Steel Dynamics, Inc. (STLD) Stake Lowered by Wasatch Advisors Inc.
Wasatch Advisors Inc. lowered its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 15.9% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 87,891 shares of the basic materials company’s stock after selling 16,628 shares during the quarter. Wasatch Advisors Inc.’s holdings in Steel Dynamics were worth $3,147,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also added to or reduced their stakes in STLD. Washington Trust Bank increased its holdings in shares of Steel Dynamics by 48.8% in the 2nd quarter. Washington Trust Bank now owns 3,393 shares of the basic materials company’s stock valued at $122,000 after acquiring an additional 1,113 shares during the last quarter. Creative Planning increased its holdings in shares of Steel Dynamics by 36.3% in the 2nd quarter. Creative Planning now owns 4,718 shares of the basic materials company’s stock valued at $169,000 after acquiring an additional 1,256 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt purchased a new position in shares of Steel Dynamics in the 2nd quarter valued at about $179,000. Nomura Asset Management Co. Ltd. increased its holdings in shares of Steel Dynamics by 11.1% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 5,390 shares of the basic materials company’s stock valued at $187,000 after acquiring an additional 540 shares during the last quarter. Finally, IHT Wealth Management LLC increased its holdings in shares of Steel Dynamics by 0.7% in the 2nd quarter. IHT Wealth Management LLC now owns 407 shares of the basic materials company’s stock valued at $198,000 after acquiring an additional 3 shares during the last quarter. Institutional investors and hedge funds own 82.58% of the company’s stock.
In other Steel Dynamics news, Director Keith E. Busse sold 4,965 shares of the company’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $38.42, for a total transaction of $190,755.30. Following the completion of the sale, the director now directly owns 1,005,666 shares in the company, valued at $38,637,687.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Christopher A. Graham sold 5,021 shares of the company’s 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 sale, the insider now owns 26,778 shares of the company’s stock, valued at $1,018,902.90. The disclosure for this sale can be found here. 4.20% of the stock is owned by corporate insiders.
A number of research firms have recently commented on STLD. Zacks Investment Research upgraded Steel Dynamics from a “sell” rating to a “hold” rating in a report on Wednesday, July 26th. Clarkson Capital reiterated a “neutral” rating on shares of Steel Dynamics in a report on Thursday, July 20th. BidaskClub upgraded Steel Dynamics from a “hold” rating to a “buy” rating in a report on Tuesday, July 25th. Jefferies Group LLC reiterated a “buy” rating and issued a $43.00 price objective (up previously from $42.00) on shares of Steel Dynamics in a report on Saturday, July 22nd. Finally, Bank of America Corporation increased their price objective on Steel Dynamics from $40.00 to $42.00 and gave the company a “buy” rating in a report on Friday, July 21st. Eight investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $40.63.
Shares of Steel Dynamics, Inc. (STLD) traded up 0.33% during mid-day trading on Wednesday, hitting $36.29. The stock had a trading volume of 668,038 shares. The firm’s 50 day moving average price is $34.48 and its 200-day moving average price is $34.93. Steel Dynamics, Inc. has a one year low of $23.52 and a one year high of $40.17. The company has a market cap of $8.70 billion, a PE ratio of 16.67 and a beta of 1.29.
Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Wednesday, July 19th. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, meeting 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 analysts’ expectations of $2.37 billion. During the same period in the prior year, the company earned $0.58 earnings per share. The business’s quarterly revenue was up 18.1% compared to the same quarter last year. On average, equities research analysts anticipate that Steel Dynamics, Inc. will post $2.70 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, October 12th. Shareholders of record on Saturday, September 30th were issued a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date was Thursday, September 28th. Steel Dynamics’s dividend payout ratio (DPR) is 28.57%.
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Steel Dynamics Company 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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