Posted by admin on Jun 24th, 2022
Diversified Trust Co bought a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) in the first quarter, HoldingsChannel reports. The firm bought 4,380 shares of the basic materials company’s stock, valued at approximately $365,000.
A number of other institutional investors and hedge funds also recently bought and sold shares of STLD. LPL Financial LLC lifted its stake in Steel Dynamics by 62.2% in the 3rd quarter. LPL Financial LLC now owns 62,358 shares of the basic materials company’s stock worth $3,647,000 after purchasing an additional 23,918 shares in the last quarter. Voloridge Investment Management LLC boosted its stake in Steel Dynamics by 1,385.4% during the third quarter. Voloridge Investment Management LLC now owns 69,056 shares of the basic materials company’s stock valued at $4,038,000 after buying an additional 64,407 shares during the last quarter. Squarepoint Ops LLC purchased a new position in Steel Dynamics during the 3rd quarter valued at approximately $2,578,000. National Asset Management Inc. increased its stake in Steel Dynamics by 8.7% in the 3rd quarter. National Asset Management Inc. now owns 6,267 shares of the basic materials company’s stock worth $367,000 after acquiring an additional 502 shares during the last quarter. Finally, Corient Capital Partners LLC raised its holdings in shares of Steel Dynamics by 6.6% during the 3rd quarter. Corient Capital Partners LLC now owns 3,880 shares of the basic materials company’s stock worth $227,000 after acquiring an additional 240 shares in the last quarter. 83.19% of the stock is owned by institutional investors.
Several equities research analysts recently weighed in on the stock. UBS Group set a $95.00 price target on shares of Steel Dynamics in a research report on Monday. StockNews.com assumed coverage on shares of Steel Dynamics in a research report on Thursday, March 31st. They set a “buy” rating on the stock. The Goldman Sachs Group lowered Steel Dynamics from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $114.00 to $92.00 in a research report on Tuesday, May 31st. BMO Capital Markets upped their price objective on Steel Dynamics from $95.00 to $104.00 in a research report on Friday, April 22nd. Finally, JPMorgan Chase & Co. dropped 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 given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $87.00.
In other Steel Dynamics news, Director Keith E. Busse sold 5,040 shares of the company’s stock in a transaction dated Friday, June 3rd. The shares were sold at an average price of $83.51, for a total value of $420,890.40. Following the transaction, the director now directly owns 724,034 shares in the company, valued at approximately $60,464,079.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.40% of the stock is owned by insiders.
Shares of STLD stock opened at $65.98 on Friday. The stock has a 50 day moving average price of $80.63 and a 200 day moving average price of $72.46. Steel Dynamics, Inc. has a 52-week low of $50.54 and a 52-week high of $100.37. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.74 and a current ratio of 3.42. The firm has a market capitalization of $12.45 billion, a P/E ratio of 3.41 and a beta of 1.30.
Steel Dynamics (NASDAQ:STLD – Get Rating) last released its earnings results on Wednesday, April 20th. The basic materials company reported $6.02 earnings per share for the quarter, topping analysts’ consensus estimates of $5.58 by $0.44. The business had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.35 billion. Steel Dynamics had a return on equity of 69.88% and a net margin of 19.02%. The business’s revenue was up 57.1% compared to the same quarter last year. During the same quarter last year, the firm posted $2.10 earnings per share. As a group, sell-side analysts forecast that Steel Dynamics, Inc. will post 19.84 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Thursday, June 30th will be issued a dividend of $0.34 per share. The ex-dividend date of this dividend is Wednesday, June 29th. This represents a $1.36 dividend on an annualized basis and a yield of 2.06%. Steel Dynamics’s payout ratio is 7.02%.
Steel Dynamics declared that its Board of Directors has initiated a stock repurchase program on Monday, February 28th that permits the company to repurchase $1.25 billion in outstanding shares. This repurchase authorization permits the basic materials company to buy up to 8.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.
About Steel Dynamics (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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