Gerber Kawasaki Wealth & Investment Management grew its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) by 23.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,792 shares of the basic materials company’s stock after acquiring an additional 4,483 shares during the period. Gerber Kawasaki Wealth & Investment Management’s holdings in Steel Dynamics were worth $2,690,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. CENTRAL TRUST Co raised its stake in Steel Dynamics by 569.7% in the first quarter. CENTRAL TRUST Co now owns 221 shares of the basic materials company’s stock worth $25,000 after buying an additional 188 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its stake in Steel Dynamics by 82.0% in the first quarter. Massmutual Trust Co. FSB ADV now owns 233 shares of the basic materials company’s stock worth $26,000 after buying an additional 105 shares in the last quarter. Hanseatic Management Services Inc. bought a new position in Steel Dynamics in the first quarter worth about $27,000. Wellington Shields & Co. LLC raised its stake in Steel Dynamics by 50.0% in the fourth quarter. Wellington Shields & Co. LLC now owns 300 shares of the basic materials company’s stock worth $29,000 after buying an additional 100 shares in the last quarter. Finally, Financial Management Professionals Inc. raised its stake in Steel Dynamics by 1,953.8% in the first quarter. Financial Management Professionals Inc. now owns 267 shares of the basic materials company’s stock worth $30,000 after buying an additional 254 shares in the last quarter. 81.32% of the stock is owned by institutional investors.
Insider Buying and Selling
In other Steel Dynamics news, Director Gabriel Shaheen sold 1,717 shares of the stock in a transaction that occurred on Monday, July 31st. The shares were 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 in the company, valued at $8,789,229.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Gabriel Shaheen sold 1,717 shares of the business’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $105.80, for a total transaction of $181,658.60. Following the completion of the sale, the director now owns 83,074 shares of the company’s stock, valued at approximately $8,789,229.20. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Christopher A. Graham sold 48,000 shares of the business’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $105.03, for a total transaction of $5,041,440.00. Following the sale, the senior vice president now directly owns 61,353 shares of the company’s stock, valued at approximately $6,443,905.59. The disclosure for this sale can be found here. 6.00% of the stock is currently owned by corporate insiders.
Steel Dynamics Trading Down 0.2 %
Steel Dynamics (NASDAQ:STLD – Get Free Report) last issued its earnings results on Thursday, July 20th. The basic materials company reported $4.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.82 by ($0.01). Steel Dynamics had a return on equity of 40.44% and a net margin of 14.66%. The company had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $5.51 billion. During the same quarter in the prior year, the business posted $6.73 EPS. The company’s revenue for the quarter was down 18.2% compared to the same quarter last year. On average, equities research analysts forecast that Steel Dynamics, Inc. will post 15.8 earnings per share 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. Investors of record on Saturday, September 30th will be issued a $0.425 dividend. This represents a $1.70 annualized dividend and a yield of 1.70%. The ex-dividend date is Thursday, September 28th. Steel Dynamics’s dividend payout ratio is currently 9.91%.
Analysts Set New Price Targets
A number of research firms recently issued reports on STLD. Morgan Stanley increased their price target on shares of Steel Dynamics from $97.00 to $99.00 and gave the stock an “equal weight” rating in a research note on Monday, July 24th. StockNews.com assumed coverage on shares of Steel Dynamics in a research note on Thursday, August 17th. They set a “hold” rating for the company. BNP Paribas downgraded shares of Steel Dynamics from an “outperform” rating to a “neutral” rating and set a $102.00 target price for the company. in a research note on Wednesday, July 5th. BMO Capital Markets decreased their target price on shares of Steel Dynamics from $120.00 to $115.00 in a research note on Monday, June 19th. Finally, JPMorgan Chase & Co. raised their target price on shares of Steel Dynamics from $94.00 to $95.00 and gave the company an “underweight” rating in a research note on Friday, September 8th. 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 company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $108.56.
Steel Dynamics 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 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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