Canada Pension Plan Investment Board Has $18.03 Million Stake in Steel Dynamics, Inc. (STLD)
Canada Pension Plan Investment Board boosted its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 22.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 503,461 shares of the basic materials company’s stock after buying an additional 93,600 shares during the period. Canada Pension Plan Investment Board owned approximately 0.21% of Steel Dynamics worth $18,029,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Advantage Investment Management LLC increased its position in shares of Steel Dynamics by 39.6% in the first quarter. Advantage Investment Management LLC now owns 3,350 shares of the basic materials company’s stock worth $116,000 after buying an additional 950 shares during the period. Washington Trust Bank increased its position in Steel Dynamics by 48.8% in the second quarter. Washington Trust Bank now owns 3,393 shares of the basic materials company’s stock valued at $122,000 after buying an additional 1,113 shares during the period. James Investment Research Inc. bought a new position in Steel Dynamics during the first quarter valued at $145,000. Advisory Services Network LLC bought a new position in Steel Dynamics during the first quarter valued at $150,000. Finally, IFP Advisors Inc increased its position in Steel Dynamics by 163.8% in the first quarter. IFP Advisors Inc now owns 4,366 shares of the basic materials company’s stock valued at $152,000 after buying an additional 2,711 shares during the period. Institutional investors and hedge funds own 85.59% of the company’s stock.
Shares of Steel Dynamics, Inc. (NASDAQ:STLD) opened at 35.43 on Tuesday. The stock has a market cap of $8.50 billion, a PE ratio of 16.27 and a beta of 1.23. Steel Dynamics, Inc. has a 52 week low of $22.79 and a 52 week high of $40.17. The company’s 50-day moving average is $35.93 and its 200 day moving average is $35.22.
Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Wednesday, July 19th. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.63. The company had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Steel Dynamics had a net margin of 6.07% and a return on equity of 21.75%. The firm’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.58 earnings per share. Analysts forecast that Steel Dynamics, Inc. will post $2.83 earnings per share for the current fiscal year.
Several research analysts recently weighed in on STLD shares. Clarkson Capital restated a “neutral” rating on shares of Steel Dynamics in a research report on Thursday, July 20th. Zacks Investment Research downgraded shares of Steel Dynamics from a “buy” rating to a “hold” rating in a research report on Thursday, May 25th. Berenberg Bank restated a “buy” rating and set a $46.00 price target on shares of Steel Dynamics in a research report on Monday, June 19th. Credit Suisse Group upgraded shares of Steel Dynamics from a “neutral” rating to an “outperform” rating and set a $36.00 price target for the company in a research report on Wednesday, May 24th. Finally, Deutsche Bank AG restated a “buy” rating on shares of Steel Dynamics in a research report on Saturday, June 24th. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $39.79.
In other Steel Dynamics news, insider Christopher A. Graham sold 5,021 shares of Steel Dynamics stock in a transaction dated Tuesday, July 25th. The shares were 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 owns 26,778 shares in the company, valued at $1,018,902.90. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Keith E. Busse sold 4,965 shares of Steel Dynamics stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $38.42, for a total transaction of $190,755.30. Following the transaction, the director now owns 1,005,666 shares of the company’s stock, valued at approximately $38,637,687.72. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.
About Steel Dynamics
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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