State Board of Administration of Florida Retirement System Decreases Position in Schnitzer Steel Industries, Inc. (SCHN)

State Board of Administration of Florida Retirement System decreased its position in shares of Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) by 10.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,172 shares of the basic materials company’s stock after selling 2,241 shares during the period. State Board of Administration of Florida Retirement System owned about 0.07% of Schnitzer Steel Industries worth $546,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SCHN. Legal & General Group Plc lifted its stake in Schnitzer Steel Industries by 44.3% during the 1st quarter. Legal & General Group Plc now owns 8,980 shares of the basic materials company’s stock worth $291,000 after acquiring an additional 2,755 shares in the last quarter. Allianz Asset Management GmbH increased its holdings in Schnitzer Steel Industries by 109.0% during the 1st quarter. Allianz Asset Management GmbH now owns 20,052 shares of the basic materials company’s stock worth $649,000 after purchasing an additional 10,458 shares during the period. Janney Montgomery Scott LLC increased its holdings in Schnitzer Steel Industries by 8.9% during the 2nd quarter. Janney Montgomery Scott LLC now owns 18,701 shares of the basic materials company’s stock worth $630,000 after purchasing an additional 1,528 shares during the period. Northpointe Capital LLC purchased a new stake in Schnitzer Steel Industries during the 2nd quarter worth about $6,633,000. Finally, Massachusetts Financial Services Co. MA purchased a new stake in Schnitzer Steel Industries during the 2nd quarter worth about $217,000. 89.71% of the stock is currently owned by hedge funds and other institutional investors.

In other news, SVP Peter B. Saba sold 7,356 shares of the stock in a transaction dated Friday, November 2nd. The stock was sold at an average price of $26.64, for a total value of $195,963.84. Following the transaction, the senior vice president now owns 44,198 shares in the company, valued at approximately $1,177,434.72. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Steven Heiskell sold 13,316 shares of the stock in a transaction dated Tuesday, November 6th. The shares were sold at an average price of $27.26, for a total value of $362,994.16. Following the completion of the transaction, the senior vice president now owns 65,556 shares in the company, valued at approximately $1,787,056.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 49,170 shares of company stock worth $1,335,920. Company insiders own 3.80% of the company’s stock.

Several equities research analysts have weighed in on SCHN shares. BidaskClub downgraded Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a report on Friday, August 3rd. Macquarie set a $29.00 price target on Schnitzer Steel Industries and gave the stock a “hold” rating in a report on Thursday, October 25th. Zacks Investment Research upgraded Schnitzer Steel Industries from a “sell” rating to a “hold” rating in a report on Wednesday, October 17th. Finally, ValuEngine downgraded Schnitzer Steel Industries from a “hold” rating to a “sell” rating in a report on Tuesday, August 14th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $33.50.

Shares of NASDAQ SCHN opened at $27.41 on Friday. The company has a current ratio of 1.76, a quick ratio of 0.95 and a debt-to-equity ratio of 0.16. Schnitzer Steel Industries, Inc. has a 1-year low of $23.70 and a 1-year high of $38.85. The stock has a market cap of $731.90 million, a price-to-earnings ratio of 5.09 and a beta of 1.13.

Schnitzer Steel Industries (NASDAQ:SCHN) last issued its quarterly earnings results on Wednesday, October 24th. The basic materials company reported $2.06 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $1.11. Schnitzer Steel Industries had a return on equity of 23.08% and a net margin of 6.62%. The company had revenue of $670.00 million for the quarter, compared to the consensus estimate of $641.60 million. During the same quarter in the prior year, the business earned $0.63 EPS. Schnitzer Steel Industries’s revenue was up 35.6% on a year-over-year basis. On average, research analysts expect that Schnitzer Steel Industries, Inc. will post 2.54 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 26th. Stockholders of record on Monday, November 12th will be issued a $0.1875 dividend. The ex-dividend date is Thursday, November 8th. This represents a $0.75 dividend on an annualized basis and a dividend yield of 2.74%. Schnitzer Steel Industries’s payout ratio is currently 13.91%.

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

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