MetLife Investment Advisors LLC acquired a new position in shares of Schnitzer Steel Industries (NASDAQ:SCHN) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 13,529 shares of the basic materials company’s stock, valued at approximately $453,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SCHN. Millennium Management LLC boosted its stake in Schnitzer Steel Industries by 706.8% during the fourth quarter. Millennium Management LLC now owns 685,889 shares of the basic materials company’s stock worth $22,977,000 after buying an additional 600,873 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Schnitzer Steel Industries by 401.8% during the fourth quarter. Renaissance Technologies LLC now owns 164,096 shares of the basic materials company’s stock worth $5,497,000 after buying an additional 131,396 shares during the last quarter. Peregrine Asset Advisers Inc. acquired a new position in Schnitzer Steel Industries during the fourth quarter worth $3,894,000. Deutsche Bank AG boosted its stake in Schnitzer Steel Industries by 30.9% during the fourth quarter. Deutsche Bank AG now owns 449,629 shares of the basic materials company’s stock worth $15,060,000 after buying an additional 106,064 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its stake in Schnitzer Steel Industries by 16.4% during the fourth quarter. Acadian Asset Management LLC now owns 574,870 shares of the basic materials company’s stock worth $19,257,000 after buying an additional 81,103 shares during the last quarter. 91.00% of the stock is currently owned by institutional investors.
SCHN has been the topic of a number of recent research reports. Zacks Investment Research raised Schnitzer Steel Industries from a “hold” rating to a “strong-buy” rating and set a $39.00 price objective on the stock in a research note on Tuesday, January 2nd. ValuEngine raised Schnitzer Steel Industries from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Goldman Sachs initiated coverage on Schnitzer Steel Industries in a research note on Tuesday, March 20th. They set a “buy” rating and a $42.00 price objective on the stock. Finally, BidaskClub lowered Schnitzer Steel Industries from a “strong-buy” rating to a “buy” rating in a research note on Friday, March 16th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $33.25.
Schnitzer Steel Industries (NASDAQ:SCHN) last announced its quarterly earnings results on Thursday, April 5th. The basic materials company reported $1.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.91 by $0.51. Schnitzer Steel Industries had a return on equity of 14.28% and a net margin of 4.68%. The business had revenue of $559.00 million for the quarter, compared to analyst estimates of $507.82 million. During the same quarter in the prior year, the company posted $0.37 EPS. The company’s quarterly revenue was up 46.3% on a year-over-year basis. equities analysts forecast that Schnitzer Steel Industries will post 3.38 earnings per share for the current fiscal year.
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About Schnitzer Steel Industries
Schnitzer Steel Industries, Inc recycles ferrous and nonferrous scrap metals; and manufactures finished steel products worldwide. It operates through two segments, Auto and Metals Recycling (AMR); and Cascade Steel and Scrap (CSS). The AMR segment buys, collects, processes, recycles, sells, and brokers 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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