Victory Capital Management Inc. Has $8.42 Million Stake in Schnitzer Steel Industries, Inc. (NASDAQ:SCHN)

Posted by Defense World Staff on May 26th, 2023

Victory Capital Management Inc. grew its holdings in shares of Schnitzer Steel Industries, Inc. (NASDAQ:SCHN – Get Rating) by 106.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 252,694 shares of the basic materials company’s stock after acquiring an additional 130,447 shares during the quarter. Victory Capital Management Inc. owned 0.94% of Schnitzer Steel Industries worth $8,421,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Brinker Capital Investments LLC increased its stake in shares of Schnitzer Steel Industries by 1.6% in the first quarter. Brinker Capital Investments LLC now owns 19,665 shares of the basic materials company’s stock valued at $1,021,000 after buying an additional 311 shares during the period. Public Employees Retirement System of Ohio boosted its holdings in Schnitzer Steel Industries by 0.7% in the third quarter. Public Employees Retirement System of Ohio now owns 45,613 shares of the basic materials company’s stock valued at $1,298,000 after acquiring an additional 320 shares during the last quarter. Legal & General Group Plc boosted its holdings in Schnitzer Steel Industries by 3.4% in the second quarter. Legal & General Group Plc now owns 11,896 shares of the basic materials company’s stock valued at $390,000 after acquiring an additional 391 shares during the last quarter. Captrust Financial Advisors boosted its holdings in shares of Schnitzer Steel Industries by 357.0% during the 2nd quarter. Captrust Financial Advisors now owns 754 shares of the basic materials company’s stock worth $25,000 after buying an additional 589 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Schnitzer Steel Industries by 6.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,440 shares of the basic materials company’s stock worth $326,000 after buying an additional 650 shares in the last quarter. Institutional investors and hedge funds own 82.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SCHN. TheStreet upgraded Schnitzer Steel Industries from a “c+” rating to a “b-” rating in a report on Thursday, May 18th. StockNews.com began coverage on Schnitzer Steel Industries in a report on Thursday, May 18th. They set a “hold” rating on the stock.

Insider Activity at Schnitzer Steel Industries

In related news, CFO Stefano R. Gaggini sold 1,026 shares of the stock in a transaction on Wednesday, May 3rd. The stock was sold at an average price of $28.43, for a total value of $29,169.18. Following the completion of the sale, the chief financial officer now directly owns 62,374 shares of the company’s stock, valued at approximately $1,773,292.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Stefano R. Gaggini sold 1,026 shares of the stock in a transaction on Wednesday, May 3rd. The stock was sold at an average price of $28.43, for a total value of $29,169.18. Following the completion of the sale, the chief financial officer now directly owns 62,374 shares of the company’s stock, valued at approximately $1,773,292.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Michael R. Henderson sold 1,691 shares of Schnitzer Steel Industries stock in a transaction on Thursday, May 4th. The stock was sold at an average price of $27.44, for a total value of $46,401.04. Following the sale, the senior vice president now owns 132,769 shares in the company, valued at $3,643,181.36. The disclosure for this sale can be found here. In the last three months, insiders sold 2,874 shares of company stock valued at $80,046. 6.10% of the stock is owned by insiders.

Schnitzer Steel Industries Price Performance

Shares of SCHN opened at $28.87 on Friday. Schnitzer Steel Industries, Inc. has a 12-month low of $25.96 and a 12-month high of $44.60. The business’s fifty day moving average is $29.51 and its 200 day moving average is $31.57. The company has a quick ratio of 0.95, a current ratio of 1.85 and a debt-to-equity ratio of 0.33. The stock has a market cap of $792.48 million, a P/E ratio of 12.08 and a beta of 1.53.

Schnitzer Steel Industries (NASDAQ:SCHN – Get Rating) last issued its earnings results on Wednesday, April 5th. The basic materials company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.05). The firm had revenue of $756.00 million during the quarter, compared to the consensus estimate of $722.55 million. Schnitzer Steel Industries had a return on equity of 8.76% and a net margin of 2.20%. Schnitzer Steel Industries’s revenue for the quarter was down 3.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.38 earnings per share. Sell-side analysts anticipate that Schnitzer Steel Industries, Inc. will post 0.97 earnings per share for the current fiscal year.

Schnitzer Steel Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 8th. Investors of record on Monday, April 24th were given a $0.1875 dividend. This represents a $0.75 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date of this dividend was Friday, April 21st. Schnitzer Steel Industries’s payout ratio is currently 31.38%.

Schnitzer Steel Industries Profile

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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 Auto and Metals Recycling 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.