Commonwealth Equity Services LLC decreased its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 16.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,923 shares of the basic materials company’s stock after selling 5,443 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Steel Dynamics were worth $1,190,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of STLD. Lazard Asset Management LLC increased its position in Steel Dynamics by 348.9% in the fourth quarter. Lazard Asset Management LLC now owns 6,556,430 shares of the basic materials company’s stock worth $282,777,000 after buying an additional 5,096,015 shares in the last quarter. Millennium Management LLC increased its position in Steel Dynamics by 163.0% in the fourth quarter. Millennium Management LLC now owns 1,935,141 shares of the basic materials company’s stock worth $83,463,000 after buying an additional 1,199,224 shares in the last quarter. Carillon Tower Advisers Inc. purchased a new stake in Steel Dynamics in the first quarter worth about $21,925,000. Tide Point Capital Management LP purchased a new stake in Steel Dynamics in the fourth quarter worth about $18,341,000. Finally, Victory Capital Management Inc. increased its position in Steel Dynamics by 1,180.3% in the first quarter. Victory Capital Management Inc. now owns 430,512 shares of the basic materials company’s stock worth $19,037,000 after buying an additional 396,886 shares in the last quarter. Institutional investors and hedge funds own 82.71% of the company’s stock.
Several research firms recently issued reports on STLD. BidaskClub cut Steel Dynamics from a “buy” rating to a “hold” rating in a research report on Friday. Zacks Investment Research upgraded Steel Dynamics from a “hold” rating to a “buy” rating and set a $53.00 target price for the company in a research report on Tuesday, June 19th. ValuEngine cut Steel Dynamics from a “buy” rating to a “hold” rating in a research report on Saturday, June 16th. Citigroup increased their target price on Steel Dynamics from $54.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, April 24th. Finally, UBS Group began coverage on Steel Dynamics in a research report on Tuesday, April 17th. They set a “neutral” rating and a $47.00 target price for the company. Six research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Steel Dynamics presently has a consensus rating of “Buy” and an average target price of $51.00.
In related news, insider Theresa E. Wagler sold 17,196 shares of the stock in a transaction that occurred on Thursday, May 31st. The stock was sold at an average price of $49.78, for a total transaction of $856,016.88. Following the completion of the transaction, the insider now directly owns 331,381 shares of the company’s stock, valued at $16,496,146.18. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Jurgen Dr Kolb sold 4,512 shares of the stock in a transaction that occurred on Thursday, June 7th. The shares were sold at an average price of $51.02, for a total value of $230,202.24. Following the transaction, the director now directly owns 51,693 shares of the company’s stock, valued at $2,637,376.86. The disclosure for this sale can be found here. Over the last three months, insiders have sold 25,298 shares of company stock valued at $1,266,868. 4.40% of the stock is owned by corporate insiders.
Shares of Steel Dynamics stock opened at $46.52 on Tuesday. Steel Dynamics, Inc. has a 12 month low of $32.20 and a 12 month high of $52.10. The company has a market cap of $11.30 billion, a P/E ratio of 17.55, a PEG ratio of 0.80 and a beta of 1.33. The company has a debt-to-equity ratio of 0.71, a current ratio of 4.24 and a quick ratio of 2.38.
Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings results on Wednesday, April 18th. The basic materials company reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.91 by $0.05. Steel Dynamics had a return on equity of 21.60% and a net margin of 8.59%. The company had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.59 billion. During the same period in the prior year, the company earned $0.83 earnings per share. The firm’s revenue was up 10.0% on a year-over-year basis. research analysts predict that Steel Dynamics, Inc. will post 5.01 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 13th. Investors of record on Saturday, June 30th will be paid a dividend of $0.1875 per share. This represents a $0.75 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date is Thursday, June 28th. Steel Dynamics’s payout ratio is presently 28.30%.
Steel Dynamics Profile
Steel Dynamics, Inc, together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. The company operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment provides hot roll, cold roll, and coated steel products; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; merchant bar products, including angles, merchant rounds, flats, channels, and reinforcing bars; beams, channels, and specialty steel sections; and threaded rod products, and cold drawn and heat treated bars.
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