Mackenzie Financial Corp Trims Stake in Steel Dynamics, Inc. (NASDAQ:STLD)

Mackenzie Financial Corp reduced its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 27.4% in the 4th quarter, Holdings Channel reports. The institutional investor owned 55,949 shares of the basic materials company’s stock after selling 21,104 shares during the period. Mackenzie Financial Corp’s holdings in Steel Dynamics were worth $6,608,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in STLD. Ameriprise Financial Inc. grew its holdings in Steel Dynamics by 165.4% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,014,956 shares of the basic materials company’s stock valued at $212,447,000 after buying an additional 1,255,751 shares in the last quarter. Norges Bank purchased a new stake in Steel Dynamics in the 4th quarter valued at $90,665,000. First Trust Advisors LP grew its holdings in Steel Dynamics by 183.6% in the 1st quarter. First Trust Advisors LP now owns 1,380,388 shares of the basic materials company’s stock valued at $115,166,000 after buying an additional 893,705 shares in the last quarter. State Street Corp grew its holdings in Steel Dynamics by 9.5% in the 1st quarter. State Street Corp now owns 9,207,455 shares of the basic materials company’s stock valued at $771,198,000 after buying an additional 800,656 shares in the last quarter. Finally, Morgan Stanley grew its holdings in Steel Dynamics by 29.2% in the 4th quarter. Morgan Stanley now owns 3,034,652 shares of the basic materials company’s stock valued at $296,486,000 after buying an additional 684,975 shares in the last quarter. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Steel Dynamics Price Performance

STLD opened at $136.90 on Friday. The stock’s 50-day moving average price is $136.21 and its 200 day moving average price is $121.47. Steel Dynamics, Inc. has a 12-month low of $90.55 and a 12-month high of $151.34. The company has a current ratio of 2.91, a quick ratio of 1.67 and a debt-to-equity ratio of 0.30. The firm has a market cap of $21.62 billion, a price-to-earnings ratio of 9.38 and a beta of 1.42.

Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Tuesday, January 23rd. The basic materials company reported $2.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.63 by ($0.02). Steel Dynamics had a return on equity of 29.49% and a net margin of 13.04%. The firm had revenue of $4.23 billion for the quarter, compared to analyst estimates of $4.22 billion. During the same period in the previous year, the company posted $4.37 EPS. Steel Dynamics’s revenue was down 12.3% on a year-over-year basis. As a group, sell-side analysts expect that Steel Dynamics, Inc. will post 11.79 earnings per share for the current year.

Steel Dynamics Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, April 14th. Shareholders of record on Sunday, March 31st were given a $0.46 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $1.84 dividend on an annualized basis and a yield of 1.34%. This is a positive change from Steel Dynamics’s previous quarterly dividend of $0.43. Steel Dynamics’s dividend payout ratio (DPR) is currently 12.61%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on STLD shares. JPMorgan Chase & Co. increased their price target on Steel Dynamics from $100.00 to $118.00 and gave the stock an “underweight” rating in a report on Tuesday, April 16th. Citigroup increased their price target on Steel Dynamics from $130.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, March 13th. BMO Capital Markets increased their price target on Steel Dynamics from $110.00 to $120.00 and gave the stock a “market perform” rating in a report on Monday, March 18th. Finally, UBS Group lowered their price target on Steel Dynamics from $120.00 to $119.00 and set a “neutral” rating for the company in a report on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $120.29.

Steel Dynamics Profile

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. 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 steel 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.