Schnitzer Steel Industries (NASDAQ:SCHN) Announces Earnings Results, Misses Expectations By $0.18 EPS

Schnitzer Steel Industries (NASDAQ:SCHN) announced its quarterly earnings results on Wednesday. The basic materials company reported $1.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.76 by ($0.18), MarketWatch Earnings reports. The company had revenue of $798.00 million during the quarter, compared to analyst estimates of $857.06 million. Schnitzer Steel Industries had a net margin of 5.99% and a return on equity of 23.38%. The firm’s revenue for the quarter was up 62.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.57 EPS.

Schnitzer Steel Industries stock traded up $2.81 during trading on Friday, reaching $48.91. 30,797 shares of the company’s stock were exchanged, compared to its average volume of 489,727. Schnitzer Steel Industries has a 52-week low of $27.72 and a 52-week high of $59.34. The firm has a market cap of $1.35 billion, a price-to-earnings ratio of 8.69 and a beta of 1.50. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.81 and a current ratio of 1.54. The company’s 50-day moving average is $51.59 and its two-hundred day moving average is $49.61.

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 14th. Stockholders of record on Monday, January 31st will be paid a $0.1875 dividend. This represents a $0.75 dividend on an annualized basis and a dividend yield of 1.53%. Schnitzer Steel Industries’s dividend payout ratio is presently 13.35%.

In related news, CFO Stefano R. Gaggini sold 4,577 shares of Schnitzer Steel Industries stock in a transaction on Tuesday, November 2nd. The shares were sold at an average price of $51.34, for a total transaction of $234,983.18. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Michael R. Henderson sold 7,721 shares of the company’s stock in a transaction dated Wednesday, November 3rd. The shares were sold at an average price of $52.11, for a total transaction of $402,341.31. The disclosure for this sale can be found here. Company insiders own 6.20% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. Morgan Stanley boosted its stake in Schnitzer Steel Industries by 12.2% during the 3rd quarter. Morgan Stanley now owns 187,777 shares of the basic materials company’s stock valued at $8,227,000 after acquiring an additional 20,442 shares during the last quarter. Royal Bank of Canada increased its holdings in Schnitzer Steel Industries by 104.9% in the second quarter. Royal Bank of Canada now owns 3,707 shares of the basic materials company’s stock valued at $182,000 after buying an additional 1,898 shares during the last quarter. UBS Group AG raised its stake in Schnitzer Steel Industries by 4.6% during the third quarter. UBS Group AG now owns 16,606 shares of the basic materials company’s stock valued at $728,000 after buying an additional 737 shares in the last quarter. Finally, BNP Paribas Arbitrage SA lifted its holdings in Schnitzer Steel Industries by 3.7% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 13,614 shares of the basic materials company’s stock worth $596,000 after buying an additional 480 shares during the last quarter. Hedge funds and other institutional investors own 82.27% of the company’s stock.

Separately, Zacks Investment Research cut Schnitzer Steel Industries from a “strong-buy” rating to a “hold” rating in a report on Friday, December 24th.

Schnitzer Steel Industries Company Profile

Schnitzer Steel Industries, Inc engages in the recycling of ferrous and nonferrous scrap metal and manufacture of finished steel products. It operates through the following segments: Auto and Metals Recycling (AMR) and Cascade Steel and Scrap (CSS). The Auto and Metals Recycling segment acquires and recycles ferrous and nonferrous scrap metal for sale to foreign and domestic metal producers, processors and brokers and procure salvaged vehicles and sells serviceable used auto parts from these vehicles through a network of self-service auto parts stores.

Further Reading: Trade Deficit

Earnings History for Schnitzer Steel Industries (NASDAQ:SCHN)

Receive News & Ratings for Schnitzer Steel Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Schnitzer Steel Industries and related companies with MarketBeat.com's FREE daily email newsletter.