Stifel Financial Corp decreased its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 23.8% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 89,940 shares of the basic materials company’s stock after selling 28,152 shares during the period. Stifel Financial Corp’s holdings in Steel Dynamics were worth $3,224,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Steel Dynamics by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 24,405,049 shares of the basic materials company’s stock worth $873,945,000 after buying an additional 611,096 shares during the period. BlackRock Inc. boosted its holdings in shares of Steel Dynamics by 9.2% during the 2nd quarter. BlackRock Inc. now owns 21,932,609 shares of the basic materials company’s stock worth $785,405,000 after buying an additional 1,840,803 shares during the period. Boston Partners boosted its holdings in shares of Steel Dynamics by 11.9% during the 2nd quarter. Boston Partners now owns 16,383,812 shares of the basic materials company’s stock worth $586,703,000 after buying an additional 1,742,242 shares during the period. State Street Corp boosted its holdings in shares of Steel Dynamics by 2.9% during the 1st quarter. State Street Corp now owns 7,510,647 shares of the basic materials company’s stock worth $261,070,000 after buying an additional 209,388 shares during the period. Finally, Prudential Financial Inc. boosted its holdings in shares of Steel Dynamics by 21.7% during the 2nd quarter. Prudential Financial Inc. now owns 4,079,525 shares of the basic materials company’s stock worth $146,088,000 after buying an additional 727,722 shares during the period. 82.64% of the stock is owned by institutional investors and hedge funds.
Steel Dynamics, Inc. (NASDAQ STLD) opened at 35.98 on Thursday. The stock has a 50 day moving average of $34.35 and a 200 day moving average of $34.89. The firm has a market capitalization of $8.63 billion, a PE ratio of 16.53 and a beta of 1.29. Steel Dynamics, Inc. has a 12 month low of $23.34 and a 12 month high of $40.17.
Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Wednesday, July 19th. The basic materials company reported $0.63 EPS for the quarter, meeting analysts’ consensus estimates of $0.63. Steel Dynamics had a net margin of 6.07% and a return on equity of 21.75%. The company had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.37 billion. During the same period last year, the business earned $0.58 earnings per share. Steel Dynamics’s revenue was up 18.1% compared to the same quarter last year. On average, equities analysts predict that Steel Dynamics, Inc. will post $2.71 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 12th. Stockholders of record on Saturday, September 30th will be given a $0.155 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.72%. Steel Dynamics’s dividend payout ratio (DPR) is currently 28.57%.
In other news, Director Keith E. Busse sold 4,965 shares of the firm’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $38.42, for a total value of $190,755.30. Following the completion of the transaction, the director now directly owns 1,005,666 shares in the company, valued at $38,637,687.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Christopher A. Graham sold 5,021 shares of the firm’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $38.05, for a total transaction of $191,049.05. Following the completion of the transaction, the insider now owns 26,778 shares of the company’s stock, valued at $1,018,902.90. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by company insiders.
Several analysts recently commented on the stock. Jefferies Group LLC reaffirmed a “buy” rating and set a $43.00 target price on shares of Steel Dynamics in a report on Friday, October 6th. Longbow Research downgraded shares of Steel Dynamics from a “buy” rating to a “neutral” rating in a report on Monday, October 2nd. Citigroup Inc. reduced their target price on shares of Steel Dynamics from $43.00 to $41.00 and set a “buy” rating for the company in a report on Friday, September 15th. Morgan Stanley downgraded shares of Steel Dynamics from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $45.00 to $33.00 in a report on Tuesday, September 12th. Finally, Macquarie began coverage on shares of Steel Dynamics in a report on Wednesday, September 6th. They issued a “neutral” rating and a $36.00 price objective for the company. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $40.63.
Steel Dynamics Profile
Steel Dynamics, Inc is a steel producing and a metal recycling company. The Company is engaged in the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joists and deck products. Its segments include steel operations, metals recycling operations, steel fabrication operations and Other Operations.
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