CreativeOne Wealth LLC bought a new stake in Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 2,230 shares of the basic materials company’s stock, valued at approximately $331,000.
A number of other institutional investors have also modified their holdings of the business. CANADA LIFE ASSURANCE Co increased its holdings in shares of Steel Dynamics by 50.3% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 179,410 shares of the basic materials company’s stock valued at $26,613,000 after acquiring an additional 60,080 shares during the period. Lake Street Advisors Group LLC acquired a new position in shares of Steel Dynamics in the 1st quarter valued at $230,000. Bessemer Group Inc. increased its stake in Steel Dynamics by 2,679.3% in the 1st quarter. Bessemer Group Inc. now owns 10,867 shares of the basic materials company’s stock valued at $1,611,000 after buying an additional 10,476 shares during the period. UniSuper Management Pty Ltd increased its stake in Steel Dynamics by 372.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 8,906 shares of the basic materials company’s stock valued at $1,320,000 after buying an additional 7,019 shares during the period. Finally, O Shaughnessy Asset Management LLC increased its stake in Steel Dynamics by 43.1% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 477,446 shares of the basic materials company’s stock valued at $70,772,000 after buying an additional 143,879 shares during the period. 82.41% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
STLD has been the topic of several recent research reports. JPMorgan Chase & Co. boosted their price objective on shares of Steel Dynamics from $118.00 to $120.00 and gave the company an “underweight” rating in a research note on Tuesday, July 16th. Jefferies Financial Group initiated coverage on shares of Steel Dynamics in a research note on Monday, May 20th. They issued a “hold” rating and a $150.00 price objective on the stock. BMO Capital Markets dropped their price objective on shares of Steel Dynamics from $140.00 to $135.00 and set a “market perform” rating on the stock in a research note on Tuesday, June 18th. Finally, Bank of America dropped their price objective on shares of Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $133.86.
Steel Dynamics Price Performance
Shares of NASDAQ STLD traded up $2.94 during trading on Friday, hitting $130.54. 1,064,732 shares of the company were exchanged, compared to its average volume of 1,321,850. The company has a market cap of $20.51 billion, a price-to-earnings ratio of 8.97 and a beta of 1.35. Steel Dynamics, Inc. has a 1 year low of $95.53 and a 1 year high of $151.34. The firm’s fifty day moving average price is $128.03 and its 200 day moving average price is $129.82. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.35 and a quick ratio of 1.19.
Steel Dynamics (NASDAQ:STLD – Get Free Report) last issued its earnings results on Wednesday, July 17th. The basic materials company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.67 by $0.05. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The company had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.43 billion. During the same period in the previous year, the firm earned $4.81 EPS. The business’s revenue was down 8.8% on a year-over-year basis. On average, sell-side analysts expect that Steel Dynamics, Inc. will post 11.35 earnings per share for the current fiscal year.
Steel Dynamics Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Sunday, June 30th were given a $0.46 dividend. The ex-dividend date was Friday, June 28th. This represents a $1.84 annualized dividend and a dividend yield of 1.41%. Steel Dynamics’s dividend payout ratio is presently 12.64%.
Insider Buying and Selling
In related news, SVP Christopher A. Graham sold 21,000 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $136.81, for a total value of $2,873,010.00. Following the sale, the senior vice president now directly owns 60,415 shares in the company, valued at approximately $8,265,376.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 6.00% of the company’s stock.
About Steel Dynamics
Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.
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