KeyCorp raises Schnitzer Steel Industries (NASDAQ:SCHN) price target to $59.00
Schnitzer Steel Industries (NASDAQ:SCHN – Get Note) had its price target raised by KeyCorp from $58.00 to $59.00 in a report released on Friday, Marketbeat.com reports. The company currently has an overweight rating on shares of the basic materials company. KeyCorp also released estimates for Schnitzer Steel Industries third quarter 2022 earnings at $2.40 EPS, fiscal year 2022 earnings at $8.00 EPS and fiscal year 2023 earnings at $5.40. EPS.
Several other stock analysts have also recently weighed in on the company. StockNews.com began covering Schnitzer Steel Industries in a report on Thursday, March 31. They set a holding rating for the company. Zacks Investment Research moved Schnitzer Steel Industries from a buy rating to a hold rating in a Tuesday, March 22 research report.
Shares of NASDAQ:SCHN opened at $51.82 on Friday. Schnitzer Steel Industries has a 1-year low of $35.34 and a 1-year high of $59.34. The company has a debt ratio of 0.28, a current ratio of 2.00 and a quick ratio of 1.03. The company’s fifty-day moving average is $46.70. The company has a market capitalization of $1.44 billion, a P/E ratio of 8.10 and a beta of 1.49.
Schnitzer Steel Industries (NASDAQ:SCHN – Get Rating) last released its quarterly results on Wednesday, April 6. The basic materials company reported earnings per share of $1.38 for the quarter, matching the consensus estimate of $1.38. Schnitzer Steel Industries achieved a return on equity of 24.20% and a net margin of 5.86%. The company posted revenue of $783.20 million in the quarter, versus a consensus estimate of $779.39 million. During the same period last year, the company earned earnings per share of $1.51. The company’s revenue increased 30.5% year over year. On average, analysts expect Schnitzer Steel Industries to post EPS of 7.51 for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 2. Investors of record on Monday, April 18 will receive a dividend of $0.1875 per share. The ex-dividend date is Thursday, April 14. This represents an annualized dividend of $0.75 and a dividend yield of 1.45%. Schnitzer Steel Industries’ dividend payout ratio (DPR) is currently 11.72%.
Several institutional investors have recently increased or reduced their stake in SCHN. Marshall Wace LLP bought a new stake in shares of Schnitzer Steel Industries during the first quarter at a value of $71,000. FMR LLC increased its position in Schnitzer Steel Industries by 274,901.9% in the first quarter. FMR LLC now owns 143,001 shares of the basic materials company worth $3,432,000 after purchasing an additional 142,949 shares in the last quarter. Royal Bank of Canada increased its position in Schnitzer Steel Industries by 104.9% in the second quarter. Royal Bank of Canada now owns 3,707 shares of the basic materials company worth $182,000 after buying 1,898 more shares in the last quarter. NEXT Financial Group Inc bought a new position in Schnitzer Steel Industries in the third quarter worth approximately $27,000. Finally, Assenagon Asset Management SA bought a new position in Schnitzer Steel Industries in the third quarter worth approximately $1,014,000. 85.13% of the shares are currently held by institutional investors.
About Schnitzer Steel Industries (Get an assessment)
Schnitzer Steel Industries, Inc recycles ferrous and non-ferrous metals and manufactures finished steel products worldwide. The company acquires, processes and recycles salvaged vehicles, rail cars, household appliances, industrial machinery, manufacturing waste and construction and demolition waste. It offers recycled ferrous metal, a raw material used in the production of finished steel products; and non-ferrous products, including mixed metal gasket products recovered from the shredding process, such as zorba, zurik, aluminum, copper, stainless steel, nickel, brass, titanium, lead and high temperature alloys.
Get news and reviews for Schnitzer Steel Industries Daily – Enter your email address below to receive a concise daily summary of breaking news and analyst ratings for Schnitzer Steel Industries and related companies with MarketBeat.com’s free daily email newsletter.