Posted by admin on Jun 23rd, 2022
DNB Asset Management AS boosted its stake in Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) by 28.8% in the first quarter, HoldingsChannel reports. The institutional investor owned 65,505 shares of the basic materials company’s stock after buying an additional 14,656 shares during the quarter. DNB Asset Management AS’s holdings in Steel Dynamics were worth $5,465,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Rational Advisors LLC purchased a new stake in shares of Steel Dynamics during the 4th quarter valued at $25,000. Citizens National Bank Trust Department purchased a new stake in shares of Steel Dynamics during the 4th quarter valued at $25,000. UMB Bank N A MO purchased a new stake in shares of Steel Dynamics during the 4th quarter valued at $27,000. Allegheny Financial Group LTD purchased a new stake in shares of Steel Dynamics during the 4th quarter valued at $27,000. Finally, Selective Wealth Management Inc. purchased a new stake in shares of Steel Dynamics during the 4th quarter valued at $31,000. 83.19% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have recently weighed in on the company. StockNews.com assumed coverage on Steel Dynamics in a research note on Thursday, March 31st. They set a “buy” rating for the company. The Goldman Sachs Group downgraded Steel Dynamics from a “buy” rating to a “neutral” rating and cut their price target for the stock from $114.00 to $92.00 in a research note on Tuesday, May 31st. JPMorgan Chase & Co. cut their price target on Steel Dynamics from $129.00 to $110.00 in a research note on Tuesday, June 14th. UBS Group set a $95.00 price target on Steel Dynamics in a research note on Monday. Finally, BMO Capital Markets increased their price target on Steel Dynamics from $95.00 to $104.00 in a research note on Friday, April 22nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Steel Dynamics currently has a consensus rating of “Hold” and a consensus price target of $87.00.
Shares of NASDAQ STLD opened at $67.40 on Thursday. Steel Dynamics, Inc. has a 52 week low of $50.54 and a 52 week high of $100.37. The business has a 50-day simple moving average of $81.08 and a two-hundred day simple moving average of $72.42. The company has a quick ratio of 1.74, a current ratio of 3.42 and a debt-to-equity ratio of 0.45. The company has a market cap of $12.72 billion, a P/E ratio of 3.48 and a beta of 1.30.
Steel Dynamics (NASDAQ:STLD – Get Rating) last issued its earnings results on Wednesday, April 20th. The basic materials company reported $6.02 EPS for the quarter, topping the consensus estimate of $5.58 by $0.44. The business had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $5.35 billion. Steel Dynamics had a return on equity of 69.88% and a net margin of 19.02%. The firm’s revenue was up 57.1% compared to the same quarter last year. During the same quarter last year, the company earned $2.10 EPS. Equities research analysts anticipate that Steel Dynamics, Inc. will post 19.84 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Thursday, June 30th will be given 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 dividend yield of 2.02%. Steel Dynamics’s dividend payout ratio (DPR) is presently 7.02%.
Steel Dynamics declared that its Board of Directors has authorized a share buyback plan on Monday, February 28th that permits the company to buyback $1.25 billion in outstanding shares. This buyback authorization permits the basic materials company to repurchase up to 8.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.
In other news, Director Keith E. Busse sold 5,040 shares of Steel Dynamics stock in a transaction dated 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 owns 724,034 shares in the company, valued at approximately $60,464,079.34. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 5.40% of the company’s stock.
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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