Schnitzer Steel Industries (NASDAQ:SCHN) Releases Quarterly Earnings Results, Misses Expectations By $0.18 EPS

Schnitzer Steel Industries (NASDAQ:SCHN) released its quarterly earnings data on Wednesday. The basic materials company reported $1.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.76 by ($0.18), MarketWatch Earnings reports. The business had revenue of $798.00 million during the quarter, compared to analysts’ expectations of $857.06 million. Schnitzer Steel Industries had a return on equity of 23.38% and a net margin of 5.99%. The company’s revenue was up 62.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 EPS.

Shares of NASDAQ:SCHN opened at $46.10 on Friday. The business’s fifty day moving average price is $51.59 and its two-hundred day moving average price is $49.61. Schnitzer Steel Industries has a fifty-two week low of $27.72 and a fifty-two week high of $59.34. The stock has a market capitalization of $1.27 billion, a price-to-earnings ratio of 8.20 and a beta of 1.50. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.54 and a quick ratio of 0.81.

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 14th. Shareholders of record on Monday, January 31st will be given a $0.1875 dividend. This represents a $0.75 annualized dividend and a yield of 1.63%. Schnitzer Steel Industries’s dividend payout ratio is currently 13.35%.

In related news, SVP Michael R. Henderson sold 7,721 shares of the business’s stock in a transaction that occurred on Wednesday, November 3rd. The shares were sold at an average price of $52.11, for a total transaction of $402,341.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Stefano R. Gaggini sold 4,577 shares of the business’s stock in a transaction that occurred on Tuesday, November 2nd. The shares were sold at an average price of $51.34, for a total transaction of $234,983.18. The disclosure for this sale can be found here. 6.20% of the stock is currently owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Morgan Stanley increased its holdings in Schnitzer Steel Industries by 12.2% in the third quarter. Morgan Stanley now owns 187,777 shares of the basic materials company’s stock valued at $8,227,000 after purchasing an additional 20,442 shares during the period. Royal Bank of Canada lifted its holdings in Schnitzer Steel Industries by 104.9% during the 2nd quarter. Royal Bank of Canada now owns 3,707 shares of the basic materials company’s stock worth $182,000 after purchasing an additional 1,898 shares in the last quarter. UBS Group AG lifted its holdings in Schnitzer Steel Industries by 4.6% during the 3rd quarter. UBS Group AG now owns 16,606 shares of the basic materials company’s stock worth $728,000 after purchasing an additional 737 shares in the last quarter. Finally, BNP Paribas Arbitrage SA lifted its holdings in Schnitzer Steel Industries by 3.7% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 13,614 shares of the basic materials company’s stock worth $596,000 after purchasing an additional 480 shares in the last quarter. 82.27% of the stock is currently owned by hedge funds and other institutional investors.

Separately, Zacks Investment Research downgraded shares of Schnitzer Steel Industries from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 24th.

About Schnitzer Steel Industries

Schnitzer Steel Industries, Inc engages in the recycling of ferrous and nonferrous scrap metal and manufacture of finished steel products. It operates through the following segments: Auto and Metals Recycling (AMR) and Cascade Steel and Scrap (CSS). The Auto and Metals Recycling segment acquires and recycles ferrous and nonferrous scrap metal for sale to foreign and domestic metal producers, processors and brokers and procure salvaged vehicles and sells serviceable used auto parts from these vehicles through a network of self-service auto parts stores.

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Earnings History for Schnitzer Steel Industries (NASDAQ:SCHN)

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