN) last released its earnings results on Tuesday, October 24th. The basic materials company reported $0.63 earnings per share for the quarter, beating the Thomson Reuters’ 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 company had revenue of $494.00 million for the quarter, compared to analysts’ expectations of $495.73 million. During the same quarter in the previous year, the business posted $0.60 EPS. The business’s revenue for the quarter was up 26.3% on a year-over-year basis. research analysts forecast that Schnitzer Steel Industries, Inc. will post 2.18 EPS for the current year.

In other Schnitzer Steel Industries news, SVP Jeffery Dyck sold 8,327 shares of Schnitzer Steel Industries stock in a transaction dated 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 of the company’s stock, valued at approximately $1,477,979.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Richard Peach sold 8,000 shares of Schnitzer Steel Industries stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $28.33, for a total value of $226,640.00. Following the transaction, the chief financial officer now directly owns 119,283 shares in the company, valued at approximately $3,379,287.39. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 22,770 shares of company stock worth $654,919. Company insiders own 3.50% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Numeric Investors LLC grew its stake in shares of Schnitzer Steel Industries by 25.0% in the 2nd quarter. Numeric Investors LLC now owns 45,000 shares of the basic materials company’s stock valued at $1,134,000 after buying an additional 9,000 shares in the last quarter. Fox Run Management L.L.C. bought a new stake in shares of Schnitzer Steel Industries in the 3rd quarter valued at approximately $597,000. Stifel Financial Corp grew its stake in shares of Schnitzer Steel Industries by 78.9% in the 2nd quarter. Stifel Financial Corp now owns 355,800 shares of the basic materials company’s stock valued at $8,983,000 after buying an additional 156,882 shares in the last quarter. Prudential Financial Inc. grew its stake in shares of Schnitzer Steel Industries by 18.9% in the 3rd quarter. Prudential Financial Inc. now owns 232,427 shares of the basic materials company’s stock valued at $6,543,000 after buying an additional 37,010 shares in the last quarter. Finally, Engineers Gate Manager LP grew its stake in shares of Schnitzer Steel Industries by 126.4% in the 3rd quarter. Engineers Gate Manager LP now owns 41,286 shares of the basic materials company’s stock valued at $1,162,000 after buying an additional 23,049 shares in the last quarter. 86.84% of the stock is owned by institutional investors and hedge funds.

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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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