Posted by admin on Jun 23rd, 2022
First American Trust FSB trimmed its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) by 94.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,713 shares of the basic materials company’s stock after selling 47,746 shares during the period. First American Trust FSB’s holdings in Steel Dynamics were worth $226,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of the company. First National Bank of South Miami increased its holdings in shares of Steel Dynamics by 5.1% during the fourth quarter. First National Bank of South Miami now owns 3,459 shares of the basic materials company’s stock valued at $215,000 after purchasing an additional 168 shares during the period. Eagle Asset Management Inc. increased its holdings in shares of Steel Dynamics by 0.5% during the fourth quarter. Eagle Asset Management Inc. now owns 37,183 shares of the basic materials company’s stock valued at $2,300,000 after purchasing an additional 175 shares during the period. Delphi Management Inc. MA increased its holdings in shares of Steel Dynamics by 1.3% during the fourth quarter. Delphi Management Inc. MA now owns 17,338 shares of the basic materials company’s stock valued at $1,076,000 after purchasing an additional 220 shares during the period. Harel Insurance Investments & Financial Services Ltd. increased its holdings in shares of Steel Dynamics by 52.6% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 653 shares of the basic materials company’s stock valued at $40,000 after purchasing an additional 225 shares during the period. Finally, Kestra Advisory Services LLC increased its holdings in shares of Steel Dynamics by 5.1% during the fourth quarter. Kestra Advisory Services LLC now owns 4,925 shares of the basic materials company’s stock valued at $306,000 after purchasing an additional 238 shares during the period. 83.19% of the stock is currently owned by institutional investors.
In other Steel Dynamics news, Director Keith E. Busse sold 5,040 shares of the firm’s 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 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 at this hyperlink. Company insiders own 5.40% of the company’s stock.
NASDAQ:STLD opened at $67.40 on Thursday. The company has a quick ratio of 1.74, a current ratio of 3.42 and a debt-to-equity ratio of 0.45. Steel Dynamics, Inc. has a 1-year low of $50.54 and a 1-year high of $100.37. The firm has a market capitalization of $12.72 billion, a price-to-earnings ratio of 3.48 and a beta of 1.30. The stock has a fifty day simple moving average of $81.08 and a 200 day simple moving average of $72.42.
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 business had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.35 billion. During the same quarter last year, the company posted $2.10 EPS. Steel Dynamics’s revenue for the quarter was up 57.1% on a year-over-year basis. Equities analysts predict that Steel Dynamics, Inc. will post 19.84 earnings per share for the current year.
Steel Dynamics announced that its board has authorized a share buyback program on Monday, February 28th that permits the company to buyback $1.25 billion in shares. This buyback authorization permits the basic materials company to repurchase up to 8.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Thursday, June 30th will be given 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 dividend yield of 2.02%. Steel Dynamics’s dividend payout ratio (DPR) is 7.02%.
A number of brokerages have recently commented on STLD. JPMorgan Chase & Co. lowered their price target on Steel Dynamics from $129.00 to $110.00 in a report on Tuesday, June 14th. StockNews.com initiated coverage on Steel Dynamics in a research note on Thursday, March 31st. They set a “buy” rating for the company. UBS Group set a $95.00 target price on Steel Dynamics in a research note on Monday. BMO Capital Markets raised their target price on Steel Dynamics from $95.00 to $104.00 in a research note on Friday, April 22nd. Finally, The Goldman Sachs Group cut Steel Dynamics from a “buy” rating to a “neutral” rating and decreased their target price for the company from $114.00 to $92.00 in a research note on Tuesday, May 31st. One investment 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, the company has an average 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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