KeyCorp Equities Analysts Boost Earnings Estimates for Schnitzer Steel Industries, Inc. (NASDAQ:SCHN)

Schnitzer Steel Industries, Inc. (NASDAQ:SCHNGet Rating) – Investment analysts at KeyCorp raised their Q3 2022 earnings per share estimates for Schnitzer Steel Industries in a report released on Tuesday, April 19th. KeyCorp analyst P. Gibbs now expects that the basic materials company will post earnings of $2.41 per share for the quarter, up from their previous forecast of $2.40. KeyCorp has a “Overweight” rating and a $62.00 price target on the stock. KeyCorp also issued estimates for Schnitzer Steel Industries’ Q4 2022 earnings at $2.68 EPS and FY2022 earnings at $8.05 EPS.

Several other equities analysts also recently commented on SCHN. Zacks Investment Research upgraded Schnitzer Steel Industries from a “hold” rating to a “strong-buy” rating and set a $60.00 price objective on the stock in a research note on Tuesday, April 12th. StockNews.com initiated coverage on Schnitzer Steel Industries in a research note on Thursday, March 31st. They issued a “hold” rating on the stock.

Schnitzer Steel Industries stock opened at $57.19 on Thursday. Schnitzer Steel Industries has a 12 month low of $35.34 and a 12 month high of $59.70. The company has a current ratio of 2.00, a quick ratio of 1.02 and a debt-to-equity ratio of 0.28. The business’s 50 day simple moving average is $49.11 and its 200 day simple moving average is $48.30. The company has a market cap of $1.58 billion, a price-to-earnings ratio of 8.94 and a beta of 1.49.

Schnitzer Steel Industries (NASDAQ:SCHNGet Rating) last released its earnings results on Wednesday, April 6th. The basic materials company reported $1.38 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.38. The company had revenue of $783.20 million during the quarter, compared to analyst estimates of $779.39 million. Schnitzer Steel Industries had a return on equity of 24.20% and a net margin of 5.86%. Schnitzer Steel Industries’s quarterly revenue was up 30.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.51 earnings per share.

Large investors have recently bought and sold shares of the business. Cutler Group LP lifted its position in shares of Schnitzer Steel Industries by 130.1% during the fourth quarter. Cutler Group LP now owns 517 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 2,233 shares in the last quarter. Koshinski Asset Management Inc. purchased a new stake in shares of Schnitzer Steel Industries in the fourth quarter worth $37,000. Marshall Wace LLP purchased a new stake in shares of Schnitzer Steel Industries in the first quarter worth $71,000. Islay Capital Management LLC raised its position in shares of Schnitzer Steel Industries by 35.8% in the fourth quarter. Islay Capital Management LLC now owns 3,421 shares of the basic materials company’s stock worth $178,000 after buying an additional 902 shares in the last quarter. Finally, Royal Bank of Canada grew its stake in shares of Schnitzer Steel Industries by 104.9% during 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. Hedge funds and other institutional investors own 85.13% of the company’s stock.

The business also recently announced a quarterly dividend, which will be paid on Monday, May 2nd. Shareholders of record on Monday, April 18th will be given a dividend of $0.1875 per share. The ex-dividend date is Thursday, April 14th. This represents a $0.75 annualized dividend and a dividend yield of 1.31%. Schnitzer Steel Industries’s dividend payout ratio is currently 11.72%.

About Schnitzer Steel Industries (Get Rating)

Schnitzer Steel Industries, Inc recycles ferrous and nonferrous metal, and manufactures finished steel products worldwide. The company acquires, processes, and recycles salvaged vehicles, rail cars, home appliances, industrial machinery, manufacturing scrap, and construction and demolition scrap. It offers recycled ferrous metal, a feedstock used in the production of finished steel products; and nonferrous products, including mixed metal joint products recovered from the shredding process, such as zorba, zurik, aluminum, copper, stainless steel, nickel, brass, titanium, lead, and high temperature alloys.

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