Tiedemann Wealth Management LLC Purchases New Position in Schnitzer Steel Industries, Inc. (SCHN)
Tiedemann Wealth Management LLC purchased a new stake in Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 7,927 shares of the basic materials company’s stock, valued at approximately $223,000.
A number of other institutional investors also recently added to or reduced their stakes in SCHN. Sei Investments Co. grew its stake in Schnitzer Steel Industries by 325.7% in the 3rd quarter. Sei Investments Co. now owns 6,220 shares of the basic materials company’s stock valued at $175,000 after acquiring an additional 4,759 shares during the period. Commonwealth Equity Services Inc acquired a new stake in Schnitzer Steel Industries in the 3rd quarter valued at $204,000. BlueCrest Capital Management Ltd acquired a new stake in Schnitzer Steel Industries in the 2nd quarter valued at $228,000. Menta Capital LLC acquired a new stake in Schnitzer Steel Industries in the 2nd quarter valued at $247,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Schnitzer Steel Industries by 84.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,499 shares of the basic materials company’s stock valued at $296,000 after acquiring an additional 4,800 shares during the period. 86.86% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CFO Richard Peach sold 8,000 shares of Schnitzer Steel Industries stock in a transaction on Monday, November 6th. The stock was sold at an average price of $28.33, for a total transaction of $226,640.00. Following the transaction, the chief financial officer now owns 119,283 shares in the company, valued at approximately $3,379,287.39. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Stefano R. Gaggini sold 1,074 shares of Schnitzer Steel Industries 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 transaction, the vice president now owns 16,480 shares in the company, valued at approximately $477,425.60. The disclosure for this sale can be found here. Insiders sold a total of 22,770 shares of company stock worth $654,919 in the last 90 days. 3.80% of the stock is currently owned by insiders.
Schnitzer Steel Industries, Inc. (NASDAQ SCHN) opened at $28.60 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.92 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $790.21, a price-to-earnings ratio of 19.08 and a beta of 1.36. Schnitzer Steel Industries, Inc. has a fifty-two week low of $17.50 and a fifty-two week high of $31.35.
Schnitzer Steel Industries (NASDAQ:SCHN) last announced its quarterly earnings data on Tuesday, October 24th. The basic materials company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.01. The company had revenue of $494.00 million for the quarter, compared to analyst estimates of $495.73 million. Schnitzer Steel Industries had a return on equity of 8.49% and a net margin of 2.64%. The firm’s revenue for the quarter was up 26.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.60 EPS. equities research analysts forecast that Schnitzer Steel Industries, Inc. will post 2.12 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, November 27th. Shareholders of record on Monday, November 13th were issued a $0.1875 dividend. The ex-dividend date of this dividend was Friday, November 10th. This represents a $0.75 dividend on an annualized basis and a yield of 2.62%. Schnitzer Steel Industries’s payout ratio is currently 47.17%.
A number of equities research analysts recently issued reports on the stock. Macquarie assumed coverage on shares of Schnitzer Steel Industries in a research note on Wednesday, September 6th. They issued a “neutral” rating and a $26.00 price target on the stock. BidaskClub cut shares of Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a research note on Wednesday, August 16th. Zacks Investment Research upgraded Schnitzer Steel Industries from a “hold” rating to a “strong-buy” rating and set a $29.00 price objective on the stock in a report on Wednesday, August 16th. ValuEngine lowered Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a report on Friday, September 15th. Finally, Morgan Stanley raised 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 research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $29.33.
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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.
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