Engineers Gate Manager LP Grows Holdings in Schnitzer Steel Industries, Inc. (SCHN)

Engineers Gate Manager LP boosted its holdings in Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) by 126.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,286 shares of the basic materials company’s stock after purchasing an additional 23,049 shares during the quarter. Engineers Gate Manager LP owned approximately 0.15% of Schnitzer Steel Industries worth $1,162,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Sei Investments Co. boosted its holdings in Schnitzer Steel Industries by 325.7% in the third quarter. Sei Investments Co. now owns 6,220 shares of the basic materials company’s stock worth $175,000 after purchasing an additional 4,759 shares during the period. Commonwealth Equity Services Inc acquired a new position in Schnitzer Steel Industries in the third quarter worth $204,000. Tiedemann Wealth Management LLC acquired a new position in Schnitzer Steel Industries in the third quarter worth $223,000. BlueCrest Capital Management Ltd acquired a new position in Schnitzer Steel Industries in the second quarter worth $228,000. Finally, Menta Capital LLC acquired a new position in Schnitzer Steel Industries in the second quarter worth $247,000. 86.84% of the stock is owned by hedge funds and other institutional investors.

In other news, SVP Peter B. Saba sold 2,393 shares of the business’s stock in a transaction on Tuesday, November 14th. The shares were sold at an average price of $26.52, for a total transaction of $63,462.36. Following the completion of the transaction, the senior vice president now owns 30,911 shares of the company’s stock, valued at $819,759.72. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Jeffery Dyck sold 8,327 shares of the business’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $30.05, for a total transaction of $250,226.35. Following the transaction, the senior vice president now directly owns 49,184 shares of the company’s stock, valued at approximately $1,477,979.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 22,770 shares of company stock valued at $654,919. Corporate insiders own 3.80% of the company’s stock.

A number of equities analysts have commented on the stock. Morgan Stanley lifted their price objective 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. Macquarie assumed coverage on shares of Schnitzer Steel Industries in a report on Wednesday, September 6th. They issued a “neutral” rating and a $26.00 price objective for the company. Zacks Investment Research downgraded shares of Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a report on Thursday, October 26th. ValuEngine raised shares of Schnitzer Steel Industries from a “hold” rating to a “buy” rating in a report on Saturday. Finally, KeyCorp reaffirmed a “hold” rating on shares of Schnitzer Steel Industries in a report on Wednesday, October 11th. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $29.33.

Schnitzer Steel Industries, Inc. (NASDAQ SCHN) opened at $29.65 on Wednesday. Schnitzer Steel Industries, Inc. has a 1-year low of $17.50 and a 1-year high of $31.35. The stock has a market cap of $794.29, a price-to-earnings ratio of 19.28 and a beta of 1.36. The company has a current ratio of 1.92, a quick ratio of 0.97 and a debt-to-equity ratio of 0.27.

Schnitzer Steel Industries (NASDAQ:SCHN) last announced its quarterly earnings results on Tuesday, October 24th. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, beating the 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 during the quarter, compared to the consensus estimate of $495.73 million. During the same quarter in the previous year, the company posted $0.60 earnings per share. The company’s revenue for the quarter was up 26.3% compared to the same quarter last year. sell-side analysts expect that Schnitzer Steel Industries, Inc. will post 2.18 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, November 27th. Stockholders of record on Monday, November 13th were issued a dividend of $0.1875 per share. This represents a $0.75 annualized dividend and a dividend yield of 2.53%. The ex-dividend date of this dividend was Friday, November 10th. Schnitzer Steel Industries’s dividend payout ratio (DPR) is 47.47%.

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Schnitzer Steel Industries Company Profile

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.

Institutional Ownership by Quarter for Schnitzer Steel Industries (NASDAQ:SCHN)

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