Posted by admin on Jul 1st, 2022
Manning & Napier Group LLC lowered its holdings in Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) by 8.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 98,448 shares of the basic materials company’s stock after selling 8,720 shares during the period. Manning & Napier Group LLC’s holdings in Steel Dynamics were worth $8,212,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of STLD. LPL Financial LLC boosted its position in Steel Dynamics by 62.2% in the third 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 during the last quarter. Cetera Advisors LLC boosted its position in Steel Dynamics by 10.8% in the third quarter. Cetera Advisors LLC now owns 4,254 shares of the basic materials company’s stock worth $249,000 after purchasing an additional 413 shares during the last quarter. UBS Asset Management Americas Inc. boosted its position in Steel Dynamics by 2.9% in the third quarter. UBS Asset Management Americas Inc. now owns 1,005,163 shares of the basic materials company’s stock worth $58,782,000 after purchasing an additional 28,419 shares during the last quarter. Patriot Financial Group Insurance Agency LLC purchased a new position in Steel Dynamics in the fourth quarter worth $208,000. Finally, Crossmark Global Holdings Inc. boosted its position in Steel Dynamics by 4.8% in the fourth quarter. Crossmark Global Holdings Inc. now owns 18,620 shares of the basic materials company’s stock worth $1,156,000 after purchasing an additional 860 shares during the last quarter. 83.19% of the stock is currently owned by institutional investors and hedge funds.
STLD has been the topic of a number of recent research reports. UBS Group set a $95.00 price target on Steel Dynamics in a research report on Monday, June 20th. JPMorgan Chase & Co. dropped their price target on Steel Dynamics from $129.00 to $110.00 in a research report on Tuesday, June 14th. StockNews.com initiated coverage on Steel Dynamics in a research report on Thursday, March 31st. They set a “buy” rating on the stock. The Goldman Sachs Group cut Steel Dynamics from a “buy” rating to a “neutral” rating and dropped their price target for the company from $114.00 to $92.00 in a research report on Tuesday, May 31st. Finally, BMO Capital Markets upped their price target on Steel Dynamics from $95.00 to $104.00 in a research report 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 given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $87.00.
Shares of STLD opened at $66.15 on Friday. The stock’s 50-day simple moving average is $78.29 and its 200 day simple moving average is $72.70. The stock has a market capitalization of $12.48 billion, a price-to-earnings ratio of 3.42 and a beta of 1.30. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.74 and a current ratio of 3.42. Steel Dynamics, Inc. has a 52-week low of $50.54 and a 52-week high of $100.37.
Steel Dynamics (NASDAQ:STLD – Get Rating) last issued its quarterly earnings data on Wednesday, April 20th. The basic materials company reported $6.02 earnings per share (EPS) 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 analysts’ expectations of $5.35 billion. Steel Dynamics had a return on equity of 69.88% and a net margin of 19.02%. The firm’s quarterly revenue was up 57.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.10 EPS. On average, research analysts forecast that Steel Dynamics, Inc. will post 19.84 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Thursday, June 30th will be paid a $0.34 dividend. 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 dividend payout ratio is currently 7.02%.
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 stock was 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.40% of the stock is owned by corporate insiders.
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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