Panagora Asset Management Inc. boosted its holdings in shares of Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) by 6,059.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 56,055 shares of the basic materials company’s stock after purchasing an additional 55,145 shares during the quarter. Panagora Asset Management Inc. owned about 0.21% of Schnitzer Steel Industries worth $1,467,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Swiss National Bank lifted its holdings in Schnitzer Steel Industries by 3.3% in the 2nd quarter. Swiss National Bank now owns 49,900 shares of the basic materials company’s stock worth $1,306,000 after purchasing an additional 1,600 shares in the last quarter. Bank of Montreal Can raised its position in shares of Schnitzer Steel Industries by 20.2% during the first quarter. Bank of Montreal Can now owns 8,866 shares of the basic materials company’s stock valued at $213,000 after buying an additional 1,493 shares during the last quarter. Bessemer Group Inc. lifted its holdings in shares of Schnitzer Steel Industries by 13.5% in the second quarter. Bessemer Group Inc. now owns 60,600 shares of the basic materials company’s stock worth $1,586,000 after buying an additional 7,200 shares in the last quarter. Martingale Asset Management L P lifted its holdings in shares of Schnitzer Steel Industries by 8.0% in the first quarter. Martingale Asset Management L P now owns 153,239 shares of the basic materials company’s stock worth $3,678,000 after buying an additional 11,400 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Schnitzer Steel Industries by 1,119.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,292 shares of the basic materials company’s stock worth $374,000 after buying an additional 13,120 shares in the last quarter. 86.07% of the stock is currently owned by institutional investors.

NASDAQ SCHN traded up $0.68 during trading on Wednesday, hitting $24.41. 2,370 shares of the stock traded hands, compared to its average volume of 156,858. The company has a quick ratio of 1.22, a current ratio of 2.36 and a debt-to-equity ratio of 0.20. Schnitzer Steel Industries, Inc. has a 12-month low of $20.94 and a 12-month high of $28.90. The firm has a 50-day simple moving average of $24.00 and a 200-day simple moving average of $24.04. The company has a market capitalization of $620.18 million, a P/E ratio of 4.53 and a beta of 1.50.

Schnitzer Steel Industries (NASDAQ:SCHN) last issued its quarterly earnings data on Wednesday, June 26th. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.02. The business had revenue of $547.00 million for the quarter, compared to analysts’ expectations of $542.24 million. Schnitzer Steel Industries had a return on equity of 15.72% and a net margin of 4.63%. The company’s revenue for the quarter was down 16.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.26 EPS. As a group, research analysts predict that Schnitzer Steel Industries, Inc. will post 2.25 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th were issued a $0.1875 dividend. The ex-dividend date was Monday, August 12th. This represents a $0.75 dividend on an annualized basis and a dividend yield of 3.07%. Schnitzer Steel Industries’s dividend payout ratio (DPR) is presently 13.91%.

Several equities analysts recently weighed in on the stock. Cowen reaffirmed a “market perform” rating and set a $25.00 target price (up from $24.00) on shares of Schnitzer Steel Industries in a research note on Tuesday, June 25th. ValuEngine downgraded shares of Schnitzer Steel Industries from a “hold” rating to a “sell” rating in a report on Saturday, August 10th. Zacks Investment Research cut shares of Schnitzer Steel Industries from a “hold” rating to a “sell” rating in a research note on Friday, August 30th. Finally, BidaskClub downgraded shares of Schnitzer Steel Industries from a “buy” rating to a “hold” rating in a report on Tuesday, August 27th. Two investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. Schnitzer Steel Industries presently has an average rating of “Hold” and an average price target of $27.00.

Schnitzer Steel Industries Profile

Schnitzer Steel Industries, Inc recycles ferrous and nonferrous scrap metals; and manufactures finished steel products worldwide. The company operates through 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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Institutional Ownership by Quarter for Schnitzer Steel Industries (NASDAQ:SCHN)

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