Schnitzer Steel Industries (SCHN) Issues Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Schnitzer Steel Industries (NASDAQ:SCHN) issued its earnings results on Tuesday. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.02, Bloomberg Earnings reports. The company had revenue of $483.00 million for the quarter, compared to analysts’ expectations of $502.02 million. Schnitzer Steel Industries had a net margin of 2.64% and a return on equity of 8.49%. The firm’s quarterly revenue was up 44.6% on a year-over-year basis. During the same quarter last year, the company posted ($0.05) earnings per share.

Schnitzer Steel Industries (SCHN) opened at $36.45 on Wednesday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.97 and a current ratio of 1.92. Schnitzer Steel Industries has a one year low of $17.50 and a one year high of $38.15. The firm has a market cap of $991.56, a price-to-earnings ratio of 23.07 and a beta of 1.36.

In related news, SVP Jeffery Dyck sold 8,327 shares of Schnitzer Steel Industries stock in a transaction on Thursday, November 2nd. The shares were 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 filing with the SEC, which can be accessed through this link. Also, CFO Richard Peach sold 8,000 shares of Schnitzer Steel Industries stock in a transaction on Monday, November 6th. The shares were sold at an average price of $28.33, for a total transaction of $226,640.00. Following the transaction, the chief financial officer now 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 90 days, insiders have sold 22,770 shares of company stock worth $654,919. 3.50% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in SCHN. Wells Fargo & Company MN increased its holdings in Schnitzer Steel Industries by 395.2% in the 2nd quarter. Wells Fargo & Company MN now owns 577,820 shares of the basic materials company’s stock valued at $14,561,000 after acquiring an additional 461,146 shares during the last quarter. Koch Industries Inc. bought a new stake in Schnitzer Steel Industries in the 2nd quarter valued at $367,000. Rutabaga Capital Management LLC MA increased its holdings in Schnitzer Steel Industries by 69.4% in the 2nd quarter. Rutabaga Capital Management LLC MA now owns 891,536 shares of the basic materials company’s stock valued at $22,467,000 after acquiring an additional 365,259 shares during the last quarter. Hillcrest Asset Management LLC bought a new stake in Schnitzer Steel Industries in the 3rd quarter valued at $5,651,000. Finally, Telemark Asset Management LLC bought a new stake in Schnitzer Steel Industries in the 3rd quarter valued at $5,630,000. Institutional investors own 86.84% of the company’s stock.

Several research analysts have recently weighed in on SCHN shares. ValuEngine cut shares of Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a research note on Friday, September 15th. Zacks Investment Research cut shares of Schnitzer Steel Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 19th. KeyCorp reiterated a “hold” rating on shares of Schnitzer Steel Industries in a research note on Wednesday, October 11th. Morgan Stanley lifted their price target on shares of Schnitzer Steel Industries from $27.00 to $29.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 31st. Finally, BidaskClub upgraded shares of Schnitzer Steel Industries from a “buy” rating to a “strong-buy” rating in a research note on Friday, December 22nd. Three equities research analysts have rated the stock with a hold rating, one has given a buy rating and two have given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $31.33.

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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.

Earnings History for Schnitzer Steel Industries (NASDAQ:SCHN)

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