Posted by admin on Jun 25th, 2022

Wedge Capital Management L L P NC trimmed its holdings in Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) by 31.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 90,718 shares of the basic materials company’s stock after selling 41,524 shares during the period. Wedge Capital Management L L P NC’s holdings in Steel Dynamics were worth $7,569,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Centiva Capital LP raised its position in shares of Steel Dynamics by 325.0% in the third quarter. Centiva Capital LP now owns 22,089 shares of the basic materials company’s stock valued at $1,292,000 after buying an additional 16,892 shares in the last quarter. DekaBank Deutsche Girozentrale raised its position in shares of Steel Dynamics by 20.6% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 88,042 shares of the basic materials company’s stock valued at $5,494,000 after buying an additional 15,044 shares in the last quarter. Leavell Investment Management Inc. raised its position in shares of Steel Dynamics by 9.9% in the fourth quarter. Leavell Investment Management Inc. now owns 30,120 shares of the basic materials company’s stock valued at $1,877,000 after buying an additional 2,710 shares in the last quarter. IFM Investors Pty Ltd raised its position in shares of Steel Dynamics by 5.5% in the fourth quarter. IFM Investors Pty Ltd now owns 33,535 shares of the basic materials company’s stock valued at $2,082,000 after buying an additional 1,762 shares in the last quarter. Finally, AlphaCrest Capital Management LLC raised its position in shares of Steel Dynamics by 6.9% in the fourth quarter. AlphaCrest Capital Management LLC now owns 75,179 shares of the basic materials company’s stock valued at $4,666,000 after buying an additional 4,863 shares in the last quarter. Institutional investors own 83.19% of the company’s stock.

A number of research analysts recently issued reports on STLD shares. UBS Group set a $95.00 price objective on shares of Steel Dynamics in a research note on Monday, June 20th. The Goldman Sachs Group cut shares of Steel Dynamics from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $114.00 to $92.00 in a research note on Tuesday, May 31st. JPMorgan Chase & Co. decreased their price objective on shares of Steel Dynamics from $129.00 to $110.00 in a research note on Tuesday, June 14th. BMO Capital Markets lifted their price objective on shares of Steel Dynamics from $95.00 to $104.00 in a research note on Friday, April 22nd. Finally, StockNews.com began coverage on shares of Steel Dynamics in a research note on Thursday, March 31st. They issued a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Steel Dynamics currently has an average rating of “Hold” and a consensus price target of $87.00.

Shares of Steel Dynamics stock opened at $68.89 on Friday. The company has a quick ratio of 1.74, a current ratio of 3.42 and a debt-to-equity ratio of 0.45. Steel Dynamics, Inc. has a twelve month low of $50.54 and a twelve month high of $100.37. The stock has a market cap of $13.00 billion, a price-to-earnings ratio of 3.56 and a beta of 1.30. The company’s fifty day moving average is $80.24 and its 200 day moving average is $72.51.

Steel Dynamics (NASDAQ:STLD – Get Rating) last issued its quarterly earnings data on Wednesday, April 20th. The basic materials company reported $6.02 earnings per share for the quarter, topping the consensus estimate of $5.58 by $0.44. Steel Dynamics had a net margin of 19.02% and a return on equity of 69.88%. The company had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.35 billion. During the same quarter in the previous year, the firm posted $2.10 earnings per share. Steel Dynamics’s revenue for the quarter was up 57.1% on a year-over-year basis. As a group, equities analysts anticipate that Steel Dynamics, Inc. will post 19.84 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Thursday, June 30th will be paid a $0.34 dividend. The ex-dividend date of this dividend is Wednesday, June 29th. This represents a $1.36 annualized dividend and a dividend yield of 1.97%. Steel Dynamics’s dividend payout ratio is 7.02%.

Steel Dynamics declared that its board has initiated a stock repurchase plan on Monday, February 28th that permits the company to repurchase $1.25 billion in outstanding shares. This repurchase authorization permits the basic materials company to buy up to 8.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

In related news, Director Keith E. Busse sold 5,040 shares of the business’s stock in a transaction on Friday, June 3rd. The shares were sold at an average price of $83.51, for a total value of $420,890.40. Following the transaction, the director now owns 724,034 shares in the company, valued at $60,464,079.34. The transaction was disclosed in a document filed with the SEC, which is available through this link. 5.40% of the stock is owned by insiders.

Steel Dynamics Company Profile (Get Rating)

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. 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; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars.

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