Macquarie Group Ltd. Takes $791,000 Position in Schnitzer Steel Industries, Inc. (SCHN)

Macquarie Group Ltd. purchased a new stake in shares of Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) in the third quarter, according to its most recent filing with the SEC. The firm purchased 28,100 shares of the basic materials company’s stock, valued at approximately $791,000. Macquarie Group Ltd. owned 0.10% of Schnitzer Steel Industries at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Sei Investments Co. lifted its position in shares of Schnitzer Steel Industries by 325.7% during the 3rd quarter. Sei Investments Co. now owns 6,220 shares of the basic materials company’s stock valued at $175,000 after acquiring an additional 4,759 shares during the period. Commonwealth Equity Services Inc acquired a new stake in shares of Schnitzer Steel Industries during the 3rd quarter valued at approximately $204,000. BlueCrest Capital Management Ltd acquired a new position in shares of Schnitzer Steel Industries during the 2nd quarter worth approximately $228,000. Menta Capital LLC acquired a new position in shares of Schnitzer Steel Industries during the 2nd quarter worth approximately $247,000. Finally, Royal Bank of Canada raised its position in shares of Schnitzer Steel Industries by 252.3% during the 2nd quarter. Royal Bank of Canada now owns 13,285 shares of the basic materials company’s stock worth $335,000 after purchasing an additional 22,009 shares during the last quarter. Institutional investors own 86.84% of the company’s stock.

Several brokerages recently issued reports on SCHN. Macquarie began coverage on Schnitzer Steel Industries in a research report on Wednesday, September 6th. They set a “neutral” rating and a $26.00 price objective for the company. BidaskClub downgraded Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, August 16th. Zacks Investment Research upgraded Schnitzer Steel Industries from a “hold” rating to a “strong-buy” rating and set a $29.00 price objective for the company in a research report on Wednesday, August 16th. ValuEngine downgraded Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a research report on Friday, September 15th. Finally, Morgan Stanley lifted their price objective on Schnitzer Steel Industries from $27.00 to $29.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 31st. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Schnitzer Steel Industries currently has a consensus rating of “Hold” and a consensus price target of $29.33.

Schnitzer Steel Industries, Inc. (NASDAQ SCHN) opened at $29.35 on Tuesday. 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, Inc. has a 12-month low of $17.50 and a 12-month high of $31.35. The stock has a market capitalization of $798.33, a P/E ratio of 19.28 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 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.01. The firm had revenue of $494.00 million during the quarter, compared to analysts’ expectations of $495.73 million. Schnitzer Steel Industries had a net margin of 2.64% and a return on equity of 8.49%. Schnitzer Steel Industries’s revenue for the quarter was up 26.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.60 EPS. analysts predict that Schnitzer Steel Industries, Inc. will post 2.18 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, November 27th. Shareholders of record on Monday, November 13th were paid a $0.1875 dividend. The ex-dividend date of this dividend was Friday, November 10th. This represents a $0.75 annualized dividend and a yield of 2.56%. Schnitzer Steel Industries’s payout ratio is currently 47.17%.

In other Schnitzer Steel Industries news, SVP Steven Heiskell sold 2,976 shares of Schnitzer Steel Industries stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $28.05, for a total value of $83,476.80. Following the completion of the sale, the senior vice president now directly owns 50,501 shares of the company’s stock, valued at approximately $1,416,553.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Peter B. Saba sold 2,393 shares of Schnitzer Steel Industries stock in a transaction that occurred on Tuesday, November 14th. The stock was sold at an average price of $26.52, for a total transaction of $63,462.36. Following the completion of the sale, the senior vice president now directly owns 30,911 shares of the company’s stock, valued at $819,759.72. The disclosure for this sale can be found here. Insiders sold a total of 22,770 shares of company stock valued at $654,919 over the last ninety days. 3.80% of the stock is owned by corporate insiders.

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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.

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

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