Millennium Management LLC decreased its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 67.1% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 637,150 shares of the basic materials company’s stock after selling 1,297,991 shares during the quarter. Millennium Management LLC owned about 0.27% of Steel Dynamics worth $28,175,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in the stock. Verition Fund Management LLC lifted its position in Steel Dynamics by 297.7% during the first quarter. Verition Fund Management LLC now owns 41,513 shares of the basic materials company’s stock worth $1,836,000 after buying an additional 31,074 shares in the last quarter. Cubist Systematic Strategies LLC lifted its position in Steel Dynamics by 71.0% during the first quarter. Cubist Systematic Strategies LLC now owns 12,974 shares of the basic materials company’s stock worth $574,000 after buying an additional 5,389 shares in the last quarter. Mariner LLC lifted its position in Steel Dynamics by 20.9% during the first quarter. Mariner LLC now owns 6,222 shares of the basic materials company’s stock worth $275,000 after buying an additional 1,076 shares in the last quarter. Element Capital Management LLC purchased a new position in Steel Dynamics during the first quarter worth approximately $713,000. Finally, Natixis purchased a new position in Steel Dynamics during the first quarter worth approximately $17,531,000. Hedge funds and other institutional investors own 82.78% of the company’s stock.
In other news, insider Theresa E. Wagler sold 17,196 shares of Steel Dynamics stock in a transaction on Thursday, May 31st. The stock was sold at an average price of $49.78, for a total value of $856,016.88. Following the completion of the sale, the insider now directly owns 331,381 shares of the company’s stock, valued at $16,496,146.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Keith E. Busse sold 3,590 shares of Steel Dynamics stock in a transaction on Monday, June 11th. The shares were sold at an average price of $50.32, for a total value of $180,648.80. Following the completion of the sale, the director now directly owns 1,003,020 shares of the company’s stock, valued at $50,471,966.40. The disclosure for this sale can be found here. Insiders sold 25,298 shares of company stock valued at $1,266,868 over the last ninety days. Insiders own 4.40% of the company’s stock.
STLD stock opened at $45.74 on Thursday. The company has a quick ratio of 2.38, a current ratio of 4.24 and a debt-to-equity ratio of 0.71. The firm has a market cap of $10.98 billion, a price-to-earnings ratio of 17.26, a price-to-earnings-growth ratio of 0.79 and a beta of 1.33. Steel Dynamics, Inc. has a 52-week low of $32.20 and a 52-week high of $52.10.
Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Wednesday, April 18th. The basic materials company reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.05. The company had revenue of $2.60 billion during the quarter, compared to analysts’ expectations of $2.59 billion. Steel Dynamics had a return on equity of 21.60% and a net margin of 8.59%. The firm’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.83 earnings per share. equities research analysts anticipate that Steel Dynamics, Inc. will post 4.93 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 13th. Stockholders of record on Saturday, June 30th will be paid a $0.1875 dividend. The ex-dividend date of this dividend is Thursday, June 28th. This represents a $0.75 dividend on an annualized basis and a dividend yield of 1.64%. Steel Dynamics’s payout ratio is presently 28.30%.
A number of equities analysts recently commented on STLD shares. BidaskClub downgraded Steel Dynamics from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 8th. Citigroup lifted their price objective on Steel Dynamics from $54.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, April 24th. ValuEngine raised Steel Dynamics from a “hold” rating to a “buy” rating in a research note on Wednesday, May 9th. Deutsche Bank raised their target price on Steel Dynamics from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Thursday, March 29th. Finally, Goldman Sachs Group assumed coverage on Steel Dynamics in a research note on Tuesday, March 20th. They set a “buy” rating and a $59.00 target price for the company. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Steel Dynamics presently has an average rating of “Buy” and an average price target of $51.00.
Steel Dynamics Company Profile
Steel Dynamics, Inc, together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. The company operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment provides hot roll, cold roll, and coated steel products; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; merchant bar products, including angles, merchant rounds, flats, channels, and reinforcing bars; beams, channels, and specialty steel sections; and threaded rod products, and cold drawn and heat treated bars.
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