Posted by admin on Jul 18th, 2022
DekaBank Deutsche Girozentrale lowered its holdings in Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) by 2.9% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 85,490 shares of the basic materials company’s stock after selling 2,552 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Steel Dynamics were worth $7,241,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Steel Dynamics in the 4th quarter worth approximately $199,835,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Steel Dynamics in the 4th quarter worth approximately $43,651,000. Victory Capital Management Inc. lifted its position in shares of Steel Dynamics by 11.7% in the 4th quarter. Victory Capital Management Inc. now owns 4,608,517 shares of the basic materials company’s stock worth $286,051,000 after acquiring an additional 481,137 shares during the period. Pacer Advisors Inc. lifted its position in shares of Steel Dynamics by 816.1% in the 1st quarter. Pacer Advisors Inc. now owns 310,343 shares of the basic materials company’s stock worth $25,892,000 after acquiring an additional 276,467 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in shares of Steel Dynamics by 20.9% in the 4th quarter. JPMorgan Chase & Co. now owns 1,389,118 shares of the basic materials company’s stock worth $86,222,000 after acquiring an additional 240,496 shares during the period. Institutional investors and hedge funds own 83.19% of the company’s stock.
In related news, Director Keith E. Busse sold 5,040 shares of the firm’s stock in a transaction on Friday, June 3rd. The stock was sold at an average price of $83.51, for a total transaction of $420,890.40. Following the completion of the sale, the director now directly owns 724,034 shares of the company’s stock, valued at approximately $60,464,079.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 5.40% of the company’s stock.
A number of brokerages have commented on STLD. BMO Capital Markets raised their price objective on Steel Dynamics from $95.00 to $104.00 in a research report on Friday, April 22nd. The Goldman Sachs Group downgraded Steel Dynamics from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $114.00 to $92.00 in a research report on Tuesday, May 31st. Morgan Stanley reduced their price objective on Steel Dynamics from $94.00 to $78.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 6th. UBS Group set a $95.00 target price on Steel Dynamics in a research report on Monday, June 20th. Finally, StockNews.com started coverage on Steel Dynamics in a research report on Thursday, March 31st. They set a “buy” rating for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Steel Dynamics currently has an average rating of “Moderate Buy” and a consensus target price of $89.00.
Steel Dynamics stock opened at $67.06 on Monday. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.42 and a quick ratio of 1.74. The company has a market capitalization of $12.65 billion, a PE ratio of 3.46 and a beta of 1.38. Steel Dynamics, Inc. has a one year low of $50.54 and a one year high of $100.37. The business has a 50 day simple moving average of $73.80 and a 200 day simple moving average of $73.21.
Steel Dynamics (NASDAQ:STLD – Get Rating) last released its quarterly earnings results on Wednesday, April 20th. The basic materials company reported $6.02 earnings per share for the quarter, beating 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 firm had revenue of $5.57 billion during the quarter, compared to analysts’ expectations of $5.35 billion. During the same period last year, the firm posted $2.10 EPS. The business’s revenue was up 57.1% on a year-over-year basis. On average, sell-side analysts forecast that Steel Dynamics, Inc. will post 19.77 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, July 15th. Investors of record on Thursday, June 30th were issued a dividend of $0.34 per share. The ex-dividend date was Wednesday, June 29th. This represents a $1.36 dividend on an annualized basis and a yield of 2.03%. Steel Dynamics’s dividend payout ratio is 7.02%.
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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