Brokerages Anticipate Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) Will Post Quarterly Sales of $790.05 Million

Equities research analysts expect that Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) will announce sales of $790.05 million for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Schnitzer Steel Industries’ earnings, with estimates ranging from $771.00 million to $809.10 million. Schnitzer Steel Industries reported sales of $464.59 million during the same quarter last year, which indicates a positive year-over-year growth rate of 70.1%. The firm is expected to issue its next quarterly earnings results before the market opens on Thursday, October 21st.

On average, analysts expect that Schnitzer Steel Industries will report full year sales of $2.70 billion for the current fiscal year, with estimates ranging from $2.68 billion to $2.72 billion. For the next fiscal year, analysts expect that the business will post sales of $3.10 billion, with estimates ranging from $3.02 billion to $3.17 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Schnitzer Steel Industries.

Several equities analysts have recently weighed in on SCHN shares. Zacks Investment Research cut Schnitzer Steel Industries from a “hold” rating to a “sell” rating in a report on Thursday, September 23rd. Northland Securities started coverage on Schnitzer Steel Industries in a report on Monday, July 19th. They set an “outperform” rating on the stock. One equities research analyst has rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Schnitzer Steel Industries presently has a consensus rating of “Buy” and a consensus price target of $42.67.

Large investors have recently bought and sold shares of the company. FORA Capital LLC purchased a new stake in shares of Schnitzer Steel Industries in the 2nd quarter worth $36,000. C M Bidwell & Associates Ltd. purchased a new stake in Schnitzer Steel Industries in the 1st quarter worth $49,000. US Bancorp DE increased its stake in Schnitzer Steel Industries by 284.3% in the 2nd quarter. US Bancorp DE now owns 1,322 shares of the basic materials company’s stock worth $65,000 after buying an additional 978 shares in the last quarter. Marshall Wace LLP purchased a new stake in Schnitzer Steel Industries in the 1st quarter worth $71,000. Finally, Royal Bank of Canada increased its stake in Schnitzer Steel Industries by 123.1% in the 1st quarter. Royal Bank of Canada now owns 1,809 shares of the basic materials company’s stock worth $75,000 after buying an additional 998 shares in the last quarter. Hedge funds and other institutional investors own 81.51% of the company’s stock.

Shares of NASDAQ SCHN traded up $0.26 during midday trading on Monday, hitting $50.27. 3,899 shares of the stock traded hands, compared to its average volume of 319,706. The firm has a 50-day moving average of $47.14 and a two-hundred day moving average of $48.73. The firm has a market capitalization of $1.38 billion, a P/E ratio of 11.55 and a beta of 1.36. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.11 and a current ratio of 1.97. Schnitzer Steel Industries has a one year low of $19.35 and a one year high of $59.34.

Schnitzer Steel Industries Company Profile

Schnitzer Steel Industries, Inc engages in the recycling of ferrous and nonferrous scrap metal and manufacture of finished steel products. It operates through the following segments: Auto and Metals Recycling (AMR) and Cascade Steel and Scrap (CSS). The AMR segment acquires and recycles ferrous and nonferrous scrap metal for sale to foreign and domestic metal producers, processors and brokers and procure salvaged vehicles and sells serviceable used auto parts from these vehicles through a network of self-service auto parts stores.

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Earnings History and Estimates for Schnitzer Steel Industries (NASDAQ:SCHN)

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