Geode Capital Management LLC reduced its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 18.0% in the 4th quarter, HoldingsChannel.com reports. The firm owned 2,191,315 shares of the basic materials company’s stock after selling 481,006 shares during the quarter. Geode Capital Management LLC’s holdings in Steel Dynamics were worth $94,460,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of the stock. Investec Asset Management LTD acquired a new stake in shares of Steel Dynamics during the fourth quarter worth approximately $8,410,000. Maverick Capital Ltd. boosted its holdings in shares of Steel Dynamics by 59.5% during the fourth quarter. Maverick Capital Ltd. now owns 148,610 shares of the basic materials company’s stock worth $6,410,000 after purchasing an additional 55,450 shares during the period. Burney Co. boosted its holdings in shares of Steel Dynamics by 27.8% during the fourth quarter. Burney Co. now owns 73,096 shares of the basic materials company’s stock worth $3,153,000 after purchasing an additional 15,883 shares during the period. Lazard Asset Management LLC boosted its holdings in shares of Steel Dynamics by 348.9% during the fourth quarter. Lazard Asset Management LLC now owns 6,556,430 shares of the basic materials company’s stock worth $282,777,000 after purchasing an additional 5,096,015 shares during the period. Finally, Venturi Wealth Management LLC boosted its holdings in shares of Steel Dynamics by 4.7% during the fourth quarter. Venturi Wealth Management LLC now owns 146,316 shares of the basic materials company’s stock worth $6,311,000 after purchasing an additional 6,525 shares during the period. Institutional investors and hedge funds own 85.46% of the company’s stock.
Shares of Steel Dynamics, Inc. (NASDAQ STLD) opened at $46.34 on Monday. The company has a debt-to-equity ratio of 0.74, a current ratio of 4.04 and a quick ratio of 2.29. Steel Dynamics, Inc. has a one year low of $32.15 and a one year high of $50.70. The firm has a market cap of $10,939.55, a price-to-earnings ratio of 17.49, a PEG ratio of 0.96 and a beta of 1.27.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 13th. Stockholders of record on Saturday, March 31st will be paid a $0.1875 dividend. This represents a $0.75 dividend on an annualized basis and a dividend yield of 1.62%. This is a boost from Steel Dynamics’s previous quarterly dividend of $0.16. The ex-dividend date is Wednesday, March 28th. Steel Dynamics’s payout ratio is presently 18.40%.
A number of analysts have issued reports on STLD shares. KeyCorp set a $49.00 target price on shares of Steel Dynamics and gave the company a “buy” rating in a research note on Wednesday, January 10th. Bank of America set a $51.00 target price on shares of Steel Dynamics and gave the company a “buy” rating in a research note on Monday, January 8th. Longbow Research upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating in a research note on Wednesday, December 20th. Cowen set a $43.00 target price on shares of Steel Dynamics and gave the company a “buy” rating in a research note on Monday, December 18th. Finally, BidaskClub upgraded shares of Steel Dynamics from a “hold” rating to a “buy” rating in a research note on Tuesday, December 12th. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $46.64.
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Steel Dynamics Company 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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