Schnitzer Steel Industries Sees Unusually High Options Volume (SCHN)

Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) was the target of unusually large options trading activity on Thursday. Stock traders purchased 831 call options on the company. This represents an increase of 1,384% compared to the average daily volume of 56 call options.

Shares of Schnitzer Steel Industries (NASDAQ SCHN) opened at $33.50 on Tuesday. Schnitzer Steel Industries has a 1-year low of $17.50 and a 1-year high of $35.15. The company has a current ratio of 1.92, a quick ratio of 0.97 and a debt-to-equity ratio of 0.27. The firm has a market cap of $906.58, a P/E ratio of 21.07 and a beta of 1.36.

Schnitzer Steel Industries (NASDAQ:SCHN) last posted its quarterly earnings data on Tuesday, October 24th. The basic materials company reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.01. Schnitzer Steel Industries had a net margin of 2.64% and a return on equity of 8.49%. The company had revenue of $494.00 million for the quarter, compared to analyst estimates of $495.73 million. During the same period in the prior year, the firm posted $0.60 EPS. The company’s quarterly revenue was up 26.3% on a year-over-year basis. equities analysts predict that Schnitzer Steel Industries will post 2.18 earnings per share for the current fiscal year.

SCHN has been the topic of a number of research reports. Macquarie initiated coverage on shares of Schnitzer Steel Industries in a report on Wednesday, September 6th. They set a “neutral” rating and a $26.00 target price on the stock. ValuEngine lowered shares of Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a report on Friday, September 15th. Zacks Investment Research lowered shares of Schnitzer Steel Industries from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 19th. KeyCorp reissued a “hold” rating on shares of Schnitzer Steel Industries in a report on Wednesday, October 11th. Finally, Morgan Stanley boosted their target price on shares of Schnitzer Steel Industries from $27.00 to $29.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 31st. Four investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $29.33.

In related news, VP Stefano R. Gaggini sold 1,074 shares of the company’s stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $28.97, for a total transaction of $31,113.78. Following the completion of the transaction, the vice president now directly owns 16,480 shares in the company, valued at approximately $477,425.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Peter B. Saba sold 2,393 shares of the business’s stock in a transaction that occurred on Tuesday, November 14th. The stock was sold at an average price of $26.52, for a total transaction of $63,462.36. Following the sale, the senior vice president now directly owns 30,911 shares in the company, valued at $819,759.72. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 22,770 shares of company stock valued at $654,919. 3.50% of the stock is owned by corporate insiders.

Several large investors have recently bought and sold shares of the company. State Street Corp boosted its stake in shares of Schnitzer Steel Industries by 1.6% in the 2nd quarter. State Street Corp now owns 1,344,366 shares of the basic materials company’s stock valued at $33,877,000 after purchasing an additional 20,636 shares during the last quarter. Rutabaga Capital Management LLC MA boosted its stake in shares of 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 valued at $22,467,000 after purchasing an additional 365,259 shares during the last quarter. Heartland Advisors Inc. boosted its stake in shares of Schnitzer Steel Industries by 7.1% in the 2nd quarter. Heartland Advisors Inc. now owns 711,995 shares of the basic materials company’s stock valued at $17,942,000 after purchasing an additional 47,447 shares during the last quarter. Teachers Advisors LLC boosted its stake in shares of Schnitzer Steel Industries by 24.8% in the 2nd quarter. Teachers Advisors LLC now owns 595,951 shares of the basic materials company’s stock valued at $15,018,000 after purchasing an additional 118,453 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of 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 valued at $14,561,000 after purchasing an additional 461,146 shares during the last quarter. 86.84% of the stock is currently owned by institutional investors.

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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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