Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 21.0% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,114,229 shares of the basic materials company’s stock after buying an additional 193,048 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.50% of Steel Dynamics worth $39,299,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the business. Norges Bank bought a new stake in Steel Dynamics in the fourth quarter worth about $146,724,000. Oregon Public Employees Retirement Fund increased its holdings in Steel Dynamics by 2,996.4% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 4,061,799 shares of the basic materials company’s stock valued at $135,000 after buying an additional 3,930,619 shares during the period. D. E. Shaw & Co. Inc. increased its holdings in Steel Dynamics by 230.7% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 2,162,428 shares of the basic materials company’s stock valued at $64,960,000 after buying an additional 1,508,574 shares during the period. Millennium Management LLC increased its holdings in Steel Dynamics by 114.3% during the fourth quarter. Millennium Management LLC now owns 2,741,986 shares of the basic materials company’s stock valued at $82,369,000 after buying an additional 1,462,216 shares during the period. Finally, Vanguard Group Inc increased its holdings in Steel Dynamics by 4.3% during the third quarter. Vanguard Group Inc now owns 21,357,596 shares of the basic materials company’s stock valued at $965,150,000 after buying an additional 882,061 shares during the period. Institutional investors and hedge funds own 81.38% of the company’s stock.
In other Steel Dynamics news, insider Russell B. Rinn bought 2,000 shares of Steel Dynamics stock in a transaction on Friday, May 31st. The shares were bought at an average cost of $25.58 per share, for a total transaction of $51,160.00. Following the acquisition, the insider now directly owns 220,459 shares in the company, valued at $5,639,341.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gabriel Shaheen bought 5,000 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The stock was bought at an average cost of $27.03 per share, for a total transaction of $135,150.00. Following the completion of the transaction, the director now directly owns 58,635 shares in the company, valued at $1,584,904.05. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 12,740 shares of company stock worth $336,296. Company insiders own 4.90% of the company’s stock.
Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Monday, April 22nd. The basic materials company reported $0.91 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.91. The company had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.80 billion. Steel Dynamics had a net margin of 10.26% and a return on equity of 33.56%. Steel Dynamics’s revenue was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.96 EPS. As a group, equities analysts forecast that Steel Dynamics, Inc. will post 3.57 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Sunday, June 30th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $0.96 annualized dividend and a dividend yield of 3.60%. Steel Dynamics’s dividend payout ratio is currently 17.49%.
Several research firms have issued reports on STLD. Zacks Investment Research raised shares of Steel Dynamics from a “sell” rating to a “hold” rating in a report on Wednesday, March 6th. ValuEngine downgraded shares of Steel Dynamics from a “sell” rating to a “strong sell” rating in a research note on Monday, April 1st. BidaskClub downgraded shares of Steel Dynamics from a “hold” rating to a “sell” rating in a research note on Saturday, March 9th. Macquarie set a $36.00 target price on shares of Steel Dynamics and gave the company a “hold” rating in a research report on Tuesday, April 23rd. Finally, Goldman Sachs Group set a $44.00 target price on shares of Steel Dynamics and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the stock. Steel Dynamics presently has an average rating of “Hold” and a consensus target price of $42.54.
Steel Dynamics Profile
Steel Dynamics, Inc, together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. 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; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; and merchant-bar-quality products, including rounds, angles, flats, reinforcing bars, and channels and specialty steel sections.
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