Cornerstone Capital Management Holdings LLC. decreased its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 45.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 406,559 shares of the basic materials company’s stock after selling 339,246 shares during the quarter. Cornerstone Capital Management Holdings LLC. owned approximately 0.17% of Steel Dynamics worth $14,558,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in STLD. BlackRock Inc. raised its stake in Steel Dynamics by 11,858.1% during the first quarter. BlackRock Inc. now owns 20,091,806 shares of the basic materials company’s stock worth $698,391,000 after acquiring an additional 19,923,788 shares during the period. Steadfast Capital Management LP acquired a new stake in Steel Dynamics during the first quarter worth about $81,408,000. Boston Partners raised its stake in Steel Dynamics by 11.9% during the second quarter. Boston Partners now owns 16,383,812 shares of the basic materials company’s stock worth $586,703,000 after acquiring an additional 1,742,242 shares during the period. Prudential Financial Inc. raised its stake in Steel Dynamics by 21.7% during the second quarter. Prudential Financial Inc. now owns 4,079,525 shares of the basic materials company’s stock worth $146,088,000 after acquiring an additional 727,722 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in Steel Dynamics during the second quarter worth about $24,070,000. Hedge funds and other institutional investors own 82.64% of the company’s stock.
STLD has been the topic of several research reports. BidaskClub lowered shares of Steel Dynamics from a “hold” rating to a “sell” rating in a research note on Saturday, June 17th. Longbow Research upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating in a research note on Monday, June 19th. Berenberg Bank restated a “buy” rating and issued a $46.00 price target on shares of Steel Dynamics in a research note on Monday, June 19th. Deutsche Bank AG restated a “buy” rating on shares of Steel Dynamics in a research note on Saturday, June 24th. Finally, Jefferies Group LLC restated a “buy” rating and issued a $45.00 price target on shares of Steel Dynamics in a research note on Monday, June 26th. Eight investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $40.63.
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In other Steel Dynamics news, Director Keith E. Busse sold 4,965 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $38,637,687.72. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Christopher A. Graham sold 5,021 shares of the business’s stock in a transaction dated Tuesday, July 25th. The stock was 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 directly owns 26,778 shares of the company’s stock, valued at $1,018,902.90. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.
Steel Dynamics, Inc. (NASDAQ STLD) traded up 0.72% on Friday, hitting $36.17. 4,131,881 shares of the stock traded hands. The stock has a 50-day moving average price of $34.20 and a 200 day moving average price of $34.85. The stock has a market cap of $8.68 billion, a P/E ratio of 16.61 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 announced its earnings results on Wednesday, July 19th. The basic materials company reported $0.63 earnings per share for the quarter, hitting the Zacks’ consensus estimate 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 the consensus estimate of $2.37 billion. During the same period in the previous year, the firm posted $0.58 earnings per share. The company’s revenue was up 18.1% on a year-over-year basis. On average, equities analysts expect that Steel Dynamics, Inc. will post $2.71 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 12th. Shareholders of record on Saturday, September 30th will be paid a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date of this dividend is Thursday, September 28th. Steel Dynamics’s dividend payout ratio is presently 28.57%.
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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