LPL Financial LLC trimmed its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 39.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 64,792 shares of the basic materials company’s stock after selling 41,834 shares during the quarter. LPL Financial LLC’s holdings in Steel Dynamics were worth $2,865,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in the business. CoreCommodity Management LLC acquired a new stake in shares of Steel Dynamics during the fourth quarter worth approximately $146,000. Vident Investment Advisory LLC boosted its holdings in shares of Steel Dynamics by 3.1% during the fourth quarter. Vident Investment Advisory LLC now owns 78,151 shares of the basic materials company’s stock worth $3,371,000 after purchasing an additional 2,345 shares during the period. Mackenzie Financial Corp boosted its holdings in shares of Steel Dynamics by 111.2% during the fourth quarter. Mackenzie Financial Corp now owns 236,343 shares of the basic materials company’s stock worth $10,193,000 after purchasing an additional 124,455 shares during the period. Maverick Capital Ltd. boosted its holdings in shares of Steel Dynamics by 59.5% during the fourth quarter. Maverick Capital Ltd. now owns 148,610 shares of the basic materials company’s stock worth $6,410,000 after purchasing an additional 55,450 shares during the period. Finally, OppenheimerFunds Inc. boosted its holdings in shares of Steel Dynamics by 110.1% during the fourth quarter. OppenheimerFunds Inc. now owns 671,905 shares of the basic materials company’s stock worth $28,979,000 after purchasing an additional 352,096 shares during the period. Institutional investors own 82.78% of the company’s stock.
In related news, Director Keith E. Busse sold 3,590 shares of the firm’s stock in a transaction that occurred on Monday, June 11th. The shares were sold at an average price of $50.32, for a total transaction of $180,648.80. Following the transaction, the director now owns 1,003,020 shares of the company’s stock, valued at $50,471,966.40. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jurgen Dr Kolb sold 4,512 shares of the firm’s stock in a transaction that occurred on Thursday, June 7th. The shares were sold at an average price of $51.02, for a total transaction of $230,202.24. Following the transaction, the director now directly owns 51,693 shares in the company, valued at approximately $2,637,376.86. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 25,298 shares of company stock worth $1,266,868. Insiders own 4.40% of the company’s stock.
Several analysts recently commented on STLD shares. BidaskClub cut shares of Steel Dynamics from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 8th. Citigroup raised their price target on shares of Steel Dynamics from $54.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, April 24th. ValuEngine upgraded shares of Steel Dynamics from a “hold” rating to a “buy” rating in a report on Wednesday, May 9th. Deutsche Bank raised their price target on shares of Steel Dynamics from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Thursday, March 29th. Finally, Goldman Sachs Group started coverage on shares of Steel Dynamics in a report on Tuesday, March 20th. They set a “buy” rating and a $59.00 price target for the company. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Steel Dynamics has a consensus rating of “Buy” and an average price target of $51.00.
Shares of Steel Dynamics opened at $45.95 on Friday, according to MarketBeat. The company has a market cap of $10.79 billion, a P/E ratio of 17.34, a price-to-earnings-growth ratio of 0.77 and a beta of 1.33. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.38 and a current ratio of 4.24. Steel Dynamics, Inc. has a twelve month low of $32.20 and a twelve month high of $52.10.
Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Wednesday, April 18th. The basic materials company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.05. The firm had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.59 billion. Steel Dynamics had a net margin of 8.59% and a return on equity of 21.60%. The company’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.83 earnings per share. analysts predict that Steel Dynamics, Inc. will post 4.93 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 13th. Investors of record on Saturday, June 30th will be given a dividend of $0.1875 per share. This represents a $0.75 annualized dividend and a yield of 1.63%. The ex-dividend date of this dividend is Thursday, June 28th. Steel Dynamics’s payout ratio is presently 28.30%.
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. 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.
Want to see what other hedge funds are holding STLD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Steel Dynamics, Inc. (NASDAQ:STLD).
Receive News & Ratings for Steel Dynamics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Steel Dynamics and related companies with MarketBeat.com's FREE daily email newsletter.