Schnitzer Steel Industries Inc. (NASDAQ:SCHN) – Stock analysts at KeyCorp boosted their FY2016 earnings estimates for shares of Schnitzer Steel Industries in a report issued on Wednesday. KeyCorp analyst P. Gibbs now anticipates that the firm will post earnings per share of $0.47 for the year, up from their prior forecast of $0.31. KeyCorp also issued estimates for Schnitzer Steel Industries’ Q4 2016 earnings at $0.39 EPS and FY2017 earnings at $1.10 EPS.
Separately, Zacks Investment Research lowered Schnitzer Steel Industries from a “strong-buy” rating to a “hold” rating in a report on Friday, September 2nd.
Shares of Schnitzer Steel Industries (NASDAQ:SCHN) opened at 20.80 on Monday. The firm’s market cap is $567.01 million. Schnitzer Steel Industries has a 12 month low of $11.70 and a 12 month high of $21.59. The firm’s 50-day moving average price is $19.08 and its 200-day moving average price is $18.41.
Several institutional investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC raised its position in Schnitzer Steel Industries by 273.4% in the second quarter. Acadian Asset Management LLC now owns 1,062,264 shares of the company’s stock worth $18,698,000 after buying an additional 777,806 shares in the last quarter. State Street Corp raised its position in Schnitzer Steel Industries by 65.0% in the first quarter. State Street Corp now owns 1,681,401 shares of the company’s stock worth $31,007,000 after buying an additional 662,412 shares in the last quarter. Norges Bank bought a new position in Schnitzer Steel Industries during the fourth quarter worth about $7,882,000. Vanguard Group Inc. raised its position in Schnitzer Steel Industries by 13.9% in the second quarter. Vanguard Group Inc. now owns 2,372,997 shares of the company’s stock worth $41,765,000 after buying an additional 289,686 shares in the last quarter. Finally, Teachers Advisors Inc. raised its position in Schnitzer Steel Industries by 579.6% in the second quarter. Teachers Advisors Inc. now owns 331,650 shares of the company’s stock worth $5,837,000 after buying an additional 282,851 shares in the last quarter. 92.43% of the stock is currently owned by hedge funds and other institutional investors.
About Schnitzer Steel Industries
Schnitzer Steel Industries, Inc (SSI) is a recycler of ferrous and nonferrous scrap metal. The Company is recycler of used and salvaged vehicles and a manufacturer of finished steel products. The Company operates in three business segments: the Metals Recycling Business (MRB), the Auto Parts Business (APB) and the Steel Manufacturing Business (SMB).
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