Commonwealth Equity Services LLC lifted its position in Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) by 11.8% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 54,298 shares of the basic materials company’s stock after buying an additional 5,723 shares during the period. Commonwealth Equity Services LLC’s holdings in Steel Dynamics were worth $6,138,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. State Street Corp increased its position in shares of Steel Dynamics by 9.5% in the first quarter. State Street Corp now owns 9,207,455 shares of the basic materials company’s stock worth $771,198,000 after acquiring an additional 800,656 shares in the last quarter. Geode Capital Management LLC boosted its stake in Steel Dynamics by 31.2% in the 4th quarter. Geode Capital Management LLC now owns 4,182,335 shares of the basic materials company’s stock worth $407,985,000 after purchasing an additional 994,643 shares during the period. Royal London Asset Management Ltd. grew its position in Steel Dynamics by 24.0% during the 4th quarter. Royal London Asset Management Ltd. now owns 3,228,932 shares of the basic materials company’s stock worth $315,451,000 after purchasing an additional 623,961 shares in the last quarter. Morgan Stanley raised its stake in Steel Dynamics by 29.2% during the 4th quarter. Morgan Stanley now owns 3,034,652 shares of the basic materials company’s stock valued at $296,486,000 after purchasing an additional 684,975 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Steel Dynamics by 15.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,308,698 shares of the basic materials company’s stock valued at $225,560,000 after purchasing an additional 309,009 shares in the last quarter. 81.32% of the stock is owned by institutional investors.
Analyst Ratings Changes
STLD has been the topic of a number of research analyst reports. StockNews.com assumed coverage on Steel Dynamics in a report on Thursday, August 17th. They set a “hold” rating on the stock. BMO Capital Markets dropped their target price on Steel Dynamics from $120.00 to $115.00 in a report on Monday, June 19th. BNP Paribas cut shares of Steel Dynamics from an “outperform” rating to a “neutral” rating and set a $102.00 price target for the company. in a report on Wednesday, July 5th. Morgan Stanley upped their price objective on shares of Steel Dynamics from $97.00 to $99.00 and gave the company an “equal weight” rating in a research note on Monday, July 24th. Finally, JPMorgan Chase & Co. increased their target price on shares of Steel Dynamics from $93.00 to $94.00 and gave the stock an “underweight” rating in a research report on Friday, July 21st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Steel Dynamics presently has a consensus rating of “Hold” and an average price target of $108.44.
Steel Dynamics Stock Up 0.2 %
STLD stock opened at $106.59 on Friday. The firm has a market cap of $17.66 billion, a PE ratio of 6.22 and a beta of 1.50. Steel Dynamics, Inc. has a 1 year low of $69.12 and a 1 year high of $136.46. The company has a fifty day simple moving average of $105.08 and a 200 day simple moving average of $106.90. The company has a current ratio of 4.20, a quick ratio of 2.47 and a debt-to-equity ratio of 0.35.
Steel Dynamics (NASDAQ:STLD – Get Free Report) last posted its earnings results on Thursday, July 20th. The basic materials company reported $4.81 earnings per share for the quarter, missing the consensus estimate of $4.82 by ($0.01). The company had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $5.51 billion. Steel Dynamics had a net margin of 14.66% and a return on equity of 40.44%. Steel Dynamics’s quarterly revenue was down 18.2% on a year-over-year basis. During the same quarter last year, the business earned $6.73 earnings per share. Sell-side analysts anticipate that Steel Dynamics, Inc. will post 16.03 EPS for the current fiscal year.
Steel Dynamics Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Saturday, September 30th will be given a dividend of $0.425 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.70 dividend on an annualized basis and a yield of 1.59%. Steel Dynamics’s payout ratio is currently 9.91%.
Insider Buying and Selling at Steel Dynamics
In related news, Director Gabriel Shaheen sold 1,717 shares of the business’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $105.80, for a total transaction of $181,658.60. Following the completion of the transaction, the director now owns 83,074 shares of the company’s stock, valued at approximately $8,789,229.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Steel Dynamics news, Director Gabriel Shaheen sold 1,717 shares of Steel Dynamics stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $105.80, for a total value of $181,658.60. Following the transaction, the director now directly owns 83,074 shares of the company’s stock, valued at approximately $8,789,229.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Christopher A. Graham sold 48,000 shares of the stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $105.03, for a total value of $5,041,440.00. Following the completion of the sale, the senior vice president now directly owns 61,353 shares of the company’s stock, valued at $6,443,905.59. The disclosure for this sale can be found here. Corporate insiders own 6.00% of the company’s stock.
About Steel Dynamics
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 rolled, cold rolled, 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; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.
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