Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) Short Interest Update

Schnitzer Steel Industries, Inc. (NASDAQ:SCHNGet Rating) was the target of a large drop in short interest during the month of April. As of April 15th, there was short interest totalling 632,900 shares, a drop of 21.2% from the March 31st total of 803,600 shares. Based on an average daily trading volume, of 318,600 shares, the days-to-cover ratio is presently 2.0 days. Currently, 2.5% of the company’s stock are short sold.

Hedge funds and other institutional investors have recently modified their holdings of the company. American Century Companies Inc. boosted its stake in shares of Schnitzer Steel Industries by 15.2% during the 3rd quarter. American Century Companies Inc. now owns 75,450 shares of the basic materials company’s stock worth $3,305,000 after acquiring an additional 9,950 shares during the period. Russell Investments Group Ltd. lifted its holdings in Schnitzer Steel Industries by 9.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 40,536 shares of the basic materials company’s stock worth $1,768,000 after purchasing an additional 3,547 shares during the last quarter. Koshinski Asset Management Inc. acquired a new stake in Schnitzer Steel Industries during the 4th quarter worth approximately $37,000. Pendal Group Ltd lifted its holdings in Schnitzer Steel Industries by 306.9% during the 4th quarter. Pendal Group Ltd now owns 19,741 shares of the basic materials company’s stock worth $1,025,000 after purchasing an additional 14,890 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in Schnitzer Steel Industries by 42.0% during the 3rd quarter. Victory Capital Management Inc. now owns 215,827 shares of the basic materials company’s stock worth $9,456,000 after purchasing an additional 63,800 shares during the last quarter. Institutional investors own 83.90% of the company’s stock.

Shares of NASDAQ SCHN opened at $44.54 on Wednesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.00 and a quick ratio of 1.02. Schnitzer Steel Industries has a 12 month low of $35.34 and a 12 month high of $59.70. The business’s 50 day simple moving average is $50.29. The company has a market cap of $1.23 billion, a P/E ratio of 6.96 and a beta of 1.48.

Schnitzer Steel Industries (NASDAQ:SCHNGet Rating) last issued its earnings results on Wednesday, April 6th. The basic materials company reported $1.38 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.38. Schnitzer Steel Industries had a return on equity of 24.20% and a net margin of 5.86%. The company had revenue of $783.20 million during the quarter, compared to the consensus estimate of $779.39 million. During the same period in the previous year, the company posted $1.51 EPS. The firm’s revenue for the quarter was up 30.5% compared to the same quarter last year. On average, equities analysts predict that Schnitzer Steel Industries will post 7.53 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Monday, May 2nd. Stockholders of record on Monday, April 18th were paid a dividend of $0.1875 per share. The ex-dividend date of this dividend was Thursday, April 14th. This represents a $0.75 annualized dividend and a dividend yield of 1.68%. Schnitzer Steel Industries’s dividend payout ratio is currently 11.72%.

A number of research analysts have weighed in on the company. assumed coverage on Schnitzer Steel Industries in a research note on Thursday, March 31st. They issued a “hold” rating for the company. KeyCorp raised their price target on Schnitzer Steel Industries from $59.00 to $62.00 and gave the company an “overweight” rating in a research note on Wednesday, April 20th. Finally, Zacks Investment Research upgraded Schnitzer Steel Industries from a “hold” rating to a “strong-buy” rating and set a $60.00 price target for the company in a research note on Tuesday, April 12th.

Schnitzer Steel Industries Company Profile (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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