Janney Montgomery Scott LLC boosted its position in Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) by 106.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 32,415 shares of the basic materials company’s stock after acquiring an additional 16,712 shares during the period. Janney Montgomery Scott LLC owned 0.12% of Schnitzer Steel Industries worth $670,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. BSW Wealth Partners bought a new position in shares of Schnitzer Steel Industries in the second quarter valued at approximately $52,000. Marshall Wace LLP bought a new position in shares of Schnitzer Steel Industries in the first quarter valued at approximately $71,000. Meeder Asset Management Inc. lifted its holdings in shares of Schnitzer Steel Industries by 257.5% in the third quarter. Meeder Asset Management Inc. now owns 3,707 shares of the basic materials company’s stock valued at $76,000 after purchasing an additional 2,670 shares in the last quarter. Smith Asset Management Group LP bought a new position in shares of Schnitzer Steel Industries in the second quarter valued at approximately $82,000. Finally, Quantitative Systematic Strategies LLC bought a new position in shares of Schnitzer Steel Industries in the second quarter valued at approximately $201,000. Institutional investors and hedge funds own 86.30% of the company’s stock.
Shares of SCHN traded up $0.17 on Tuesday, reaching $21.81. 1,658 shares of the company’s stock traded hands, compared to its average volume of 219,783. The company has a current ratio of 1.74, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. The stock has a market cap of $585.56 million, a PE ratio of 10.06 and a beta of 1.46. The stock’s 50 day simple moving average is $20.93 and its two-hundred day simple moving average is $23.15. Schnitzer Steel Industries, Inc. has a 52-week low of $18.68 and a 52-week high of $28.90.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Monday, November 18th will be given a dividend of $0.1875 per share. This represents a $0.75 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date is Friday, November 15th. Schnitzer Steel Industries’s payout ratio is 34.72%.
In other Schnitzer Steel Industries news, SVP Peter B. Saba sold 9,333 shares of the firm’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $22.14, for a total value of $206,632.62. Following the completion of the sale, the senior vice president now directly owns 58,305 shares of the company’s stock, valued at $1,290,872.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Richard Peach sold 24,090 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $21.86, for a total value of $526,607.40. Following the completion of the sale, the chief financial officer now directly owns 184,077 shares of the company’s stock, valued at $4,023,923.22. The disclosure for this sale can be found here. Company insiders own 4.10% of the company’s stock.
A number of research analysts have recently weighed in on SCHN shares. BidaskClub lowered Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. TheStreet lowered Schnitzer Steel Industries from a “b-” rating to a “c+” rating in a report on Friday, October 18th. Macquarie set a $23.00 price target on Schnitzer Steel Industries and gave the company a “hold” rating in a research report on Friday, September 27th. Goldman Sachs Group downgraded Schnitzer Steel Industries from a “neutral” rating to a “sell” rating and decreased their price target for the company from $27.00 to $23.00 in a research report on Sunday, September 22nd. Finally, Zacks Investment Research raised Schnitzer Steel Industries from a “strong sell” rating to a “hold” rating in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $23.50.
Schnitzer Steel Industries Profile
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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