Pinebridge Investments L.P. Lowers Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)
Pinebridge Investments L.P. decreased its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 67.1% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 41,409 shares of the basic materials company’s stock after selling 84,560 shares during the period. Pinebridge Investments L.P.’s holdings in Steel Dynamics were worth $1,251,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of the business. Renaissance Technologies LLC increased its position in Steel Dynamics by 463.3% in the 2nd quarter. Renaissance Technologies LLC now owns 1,891,700 shares of the basic materials company’s stock worth $57,129,000 after purchasing an additional 1,555,900 shares during the last quarter. LSV Asset Management increased its position in Steel Dynamics by 293.0% in the 1st quarter. LSV Asset Management now owns 1,138,474 shares of the basic materials company’s stock worth $40,153,000 after purchasing an additional 848,774 shares during the last quarter. BlackRock Inc. increased its position in Steel Dynamics by 3.4% in the 1st quarter. BlackRock Inc. now owns 24,696,468 shares of the basic materials company’s stock worth $871,044,000 after purchasing an additional 802,211 shares during the last quarter. WINTON GROUP Ltd increased its position in Steel Dynamics by 2,223.1% in the 2nd quarter. WINTON GROUP Ltd now owns 679,378 shares of the basic materials company’s stock worth $20,517,000 after purchasing an additional 650,134 shares during the last quarter. Finally, Marshall Wace LLP increased its position in Steel Dynamics by 1,482.6% in the 1st quarter. Marshall Wace LLP now owns 593,892 shares of the basic materials company’s stock worth $20,947,000 after purchasing an additional 556,366 shares during the last quarter. Institutional investors own 79.78% of the company’s stock.
A number of research analysts have recently commented on STLD shares. Longbow Research lowered Steel Dynamics from a “buy” rating to a “neutral” rating in a report on Monday, August 26th. ValuEngine raised Steel Dynamics from a “sell” rating to a “hold” rating in a report on Thursday, September 12th. Credit Suisse Group lowered Steel Dynamics from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $38.00 to $29.00 in a report on Thursday, May 23rd. BidaskClub raised Steel Dynamics from a “sell” rating to a “hold” rating in a report on Thursday, September 12th. Finally, Bank of America lowered their price objective on Steel Dynamics from $34.00 to $30.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Ten equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Steel Dynamics currently has a consensus rating of “Hold” and a consensus target price of $37.27.
Steel Dynamics (NASDAQ:STLD) last released its earnings results on Monday, July 22nd. The basic materials company reported $0.87 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.89 by ($0.02). The business had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.78 billion. Steel Dynamics had a net margin of 9.11% and a return on equity of 28.50%. The business’s quarterly revenue was down 10.4% compared to the same quarter last year. During the same period last year, the business earned $1.53 EPS. Research analysts forecast that Steel Dynamics, Inc. will post 3.16 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date of this dividend is Friday, September 27th. Steel Dynamics’s dividend payout ratio (DPR) is currently 17.49%.
In other Steel Dynamics news, SVP Miguel Alvarez bought 8,920 shares of the stock in a transaction on Friday, September 6th. The shares were purchased at an average price of $27.72 per share, with a total value of $247,262.40. Following the acquisition, the senior vice president now directly owns 700 shares of the company’s stock, valued at approximately $19,404. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 4.90% of the company’s stock.
About Steel Dynamics
Steel Dynamics, Inc, together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. 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; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; and merchant-bar-quality products, including rounds, angles, flats, reinforcing bars, and channels and specialty steel sections.
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