Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) Position Raised by Wells Fargo & Company MN

Wells Fargo & Company MN grew its position in shares of Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) by 39.7% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 411,509 shares of the basic materials company’s stock after purchasing an additional 116,971 shares during the quarter. Wells Fargo & Company MN’s holdings in Schnitzer Steel Industries were worth $10,769,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. New York State Teachers Retirement System acquired a new stake in shares of Schnitzer Steel Industries in the 1st quarter worth about $55,000. Marshall Wace LLP acquired a new position in Schnitzer Steel Industries during the 1st quarter valued at about $71,000. Marshall Wace North America L.P. acquired a new position in Schnitzer Steel Industries during the 1st quarter valued at about $143,000. Quantitative Systematic Strategies LLC bought a new position in Schnitzer Steel Industries in the 2nd quarter worth about $201,000. Finally, BNP Paribas Arbitrage SA grew its position in Schnitzer Steel Industries by 231.9% in the 1st quarter. BNP Paribas Arbitrage SA now owns 7,792 shares of the basic materials company’s stock worth $187,000 after purchasing an additional 5,444 shares during the last quarter. 86.07% of the stock is owned by institutional investors.

Shares of NASDAQ SCHN traded up $0.62 during midday trading on Wednesday, reaching $24.35. 16,486 shares of the company traded hands, compared to its average volume of 156,858. Schnitzer Steel Industries, Inc. has a 52 week low of $20.94 and a 52 week high of $28.90. The stock has a 50-day moving average price of $24.00 and a 200 day moving average price of $24.04. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.36 and a quick ratio of 1.22. The company has a market cap of $620.18 million, a price-to-earnings ratio of 4.52 and a beta of 1.50.

Schnitzer Steel Industries (NASDAQ:SCHN) last announced its earnings results on Wednesday, June 26th. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.02. The firm had revenue of $547.00 million during the quarter, compared to analyst estimates of $542.24 million. Schnitzer Steel Industries had a net margin of 4.63% and a return on equity of 15.72%. Schnitzer Steel Industries’s revenue was down 16.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.26 EPS. As a group, analysts expect that Schnitzer Steel Industries, Inc. will post 2.25 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Tuesday, August 13th were given a dividend of $0.1875 per share. The ex-dividend date was Monday, August 12th. This represents a $0.75 dividend on an annualized basis and a dividend yield of 3.08%. Schnitzer Steel Industries’s dividend payout ratio (DPR) is 13.91%.

A number of equities research analysts have recently weighed in on the company. BidaskClub cut Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a report on Tuesday, August 27th. ValuEngine downgraded Schnitzer Steel Industries from a “hold” rating to a “sell” rating in a research report on Saturday, August 10th. Zacks Investment Research lowered Schnitzer Steel Industries from a “hold” rating to a “sell” rating in a report on Friday, August 30th. Finally, Cowen restated a “market perform” rating and issued a $25.00 target price (up from $24.00) on shares of Schnitzer Steel Industries in a research report on Tuesday, June 25th. Two equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company. The stock presently has an average rating of “Hold” and an average target price of $27.00.

Schnitzer Steel Industries Profile

Schnitzer Steel Industries, Inc recycles ferrous and nonferrous scrap metals; and manufactures finished steel products worldwide. The company operates through two segments, Auto and Metals Recycling (AMR), and Cascade Steel and Scrap (CSS). The AMR segment acquires, processes, and recycles scrap metals, as well as processes mixed and large pieces of scrap metal into smaller pieces by crushing, torching, shearing, shredding, and sorting.

Further Reading: 52-Week High/Low

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

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