Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) was the recipient of a large increase in short interest in the month of June. As of June 30th, there was short interest totalling 2,114,200 shares, an increase of 24.8% from the May 30th total of 1,694,700 shares. Currently, 8.3% of the shares of the company are sold short. Based on an average trading volume of 244,400 shares, the days-to-cover ratio is presently 8.7 days.
In related news, SVP Jeffery Dyck sold 5,337 shares of the firm’s stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $23.94, for a total value of $127,767.78. Following the sale, the senior vice president now directly owns 64,063 shares in the company, valued at approximately $1,533,668.22. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 4.10% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. LSV Asset Management boosted its stake in shares of Schnitzer Steel Industries by 35.4% during the 1st quarter. LSV Asset Management now owns 863,800 shares of the basic materials company’s stock worth $20,731,000 after acquiring an additional 225,687 shares in the last quarter. Norges Bank bought a new stake in shares of Schnitzer Steel Industries during the 4th quarter worth $13,016,000. Bank of New York Mellon Corp boosted its stake in shares of Schnitzer Steel Industries by 108.2% during the 4th quarter. Bank of New York Mellon Corp now owns 541,957 shares of the basic materials company’s stock worth $11,679,000 after acquiring an additional 281,689 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in shares of Schnitzer Steel Industries by 16.7% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 376,454 shares of the basic materials company’s stock worth $9,036,000 after acquiring an additional 54,006 shares in the last quarter. Finally, Deutsche Bank AG boosted its stake in shares of Schnitzer Steel Industries by 11.8% during the 4th quarter. Deutsche Bank AG now owns 330,474 shares of the basic materials company’s stock worth $7,120,000 after acquiring an additional 34,813 shares in the last quarter. 83.10% of the stock is owned by institutional investors and hedge funds.
Shares of SCHN stock traded up $0.58 during mid-day trading on Friday, hitting $24.90. 153,965 shares of the stock traded hands, compared to its average volume of 316,635. Schnitzer Steel Industries has a twelve month low of $20.94 and a twelve month high of $36.00. The stock has a market capitalization of $666.77 million, a price-to-earnings ratio of 4.62 and a beta of 1.43. The stock’s 50-day simple moving average is $23.62. The company has a current ratio of 2.36, a quick ratio of 1.22 and a debt-to-equity ratio of 0.20.
Schnitzer Steel Industries (NASDAQ:SCHN) last issued its quarterly earnings results on Wednesday, June 26th. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.02. Schnitzer Steel Industries had a return on equity of 15.72% and a net margin of 4.63%. The company had revenue of $547.00 million for the quarter, compared to analysts’ expectations of $542.24 million. During the same period last year, the firm earned $1.26 EPS. The firm’s revenue for the quarter was down 16.1% on a year-over-year basis. Equities analysts forecast that Schnitzer Steel Industries will post 2.28 earnings per share for the current year.
SCHN has been the topic of several analyst reports. Cowen restated a “buy” rating and issued a $50.00 target price on shares of Tricida in a research report on Tuesday, June 25th. BidaskClub upgraded Zai Lab from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 28th. Zacks Investment Research reiterated a “hold” rating on shares of Western New England Bancorp in a research report on Saturday, June 29th. Finally, ValuEngine cut TheStreet from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $27.40.
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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