US Bancorp DE lessened its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) by 4.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 20,045 shares of the basic materials company’s stock after selling 834 shares during the quarter. US Bancorp DE’s holdings in Steel Dynamics were worth $2,971,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Russell Investments Group Ltd. grew its position in shares of Steel Dynamics by 11.2% during the first quarter. Russell Investments Group Ltd. now owns 264,378 shares of the basic materials company’s stock worth $39,075,000 after purchasing an additional 26,538 shares in the last quarter. QRG Capital Management Inc. grew its position in shares of Steel Dynamics by 56.2% during the first quarter. QRG Capital Management Inc. now owns 50,712 shares of the basic materials company’s stock worth $7,517,000 after purchasing an additional 18,256 shares in the last quarter. Meeder Advisory Services Inc. purchased a new stake in shares of Steel Dynamics during the first quarter worth about $257,000. NorthRock Partners LLC purchased a new stake in shares of Steel Dynamics during the first quarter worth about $263,000. Finally, Sei Investments Co. grew its position in shares of Steel Dynamics by 6.1% during the first quarter. Sei Investments Co. now owns 108,112 shares of the basic materials company’s stock worth $16,026,000 after purchasing an additional 6,263 shares in the last quarter. Hedge funds and other institutional investors own 82.41% of the company’s stock.
Insider Activity at Steel Dynamics
In other Steel Dynamics news, SVP Christopher A. Graham sold 21,000 shares of the company’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $136.81, for a total transaction of $2,873,010.00. Following the sale, the senior vice president now owns 60,415 shares in the company, valued at approximately $8,265,376.15. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 6.00% of the company’s stock.
Steel Dynamics Stock Down 0.7 %
Steel Dynamics stock opened at $129.13 on Friday. The stock has a market capitalization of $20.29 billion, a PE ratio of 8.87 and a beta of 1.35. Steel Dynamics, Inc. has a 12 month low of $95.53 and a 12 month high of $151.34. The business has a 50 day simple moving average of $128.96 and a 200-day simple moving average of $129.42. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.87 and a quick ratio of 1.55.
Steel Dynamics (NASDAQ:STLD – Get Free Report) last released its quarterly earnings data on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share for the quarter, topping analysts’ consensus estimates of $2.67 by $0.05. Steel Dynamics had a return on equity of 23.03% and a net margin of 11.10%. The company had revenue of $4.63 billion for the quarter, compared to analyst estimates of $4.43 billion. During the same quarter in the previous year, the company posted $4.81 earnings per share. The firm’s revenue for the quarter was down 8.8% compared to the same quarter last year. On average, analysts anticipate that Steel Dynamics, Inc. will post 11.44 EPS for the current fiscal year.
Steel Dynamics Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Sunday, June 30th were issued a $0.46 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.84 annualized dividend and a dividend yield of 1.42%. Steel Dynamics’s dividend payout ratio is presently 12.64%.
Analyst Upgrades and Downgrades
STLD has been the subject of a number of research reports. Jefferies Financial Group assumed coverage on Steel Dynamics in a research note on Monday, May 20th. They set a “hold” rating and a $150.00 price target for the company. Bank of America reduced their price objective on shares of Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. BMO Capital Markets dropped their price target on 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, JPMorgan Chase & Co. lifted their target price on Steel Dynamics from $118.00 to $120.00 and gave the stock an “underweight” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Steel Dynamics has an average rating of “Hold” and a consensus target price of $133.86.
Read Our Latest Report on STLD
Steel Dynamics Profile
(Free Report)
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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