Schnitzer Steel Industries (NASDAQ:SCHN) posted its earnings results on Wednesday. The basic materials company reported $1.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.76 by ($0.18), MarketWatch Earnings reports. The firm 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% on a year-over-year basis. During the same period last year, the company posted $0.57 EPS.
Shares of NASDAQ:SCHN traded up $2.81 during midday trading on Friday, reaching $48.91. The company’s stock had a trading volume of 30,797 shares, compared to its average volume of 489,727. The business has a 50 day moving average price of $51.59 and a 200 day moving average price of $49.61. Schnitzer Steel Industries has a 1 year low of $27.72 and a 1 year 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 quick ratio of 0.81, a current ratio of 1.54 and a debt-to-equity ratio of 0.08.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 14th. Stockholders of record on Monday, January 31st will be given 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, SVP Michael R. Henderson sold 7,721 shares of Schnitzer Steel Industries stock in a transaction on Wednesday, November 3rd. The stock was sold at an average price of $52.11, for a total value of $402,341.31. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Stefano R. Gaggini sold 4,577 shares of the company’s stock in a transaction dated Tuesday, November 2nd. The stock was sold at an average price of $51.34, for a total value of $234,983.18. The disclosure for this sale can be found here. 6.20% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the business. Royal Bank of Canada increased its position in shares of 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 worth $182,000 after acquiring an additional 1,898 shares in the last quarter. BNP Paribas Arbitrage SA increased its holdings in Schnitzer Steel Industries by 3.7% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 13,614 shares of the basic materials company’s stock valued at $596,000 after purchasing an additional 480 shares in the last quarter. UBS Group AG increased its holdings in Schnitzer Steel Industries by 4.6% in the 3rd quarter. UBS Group AG now owns 16,606 shares of the basic materials company’s stock valued at $728,000 after purchasing an additional 737 shares in the last quarter. Finally, Morgan Stanley raised its position in Schnitzer Steel Industries by 12.2% in the third quarter. Morgan Stanley now owns 187,777 shares of the basic materials company’s stock valued at $8,227,000 after purchasing an additional 20,442 shares during the period. 82.27% of the stock is currently owned by hedge funds and other institutional investors.
About Schnitzer Steel Industries
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.
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