Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) Expected to Earn FY2023 Earnings of $2.70 Per Share

Schnitzer Steel Industries, Inc. (NASDAQ:SCHNGet Rating) – Investment analysts at KeyCorp decreased their FY2023 earnings estimates for shares of Schnitzer Steel Industries in a research note issued to investors on Tuesday, September 20th. KeyCorp analyst P. Gibbs now anticipates that the basic materials company will earn $2.70 per share for the year, down from their prior forecast of $2.80. The consensus estimate for Schnitzer Steel Industries’ current full-year earnings is $6.43 per share.

Several other research firms have also recently commented on SCHN. StockNews.com lowered shares of Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a research note on Friday, May 27th. The Goldman Sachs Group reduced their price objective on Schnitzer Steel Industries from $63.00 to $47.00 and set a “buy” rating for the company in a research report on Tuesday, May 31st.

Schnitzer Steel Industries Stock Down 1.4 %

Schnitzer Steel Industries stock opened at $30.56 on Thursday. The company has a 50 day moving average of $34.15 and a 200-day moving average of $40.00. The company has a quick ratio of 0.91, a current ratio of 2.07 and a debt-to-equity ratio of 0.33. Schnitzer Steel Industries has a twelve month low of $29.79 and a twelve month high of $59.70. The stock has a market capitalization of $838.78 million, a PE ratio of 4.51 and a beta of 1.52.

Schnitzer Steel Industries (NASDAQ:SCHNGet Rating) last released its quarterly earnings data on Wednesday, June 29th. The basic materials company reported $2.59 earnings per share for the quarter, beating the consensus estimate of $2.28 by $0.31. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $903.48 million. Schnitzer Steel Industries had a return on equity of 24.41% and a net margin of 5.85%. Schnitzer Steel Industries’s revenue for the quarter was up 23.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.20 EPS.

Institutional Trading of Schnitzer Steel Industries

A number of large investors have recently added to or reduced their stakes in SCHN. Captrust Financial Advisors lifted its position in shares of Schnitzer Steel Industries by 357.0% in the second quarter. Captrust Financial Advisors now owns 754 shares of the basic materials company’s stock valued at $25,000 after buying an additional 589 shares during the last quarter. Denali Advisors LLC acquired a new stake in Schnitzer Steel Industries during the 2nd quarter valued at $30,000. Nisa Investment Advisors LLC bought a new position in Schnitzer Steel Industries during the second quarter worth $33,000. Lazard Asset Management LLC acquired a new position in shares of Schnitzer Steel Industries in the second quarter valued at $33,000. Finally, Point72 Hong Kong Ltd bought a new position in shares of Schnitzer Steel Industries in the second quarter valued at about $45,000. Institutional investors and hedge funds own 83.55% of the company’s stock.

Insider Activity at Schnitzer Steel Industries

In other Schnitzer Steel Industries news, Director Wayland R. Hicks purchased 2,000 shares of the business’s stock in a transaction on Wednesday, July 6th. The shares were purchased at an average cost of $30.85 per share, with a total value of $61,700.00. Following the transaction, the director now directly owns 7,600 shares of the company’s stock, valued at approximately $234,460. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 6.20% of the stock is owned by insiders.

Schnitzer Steel Industries Dividend Announcement

The firm also recently announced a dividend, which was paid on Friday, July 8th. Investors of record on Monday, July 11th were issued a dividend of $0.1875 per share. The ex-dividend date of this dividend was Friday, July 8th. Schnitzer Steel Industries’s payout ratio is 11.08%.

Schnitzer Steel Industries Company Profile

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Schnitzer Steel Industries, Inc recycles ferrous and nonferrous metal, and manufactures finished steel products worldwide. The company acquires, processes, and recycles salvaged vehicles, rail cars, home appliances, industrial machinery, manufacturing scrap, and construction and demolition scrap. It offers recycled ferrous metal, a feedstock used in the production of finished steel products; and nonferrous products, including mixed metal joint products recovered from the shredding process, such as zorba, zurik, aluminum, copper, stainless steel, nickel, brass, titanium, lead, and high temperature alloys.

Further Reading

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

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