Schnitzer Steel Industries (SCHN) Hits New 12-Month High at $33.45
Shares of Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $33.45 and last traded at $30.42, with a volume of 200800 shares changing hands. The stock had previously closed at $30.35.
Several brokerages have recently commented on SCHN. Zacks Investment Research upgraded Schnitzer Steel Industries from a “hold” rating to a “buy” rating and set a $33.00 price objective for the company in a report on Saturday, October 21st. KeyCorp reiterated a “hold” rating on shares of Schnitzer Steel Industries in a report on Wednesday, October 11th. ValuEngine lowered Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a report on Friday, September 15th. Macquarie began coverage on Schnitzer Steel Industries in a report on Wednesday, September 6th. They set a “neutral” rating and a $26.00 price objective for the company. Finally, Morgan Stanley increased their price objective on Schnitzer Steel Industries from $27.00 to $29.00 and gave the company an “equal weight” rating in a report on Tuesday, October 31st. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $29.33.
The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.97 and a current ratio of 1.92. The firm has a market cap of $821.33, a price-to-earnings ratio of 19.84 and a beta of 1.36.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 27th. Stockholders of record on Monday, November 13th were issued a dividend of $0.1875 per share. The ex-dividend date of this dividend was Friday, November 10th. This represents a $0.75 annualized dividend and a dividend yield of 2.26%. Schnitzer Steel Industries’s dividend payout ratio is presently 47.17%.
In related news, VP Stefano R. Gaggini sold 1,074 shares of the firm’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $28.97, for a total value of $31,113.78. Following the completion of the transaction, the vice president now owns 16,480 shares in the company, valued at approximately $477,425.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Jeffery Dyck sold 8,327 shares of the firm’s stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $30.05, for a total value of $250,226.35. Following the completion of the transaction, the senior vice president now owns 49,184 shares of the company’s stock, valued at approximately $1,477,979.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 22,770 shares of company stock valued at $654,919. Company insiders own 3.80% of the company’s stock.
A number of hedge funds have recently modified their holdings of SCHN. Wells Fargo & Company MN raised its stake in Schnitzer Steel Industries by 395.2% in the 2nd quarter. Wells Fargo & Company MN now owns 577,820 shares of the basic materials company’s stock worth $14,561,000 after acquiring an additional 461,146 shares during the last quarter. Koch Industries Inc. purchased a new position in Schnitzer Steel Industries in the 2nd quarter worth $367,000. Rutabaga Capital Management LLC MA raised its stake in Schnitzer Steel Industries by 69.4% in the 2nd quarter. Rutabaga Capital Management LLC MA now owns 891,536 shares of the basic materials company’s stock worth $22,467,000 after acquiring an additional 365,259 shares during the last quarter. Hillcrest Asset Management LLC purchased a new position in Schnitzer Steel Industries in the 3rd quarter worth $5,651,000. Finally, Telemark Asset Management LLC purchased a new position in Schnitzer Steel Industries in the 3rd quarter worth $5,630,000. Institutional investors own 86.84% of the company’s stock.
ILLEGAL ACTIVITY NOTICE: This piece was first posted by Watch List News and is the sole property of of Watch List News. If you are viewing this piece on another domain, it was illegally stolen and reposted in violation of US & international copyright legislation. The original version of this piece can be accessed at https://www.watchlistnews.com/schnitzer-steel-industries-schn-hits-new-12-month-high-at-33-45/1775102.html.
About Schnitzer Steel Industries
Schnitzer Steel Industries, Inc is a recycler of ferrous and nonferrous scrap metal, including end-of-life vehicles, and a manufacturer of finished steel products. The Company operates through two segments: the Auto and Metals Recycling (AMR) business and the Steel Manufacturing Business (SMB). The AMR segment collects and recycles auto bodies, rail cars, home appliances, industrial machinery, manufacturing scrap and construction and demolition scrap from bridges, buildings and other infrastructure.
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.