Posted by admin on Jun 29th, 2022
IBM Retirement Fund lowered its holdings in Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) by 8.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,968 shares of the basic materials company’s stock after selling 272 shares during the period. IBM Retirement Fund’s holdings in Steel Dynamics were worth $248,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in the company. Monument Capital Management purchased a new stake in shares of Steel Dynamics in the first quarter valued at $2,438,000. Redpoint Investment Management Pty Ltd grew its position in shares of Steel Dynamics by 42.0% in the first quarter. Redpoint Investment Management Pty Ltd now owns 6,581 shares of the basic materials company’s stock valued at $549,000 after purchasing an additional 1,946 shares during the period. Calton & Associates Inc. purchased a new stake in shares of Steel Dynamics in the first quarter valued at $320,000. Edmonds Duncan Registered Investment Advisors LLC purchased a new stake in shares of Steel Dynamics in the first quarter valued at $328,000. Finally, Brookstone Capital Management grew its position in shares of Steel Dynamics by 20.5% in the first quarter. Brookstone Capital Management now owns 7,528 shares of the basic materials company’s stock valued at $630,000 after purchasing an additional 1,281 shares during the period. 83.19% of the stock is owned by institutional investors and hedge funds.
Shares of STLD opened at $67.36 on Wednesday. The stock’s 50-day moving average is $79.33 and its two-hundred day moving average is $72.70. The stock has a market cap of $12.71 billion, a PE ratio of 3.48 and a beta of 1.30. Steel Dynamics, Inc. has a 12 month low of $50.54 and a 12 month high of $100.37. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.42 and a quick ratio of 1.74.
Steel Dynamics (NASDAQ:STLD – Get Rating) last issued its quarterly earnings data on Wednesday, April 20th. The basic materials company reported $6.02 EPS for the quarter, topping analysts’ consensus estimates of $5.58 by $0.44. Steel Dynamics had a return on equity of 69.88% and a net margin of 19.02%. The company had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.35 billion. During the same quarter in the previous year, the firm posted $2.10 earnings per share. The firm’s quarterly revenue was up 57.1% on a year-over-year basis. On average, research analysts anticipate that Steel Dynamics, Inc. will post 19.84 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Thursday, June 30th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 2.02%. The ex-dividend date of this dividend is Wednesday, June 29th. Steel Dynamics’s dividend payout ratio (DPR) is 7.02%.
In related news, Director Keith E. Busse sold 5,040 shares of the business’s stock in a transaction dated Friday, June 3rd. The stock was sold at an average price of $83.51, for a total value of $420,890.40. Following the transaction, the director now owns 724,034 shares in the company, valued at $60,464,079.34. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 5.40% of the company’s stock.
A number of equities research analysts have recently commented on the company. BMO Capital Markets lifted their price objective on Steel Dynamics from $95.00 to $104.00 in a research report on Friday, April 22nd. StockNews.com started coverage on Steel Dynamics in a report on Thursday, March 31st. They issued a “buy” rating on the stock. The Goldman Sachs Group cut Steel Dynamics from a “buy” rating to a “neutral” rating and reduced their target price for the company from $114.00 to $92.00 in a report on Tuesday, May 31st. UBS Group set a $95.00 target price on Steel Dynamics in a report on Monday, June 20th. Finally, JPMorgan Chase & Co. reduced their target price on Steel Dynamics from $129.00 to $110.00 in a report on Tuesday, June 14th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $87.00.
Steel Dynamics Profile (Get Rating)
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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