Cambria Investment Management L.P. Acquires Shares of 27,219 Steel Dynamics, Inc. (STLD)
Cambria Investment Management L.P. purchased a new stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 27,219 shares of the basic materials company’s stock, valued at approximately $938,000.
Several other institutional investors and hedge funds also recently made changes to their positions in the business. 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 period. Toronto Dominion Bank acquired a new position in shares of Steel Dynamics in the 2nd quarter valued at $107,000. Hefty Wealth Partners increased its holdings in shares of Steel Dynamics by 76.1% in the 3rd quarter. Hefty Wealth Partners now owns 3,417 shares of the basic materials company’s stock valued at $118,000 after acquiring an additional 1,477 shares during the period. Cubist Systematic Strategies LLC increased its holdings in shares of Steel Dynamics by 80.8% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 3,555 shares of the basic materials company’s stock valued at $123,000 after acquiring an additional 1,589 shares during the period. Finally, Advisory Services Network LLC increased its holdings in shares of Steel Dynamics by 2.3% in the 2nd quarter. Advisory Services Network LLC now owns 4,414 shares of the basic materials company’s stock valued at $158,000 after acquiring an additional 101 shares during the period. Institutional investors and hedge funds own 83.45% of the company’s stock.
Several brokerages have issued reports on STLD. ValuEngine cut shares of Steel Dynamics from a “buy” rating to a “hold” rating in a research note on Wednesday, November 29th. Longbow Research lowered shares of Steel Dynamics from a “buy” rating to a “neutral” rating in a research report on Monday, October 2nd. KeyCorp reiterated a “buy” rating and issued a $44.00 price objective on shares of Steel Dynamics in a research report on Friday, November 24th. Jefferies Group reiterated a “buy” rating on shares of Steel Dynamics in a research report on Saturday, September 16th. Finally, Citigroup decreased their price objective on shares of Steel Dynamics from $43.00 to $41.00 and set a “buy” rating on the stock in a research report on Friday, September 15th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $41.70.
Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data 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 net margin of 5.79% and a return on equity of 21.45%. The company had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.41 billion. During the same quarter last year, the company earned $0.64 earnings per share. Steel Dynamics’s revenue for the quarter was up 16.3% on a year-over-year basis. analysts expect that Steel Dynamics, Inc. will post 2.67 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 10th. Shareholders of record on Sunday, December 31st will be given a $0.155 dividend. This represents a $0.62 annualized dividend and a yield of 1.52%. The ex-dividend date of this dividend is Thursday, December 28th. Steel Dynamics’s dividend payout ratio (DPR) 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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