Posted by admin on Jul 26th, 2022
Signaturefd LLC grew its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) by 56.0% in the 1st quarter, HoldingsChannel.com reports. The fund owned 1,618 shares of the basic materials company’s stock after purchasing an additional 581 shares during the quarter. Signaturefd LLC’s holdings in Steel Dynamics were worth $135,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of STLD. Norges Bank bought a new position in Steel Dynamics in the 4th quarter valued at about $199,835,000. Allspring Global Investments Holdings LLC bought a new stake in Steel Dynamics during the fourth quarter worth approximately $43,651,000. Victory Capital Management Inc. raised its holdings in Steel Dynamics by 11.7% during the fourth quarter. Victory Capital Management Inc. now owns 4,608,517 shares of the basic materials company’s stock worth $286,051,000 after purchasing an additional 481,137 shares in the last quarter. Pacer Advisors Inc. raised its holdings in Steel Dynamics by 816.1% during the first quarter. Pacer Advisors Inc. now owns 310,343 shares of the basic materials company’s stock worth $25,892,000 after purchasing an additional 276,467 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Steel Dynamics by 20.9% during the fourth quarter. JPMorgan Chase & Co. now owns 1,389,118 shares of the basic materials company’s stock worth $86,222,000 after purchasing an additional 240,496 shares in the last quarter. Institutional investors and hedge funds own 83.19% of the company’s stock.
Several brokerages recently commented on STLD. JPMorgan Chase & Co. dropped their target price on Steel Dynamics from $129.00 to $110.00 in a report on Tuesday, June 14th. StockNews.com began coverage on Steel Dynamics in a 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 target price for the stock from $114.00 to $92.00 in a report on Tuesday, May 31st. UBS Group set a $95.00 price target on shares of Steel Dynamics in a research report on Monday, June 20th. Finally, BMO Capital Markets lifted their price target on shares of 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, two have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $89.00.
NASDAQ:STLD opened at $70.00 on Tuesday. The company has a current ratio of 3.52, a quick ratio of 1.87 and a debt-to-equity ratio of 0.41. The firm has a fifty day simple moving average of $72.92 and a 200 day simple moving average of $73.42. Steel Dynamics, Inc. has a 1-year low of $50.54 and a 1-year high of $100.37. The stock has a market capitalization of $13.21 billion, a PE ratio of 3.11 and a beta of 1.38.
Steel Dynamics (NASDAQ:STLD – Get Rating) last announced its earnings results on Wednesday, July 20th. The basic materials company reported $6.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.34 by $0.39. The company had revenue of $6.21 billion during the quarter, compared to analysts’ expectations of $5.93 billion. Steel Dynamics had a net margin of 19.81% and a return on equity of 71.50%. Steel Dynamics’s quarterly revenue was up 39.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.40 earnings per share. On average, research analysts expect that Steel Dynamics, Inc. will post 20.22 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Thursday, June 30th were issued a dividend of $0.34 per share. The ex-dividend date of this dividend was Wednesday, June 29th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.94%. Steel Dynamics’s dividend payout ratio (DPR) is presently 6.05%.
In related news, Director Keith E. Busse sold 5,040 shares of the business’s stock in a transaction on 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 owns 724,034 shares in the company, valued at $60,464,079.34. The transaction was disclosed in a document filed with the SEC, which is available through this link. 5.40% of the stock is owned by company insiders.
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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