Wedge Capital Management L L P NC decreased its position in Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) by 5.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 86,064 shares of the basic materials company’s stock after selling 4,654 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Steel Dynamics were worth $5,693,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also bought and sold shares of the company. Riverview Trust Co purchased a new position in shares of Steel Dynamics during the first quarter worth approximately $28,000. Citizens National Bank Trust Department purchased a new position in Steel Dynamics in the 4th quarter worth $25,000. Catalyst Capital Advisors LLC bought a new stake in Steel Dynamics in the first quarter worth $36,000. Quent Capital LLC boosted its position in Steel Dynamics by 1,042.9% during the first quarter. Quent Capital LLC now owns 480 shares of the basic materials company’s stock valued at $40,000 after buying an additional 438 shares during the period. Finally, FNY Investment Advisers LLC bought a new position in shares of Steel Dynamics during the first quarter valued at about $44,000. Hedge funds and other institutional investors own 80.36% of the company’s stock.
Analysts Set New Price Targets
A number of research firms have recently weighed in on STLD. Morgan Stanley lowered their target price on Steel Dynamics from $94.00 to $78.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 6th. JPMorgan Chase & Co. dropped their price objective on Steel Dynamics from $129.00 to $110.00 in a research note on Tuesday, June 14th. UBS Group set a $95.00 price target on shares of Steel Dynamics in a report on Monday, June 20th. Citigroup raised their price target on shares of Steel Dynamics to $110.00 in a report on Tuesday, September 13th. Finally, The Goldman Sachs Group cut shares of Steel Dynamics from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $114.00 to $92.00 in a research report on Tuesday, May 31st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $92.71.
Steel Dynamics Price Performance
Steel Dynamics (NASDAQ:STLD – Get Rating) last issued its quarterly earnings data on Wednesday, July 20th. The basic materials company reported $6.73 EPS for the quarter, topping the consensus estimate of $6.34 by $0.39. The business had revenue of $6.21 billion during the quarter, compared to analyst estimates of $5.93 billion. Steel Dynamics had a net margin of 19.81% and a return on equity of 71.50%. The company’s revenue for the quarter was up 39.1% on a year-over-year basis. During the same period in the prior year, the business earned $3.40 EPS. As a group, equities research analysts forecast that Steel Dynamics, Inc. will post 21.33 earnings per share for the current year.
Steel Dynamics Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be given a dividend of $0.34 per share. The ex-dividend date is Thursday, September 29th. This represents a $1.36 annualized dividend and a yield of 1.79%. Steel Dynamics’s payout ratio is 6.05%.
Steel Dynamics Company Profile
Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars.
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