FIL Ltd Buys 24,000 Shares of Schnitzer Steel Industries, Inc. (NASDAQ:SCHN)

FIL Ltd increased its stake in Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) by 240.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 34,000 shares of the basic materials company’s stock after purchasing an additional 24,000 shares during the quarter. FIL Ltd’s holdings in Schnitzer Steel Industries were worth $816,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in SCHN. Norges Bank purchased a new position in Schnitzer Steel Industries during the fourth quarter worth about $13,016,000. LSV Asset Management grew its position in Schnitzer Steel Industries by 98.3% during the fourth quarter. LSV Asset Management now owns 638,113 shares of the basic materials company’s stock worth $13,751,000 after buying an additional 316,270 shares in the last quarter. Bank of New York Mellon Corp grew its position in Schnitzer Steel Industries by 108.2% during the fourth quarter. Bank of New York Mellon Corp now owns 541,957 shares of the basic materials company’s stock worth $11,679,000 after buying an additional 281,689 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its position in Schnitzer Steel Industries by 262.2% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 322,448 shares of the basic materials company’s stock worth $6,972,000 after buying an additional 233,433 shares in the last quarter. Finally, Martingale Asset Management L P purchased a new position in Schnitzer Steel Industries during the fourth quarter worth about $3,058,000. Institutional investors own 83.67% of the company’s stock.

Shares of SCHN stock opened at $22.84 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.45 and a quick ratio of 1.29. Schnitzer Steel Industries, Inc. has a 12-month low of $20.94 and a 12-month high of $37.95. The stock has a market cap of $611.56 million, a price-to-earnings ratio of 5.24 and a beta of 1.30.

Schnitzer Steel Industries (NASDAQ:SCHN) last issued its quarterly earnings results on Thursday, April 4th. The basic materials company reported $0.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.02. Schnitzer Steel Industries had a return on equity of 18.95% and a net margin of 5.35%. The firm had revenue of $474.00 million during the quarter, compared to analyst estimates of $487.25 million. During the same quarter in the previous year, the company posted $0.90 earnings per share. The company’s revenue was down 15.2% compared to the same quarter last year. Equities research analysts anticipate that Schnitzer Steel Industries, Inc. will post 2.13 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 28th. Shareholders of record on Monday, May 13th were paid a dividend of $0.1875 per share. This represents a $0.75 annualized dividend and a yield of 3.28%. The ex-dividend date of this dividend was Friday, May 10th. Schnitzer Steel Industries’s dividend payout ratio (DPR) is currently 13.91%.

In other Schnitzer Steel Industries news, SVP Jeffery Dyck sold 5,337 shares of Schnitzer Steel Industries stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $23.94, for a total transaction of $127,767.78. Following the completion of the sale, the senior vice president now owns 64,063 shares of the company’s stock, valued at $1,533,668.22. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 4.10% of the company’s stock.

Several equities analysts recently commented on the company. Zacks Investment Research cut Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a research report on Saturday, May 25th. Cowen set a $27.00 target price on Schnitzer Steel Industries and gave the stock a “hold” rating in a research report on Tuesday, April 9th. BidaskClub upgraded Schnitzer Steel Industries from a “sell” rating to a “hold” rating in a research report on Friday, April 5th. Finally, ValuEngine cut Schnitzer Steel Industries from a “sell” rating to a “strong sell” rating in a research report on Friday, April 26th. Four analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. Schnitzer Steel Industries presently has an average rating of “Sell” and an average target price of $27.80.

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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.

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

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