Panagora Asset Management Inc. raised its holdings in shares of Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) by 6,059.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 56,055 shares of the basic materials company’s stock after purchasing an additional 55,145 shares during the period. Panagora Asset Management Inc.’s holdings in Schnitzer Steel Industries were worth $1,467,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. LSV Asset Management boosted its position in shares of Schnitzer Steel Industries by 35.4% in the 1st quarter. LSV Asset Management now owns 863,800 shares of the basic materials company’s stock worth $20,731,000 after purchasing an additional 225,687 shares in the last quarter. FMR LLC raised its stake in Schnitzer Steel Industries by 274,901.9% in the first quarter. FMR LLC now owns 143,001 shares of the basic materials company’s stock valued at $3,432,000 after buying an additional 142,949 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its stake in Schnitzer Steel Industries by 33.0% in the second quarter. Robeco Institutional Asset Management B.V. now owns 500,702 shares of the basic materials company’s stock valued at $13,105,000 after buying an additional 124,248 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in Schnitzer Steel Industries by 39.7% in the second quarter. Wells Fargo & Company MN now owns 411,509 shares of the basic materials company’s stock worth $10,769,000 after acquiring an additional 116,971 shares in the last quarter. Finally, Aperio Group LLC boosted its holdings in Schnitzer Steel Industries by 85.2% in the second quarter. Aperio Group LLC now owns 191,352 shares of the basic materials company’s stock worth $5,008,000 after acquiring an additional 88,056 shares in the last quarter. 86.07% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have recently issued reports on SCHN. BidaskClub downgraded shares of Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a report on Tuesday, August 27th. ValuEngine downgraded shares of Schnitzer Steel Industries from a “hold” rating to a “sell” rating in a research report on Saturday, August 10th. Zacks Investment Research lowered shares of Schnitzer Steel Industries from a “hold” rating to a “sell” rating in a research note on Friday, August 30th. Finally, Cowen reaffirmed a “market perform” rating and issued a $25.00 price target (up previously from $24.00) on shares of Schnitzer Steel Industries in a report on Tuesday, June 25th. Two analysts have rated the stock with a sell rating and four have given a hold rating to the company. Schnitzer Steel Industries presently has an average rating of “Hold” and an average target price of $27.00.
Schnitzer Steel Industries (NASDAQ:SCHN) last posted its quarterly earnings results on Wednesday, June 26th. The basic materials company reported $0.63 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.02. The business had revenue of $547.00 million for the quarter, compared to the consensus estimate of $542.24 million. Schnitzer Steel Industries had a return on equity of 15.72% and a net margin of 4.63%. The company’s quarterly revenue was down 16.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.26 EPS. On average, sell-side analysts predict that Schnitzer Steel Industries, Inc. will post 2.25 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Tuesday, August 13th were issued a dividend of $0.1875 per share. This represents a $0.75 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date was Monday, August 12th. Schnitzer Steel Industries’s dividend payout ratio (DPR) is 13.91%.
About Schnitzer Steel Industries
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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