Janney Montgomery Scott LLC Purchases New Stake in Schnitzer Steel Industries, Inc. (SCHN)

Janney Montgomery Scott LLC acquired a new position in shares of Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 17,950 shares of the basic materials company’s stock, valued at approximately $452,000. Janney Montgomery Scott LLC owned about 0.07% of Schnitzer Steel Industries at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Affinity Investment Advisors LLC purchased a new position in shares of Schnitzer Steel Industries during the first quarter worth $308,000. BNP Paribas Arbitrage SA raised its position in shares of Schnitzer Steel Industries by 2,435.2% in the first quarter. BNP Paribas Arbitrage SA now owns 123,135 shares of the basic materials company’s stock worth $2,543,000 after buying an additional 118,278 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Schnitzer Steel Industries by 4.9% in the first quarter. Bank of New York Mellon Corp now owns 250,220 shares of the basic materials company’s stock worth $5,167,000 after buying an additional 11,684 shares in the last quarter. American Century Companies Inc. raised its position in shares of Schnitzer Steel Industries by 3.5% in the first quarter. American Century Companies Inc. now owns 154,143 shares of the basic materials company’s stock worth $3,183,000 after buying an additional 5,175 shares in the last quarter. Finally, Heartland Advisors Inc. raised its position in shares of Schnitzer Steel Industries by 39.5% in the first quarter. Heartland Advisors Inc. now owns 664,548 shares of the basic materials company’s stock worth $13,723,000 after buying an additional 188,256 shares in the last quarter. 84.49% of the stock is currently owned by institutional investors and hedge funds.

Shares of Schnitzer Steel Industries, Inc. (SCHN) opened at 25.60 on Monday. The firm has a market capitalization of $706.56 million, a price-to-earnings ratio of 16.64 and a beta of 1.33. The company’s 50-day moving average price is $25.62 and its 200 day moving average price is $22.21. Schnitzer Steel Industries, Inc. has a 12-month low of $17.30 and a 12-month high of $30.60.

Schnitzer Steel Industries (NASDAQ:SCHN) last posted its earnings results on Monday, June 26th. The basic materials company reported $0.56 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.56. Schnitzer Steel Industries had a return on equity of 8.34% and a net margin of 2.68%. The business had revenue of $477 million during the quarter. During the same period in the previous year, the firm posted $0.46 earnings per share. The firm’s revenue for the quarter was up 35.5% on a year-over-year basis. On average, equities research analysts forecast that Schnitzer Steel Industries, Inc. will post $1.44 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, August 21st. Stockholders of record on Monday, August 7th will be issued a $0.1875 dividend. This represents a $0.75 annualized dividend and a dividend yield of 2.93%. The ex-dividend date of this dividend is Thursday, August 3rd. Schnitzer Steel Industries’s payout ratio is currently 49.02%.

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A number of research analysts have recently weighed in on the company. Zacks Investment Research raised Schnitzer Steel Industries from a “hold” rating to a “buy” rating and set a $30.00 price objective on the stock in a report on Friday, July 21st. TheStreet raised Schnitzer Steel Industries from a “c+” rating to a “b” rating in a report on Friday, June 30th. Finally, BidaskClub lowered Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a report on Wednesday, August 16th.

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.