Short Interest in Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) Rises By 20.4%

Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) saw a large growth in short interest in the month of June. As of June 30th, there was short interest totalling 687,600 shares, a growth of 20.4% from the June 15th total of 571,200 shares. Approximately 2.7% of the company’s shares are short sold. Based on an average daily trading volume, of 362,900 shares, the short-interest ratio is presently 1.9 days.

SCHN has been the subject of several research reports. The Goldman Sachs Group began coverage on shares of Schnitzer Steel Industries in a research note on Friday, April 9th. They set a “buy” rating and a $48.00 price objective for the company. Northland Securities began coverage on shares of Schnitzer Steel Industries in a report on Monday. They set an “outperform” rating on the stock. Three investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $42.67.

NASDAQ:SCHN opened at $50.70 on Thursday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.97 and a quick ratio of 1.11. The firm has a market cap of $1.40 billion, a price-to-earnings ratio of 11.71 and a beta of 1.39. The company’s fifty day simple moving average is $52.09. Schnitzer Steel Industries has a twelve month low of $17.48 and a twelve month high of $59.34.

Schnitzer Steel Industries (NASDAQ:SCHN) last posted its earnings results on Tuesday, June 29th. The basic materials company reported $2.20 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.09 by $0.11. Schnitzer Steel Industries had a net margin of 5.31% and a return on equity of 18.11%. During the same quarter last year, the business posted $0.05 EPS. Equities research analysts forecast that Schnitzer Steel Industries will post 6 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 26th. Shareholders of record on Monday, July 12th will be issued a $0.1875 dividend. The ex-dividend date is Friday, July 9th. This represents a $0.75 dividend on an annualized basis and a yield of 1.48%. Schnitzer Steel Industries’s dividend payout ratio is currently 174.42%.

In other news, SVP Peter B. Saba sold 1,149 shares of the business’s stock in a transaction on Tuesday, May 4th. The shares were sold at an average price of $50.60, for a total transaction of $58,139.40. Following the completion of the sale, the senior vice president now directly owns 63,991 shares of the company’s stock, valued at approximately $3,237,944.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Richard Peach sold 16,319 shares of the business’s stock in a transaction on Wednesday, May 5th. The shares were sold at an average price of $53.86, for a total transaction of $878,941.34. Following the sale, the chief financial officer now directly owns 203,126 shares of the company’s stock, valued at $10,940,366.36. The disclosure for this sale can be found here. 5.70% of the stock is owned by insiders.

A number of hedge funds have recently modified their holdings of SCHN. Marshall Wace LLP acquired a new position in Schnitzer Steel Industries in the 1st quarter worth $71,000. FMR LLC lifted its holdings in Schnitzer Steel Industries by 274,901.9% in the 1st quarter. FMR LLC now owns 143,001 shares of the basic materials company’s stock worth $3,432,000 after buying an additional 142,949 shares in the last quarter. FIL Ltd lifted its holdings in Schnitzer Steel Industries by 6.1% in the 4th quarter. FIL Ltd now owns 815,402 shares of the basic materials company’s stock worth $26,019,000 after buying an additional 46,545 shares in the last quarter. Rhumbline Advisers lifted its holdings in Schnitzer Steel Industries by 11.3% in the 4th quarter. Rhumbline Advisers now owns 42,572 shares of the basic materials company’s stock worth $1,358,000 after buying an additional 4,307 shares in the last quarter. Finally, Credit Suisse AG lifted its holdings in Schnitzer Steel Industries by 23.5% in the 4th quarter. Credit Suisse AG now owns 52,320 shares of the basic materials company’s stock worth $1,669,000 after buying an additional 9,953 shares in the last quarter. Hedge funds and other institutional investors own 84.20% of the company’s stock.

About Schnitzer Steel Industries

Schnitzer Steel Industries, Inc recycles ferrous and nonferrous scrap metals; and manufactures finished steel products worldwide. The company operates in 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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