TD Asset Management Inc. Sells 2,167 Shares of Steel Dynamics, Inc. (STLD)
TD Asset Management Inc. trimmed its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 3.3% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 64,089 shares of the basic materials company’s stock after selling 2,167 shares during the period. TD Asset Management Inc.’s holdings in Steel Dynamics were worth $2,209,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Steel Dynamics by 2.6% in the 2nd quarter. Vanguard Group Inc. now owns 24,405,049 shares of the basic materials company’s stock worth $873,945,000 after purchasing an additional 611,096 shares during the last quarter. BlackRock Inc. boosted its position in shares of Steel Dynamics by 9.2% in the 2nd quarter. BlackRock Inc. now owns 21,932,609 shares of the basic materials company’s stock worth $785,405,000 after purchasing an additional 1,840,803 shares during the last quarter. Boston Partners boosted its position in shares of Steel Dynamics by 3.6% in the 3rd quarter. Boston Partners now owns 16,977,310 shares of the basic materials company’s stock worth $585,208,000 after purchasing an additional 593,498 shares during the last quarter. State Street Corp boosted its position in shares of Steel Dynamics by 17.9% in the 2nd quarter. State Street Corp now owns 8,857,134 shares of the basic materials company’s stock worth $317,162,000 after purchasing an additional 1,346,487 shares during the last quarter. Finally, Prudential Financial Inc. boosted its position in shares of Steel Dynamics by 13.2% in the 3rd quarter. Prudential Financial Inc. now owns 4,619,005 shares of the basic materials company’s stock worth $159,217,000 after purchasing an additional 539,480 shares during the last quarter. Hedge funds and other institutional investors own 83.45% of the company’s stock.
STLD has been the topic of several recent research reports. Jefferies Group restated a “buy” rating and issued a $43.00 price target on shares of Steel Dynamics in a research report on Friday, October 6th. Citigroup dropped their price objective on Steel Dynamics from $43.00 to $41.00 and set a “buy” rating on the stock in a research note on Friday, September 15th. Morgan Stanley set a $36.00 price objective on Steel Dynamics and gave the stock a “hold” rating in a research note on Tuesday, October 24th. KeyCorp raised Steel Dynamics from a “sector weight” rating to an “overweight” rating and set a $44.00 price objective on the stock in a research note on Friday, October 20th. Finally, Longbow Research downgraded Steel Dynamics from a “buy” rating to a “neutral” rating in a research note on Monday, October 2nd. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $41.70.
Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Wednesday, October 18th. The basic materials company reported $0.66 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.66. Steel Dynamics had a return on equity of 21.45% and a net margin of 5.79%. The firm had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.41 billion. During the same quarter last year, the business posted $0.64 EPS. The company’s revenue for the quarter was up 16.3% on a year-over-year basis. equities research analysts forecast that Steel Dynamics, Inc. will post 2.67 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 10th. Shareholders of record on Sunday, December 31st will be paid a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 1.52%. The ex-dividend date is Thursday, December 28th. Steel Dynamics’s dividend payout ratio is 28.57%.
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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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