Franklin Resources Inc. lowered its stake in shares of Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) by 13.0% during the fourth quarter, Holdings Channel reports. The institutional investor owned 91,400 shares of the company’s stock after selling 13,600 shares during the period. Franklin Resources Inc.’s holdings in Schnitzer Steel Industries were worth $2,349,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of the stock. Bank of Montreal Can boosted its stake in shares of Schnitzer Steel Industries by 53.0% in the third quarter. Bank of Montreal Can now owns 9,326 shares of the company’s stock valued at $194,000 after buying an additional 3,232 shares in the last quarter. Chicago Equity Partners LLC bought a new stake in shares of Schnitzer Steel Industries during the third quarter valued at $1,315,000. Alambic Investment Management L.P. boosted its stake in shares of Schnitzer Steel Industries by 13.6% in the third quarter. Alambic Investment Management L.P. now owns 67,827 shares of the company’s stock valued at $1,418,000 after buying an additional 8,100 shares in the last quarter. First Trust Advisors LP bought a new stake in shares of Schnitzer Steel Industries during the third quarter valued at $593,000. Finally, Quantitative Investment Management LLC bought a new stake in shares of Schnitzer Steel Industries during the third quarter valued at $328,000. Institutional investors own 89.75% of the company’s stock.
Shares of Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) opened at 21.90 on Monday. The company’s 50-day moving average price is $23.82 and its 200 day moving average price is $23.94. The stock’s market capitalization is $599.42 million. Schnitzer Steel Industries, Inc. has a one year low of $14.83 and a one year high of $30.60.
Schnitzer Steel Industries (NASDAQ:SCHN) last posted its quarterly earnings results on Thursday, January 5th. The company reported ($0.03) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.04) by $0.01. The business had revenue of $334 million for the quarter, compared to analysts’ expectations of $349.97 million. Schnitzer Steel Industries had a positive return on equity of 4.41% and a negative net margin of 1.13%. The business’s quarterly revenue was up 4.0% on a year-over-year basis. During the same period last year, the firm earned ($0.13) earnings per share. Analysts anticipate that Schnitzer Steel Industries, Inc. will post $1.01 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 21st. Shareholders of record on Monday, February 6th were issued a dividend of $0.1875 per share. The ex-dividend date of this dividend was Thursday, February 2nd. This represents a $0.75 dividend on an annualized basis and a yield of 3.42%. Schnitzer Steel Industries’s dividend payout ratio is presently -127.12%.
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Separately, Zacks Investment Research upgraded Schnitzer Steel Industries from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a report on Thursday, December 8th.
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.
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