ValuEngine Downgrades Schnitzer Steel Industries (NASDAQ:SCHN) to Sell

ValuEngine lowered shares of Schnitzer Steel Industries (NASDAQ:SCHN) from a hold rating to a sell rating in a research report sent to investors on Saturday morning, ValuEngine reports.

Several other equities analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of Schnitzer Steel Industries from a buy rating to a hold rating in a research note on Thursday, August 8th. BidaskClub cut shares of Schnitzer Steel Industries from a strong-buy rating to a buy rating in a research note on Saturday, August 3rd. Finally, Cowen reiterated a market perform rating and issued a $25.00 price objective (up previously from $24.00) on shares of Schnitzer Steel Industries in a research note on Tuesday, June 25th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $27.20.

Shares of NASDAQ:SCHN opened at $23.78 on Friday. The business has a 50 day simple moving average of $25.40. Schnitzer Steel Industries has a twelve month low of $20.94 and a twelve month high of $29.10. The company has a quick ratio of 1.22, a current ratio of 2.36 and a debt-to-equity ratio of 0.20. The company has a market cap of $623.17 million, a PE ratio of 4.41 and a beta of 1.45.

Schnitzer Steel Industries (NASDAQ:SCHN) last issued its quarterly earnings data on Wednesday, June 26th. The basic materials company reported $0.63 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.02. Schnitzer Steel Industries had a net margin of 4.63% and a return on equity of 15.72%. The firm had revenue of $547.00 million for the quarter, compared to analysts’ expectations of $542.24 million. During the same quarter in the prior year, the business earned $1.26 EPS. The business’s quarterly revenue was down 16.1% on a year-over-year basis. Equities analysts forecast that Schnitzer Steel Industries will post 2.27 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th will be paid a $0.1875 dividend. This represents a $0.75 annualized dividend and a dividend yield of 3.15%. The ex-dividend date is Monday, August 12th. Schnitzer Steel Industries’s dividend payout ratio (DPR) is presently 13.91%.

Several large investors have recently modified their holdings of SCHN. Meeder Asset Management Inc. raised its stake in Schnitzer Steel Industries by 195.9% during the 1st quarter. Meeder Asset Management Inc. now owns 1,826 shares of the basic materials company’s stock worth $45,000 after acquiring an additional 1,209 shares during the period. BSW Wealth Partners bought a new stake in Schnitzer Steel Industries during the 2nd quarter worth approximately $52,000. New York State Teachers Retirement System bought a new stake in Schnitzer Steel Industries during the 1st quarter worth approximately $55,000. Marshall Wace LLP bought a new stake in Schnitzer Steel Industries during the 1st quarter worth approximately $71,000. Finally, Smith Asset Management Group LP bought a new stake in Schnitzer Steel Industries during the 2nd quarter worth approximately $82,000. Hedge funds and other institutional investors own 83.36% of the company’s stock.

About Schnitzer Steel Industries

Schnitzer Steel Industries, Inc recycles ferrous and nonferrous scrap metals; and manufactures finished steel products worldwide. The company operates through two segments, Auto and Metals Recycling (AMR), and Cascade Steel and Scrap (CSS). The AMR segment acquires, processes, and recycles scrap metals, as well as processes mixed and large pieces of scrap metal into smaller pieces by crushing, torching, shearing, shredding, and sorting.

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