Alliancebernstein L.P. lowered its position in shares of Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) by 86.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 28,030 shares of the basic materials company’s stock after selling 173,610 shares during the period. Alliancebernstein L.P. owned approximately 0.10% of Schnitzer Steel Industries worth $579,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SCHN. WBI Investments Inc. acquired a new position in Schnitzer Steel Industries during the first quarter worth about $1,255,000. American International Group Inc. increased its position in Schnitzer Steel Industries by 7.1% in the first quarter. American International Group Inc. now owns 16,073 shares of the basic materials company’s stock worth $332,000 after buying an additional 1,061 shares during the last quarter. Victory Capital Management Inc. increased its position in Schnitzer Steel Industries by 3.7% in the first quarter. Victory Capital Management Inc. now owns 61,568 shares of the basic materials company’s stock worth $1,271,000 after buying an additional 2,173 shares during the last quarter. Stifel Financial Corp increased its position in Schnitzer Steel Industries by 1,424.7% in the first quarter. Stifel Financial Corp now owns 198,918 shares of the basic materials company’s stock worth $4,099,000 after buying an additional 185,872 shares during the last quarter. Finally, KBC Group NV increased its stake in shares of Schnitzer Steel Industries by 149.8% in the first quarter. KBC Group NV now owns 92,322 shares of the basic materials company’s stock worth $1,906,000 after buying an additional 55,358 shares in the last quarter. Institutional investors own 84.49% of the company’s stock.
Schnitzer Steel Industries, Inc. (NASDAQ SCHN) opened at 25.60 on Friday. The stock’s 50 day moving average is $25.62 and its 200 day moving average is $22.21. Schnitzer Steel Industries, Inc. has a 52 week low of $17.30 and a 52 week high of $30.60. The company has a market capitalization of $706.56 million, a PE ratio of 16.64 and a beta of 1.33.
Schnitzer Steel Industries (NASDAQ:SCHN) last announced its quarterly earnings results on Monday, June 26th. The basic materials company reported $0.56 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.56. Schnitzer Steel Industries had a return on equity of 8.34% and a net margin of 2.68%. The business had revenue of $477 million during the quarter. During the same quarter last year, the company posted $0.46 EPS. The company’s quarterly revenue was up 35.5% compared to the same quarter last year. Analysts predict that Schnitzer Steel Industries, Inc. will post $1.44 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, August 21st. Investors of record on Monday, August 7th will be issued a dividend of $0.1875 per share. The ex-dividend date is Thursday, August 3rd. This represents a $0.75 annualized dividend and a yield of 2.93%. Schnitzer Steel Industries’s dividend payout ratio (DPR) is currently 49.02%.
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A number of analysts recently weighed in on SCHN shares. TheStreet upgraded shares of Schnitzer Steel Industries from a “c+” rating to a “b” rating in a research report on Friday, June 30th. Zacks Investment Research upgraded shares of Schnitzer Steel Industries from a “hold” rating to a “buy” rating and set a $30.00 target price on the stock in a report on Friday, July 21st. Finally, BidaskClub downgraded shares of Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a report on Wednesday.
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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