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Steel Dynamics, Inc. (NASDAQ:STLD - Get Rating) was the recipient of a significant drop in short interest in June. As of June 30th, there was short interest totalling 5,580,000 shares, a drop of 27.2% from the June 15th total of 7,660,000 shares. Currently, 3.1% of the shares of the stock are sold short. Based on an average daily volume of 2,180,000 shares, the days-to-cover ratio is presently 2.6 days. Steel Dynamics Stock Performance
Shares of NASDAQ:STLD opened at $67.06 on Monday. The company has a quick ratio of 1.74, a current ratio of 3.42 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $12.65 billion, a price-to-earnings ratio of 3.46 and a beta of 1.38. The firm has a 50 day moving average of $73.80 and a 200 day moving average of $73.21. Steel Dynamics has a 52 week low of $50.54 and a 52 week high of $100.37.
Steel Dynamics (NASDAQ:STLD - Get Rating) last issued its quarterly earnings data on Wednesday, April 20th. The basic materials company reported $6.02 earnings per share for the quarter, topping analysts' consensus estimates of $5.58 by $0.44. Steel Dynamics had a return on equity of 69.88% and a net margin of 19.02%. The firm had revenue of $5.57 billion during the quarter, compared to analysts' expectations of $5.35 billion. During the same period in the prior year, the business posted $2.10 EPS. The firm's quarterly revenue was up 57.1% on a year-over-year basis. On average, sell-side analysts predict that Steel Dynamics will post 19.77 earnings per share for the current fiscal year. Steel Dynamics Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Thursday, June 30th were paid a dividend of $0.34 per share. The ex-dividend date of this dividend was Wednesday, June 29th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.03%. Steel Dynamics's payout ratio is 7.02%. Insider Activity at Steel Dynamics
In other news, Director Keith E. Busse sold 5,040 shares of the business's stock in a transaction dated Friday, June 3rd. The shares were sold at an average price of $83.51, for a total value of $420,890.40. Following the sale, the director now directly owns 724,034 shares in the company, valued at approximately $60,464,079.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 5.40% of the stock is currently owned by insiders. Hedge Funds Weigh In On Steel Dynamics
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in STLD. Venture Visionary Partners LLC increased its holdings in shares of Steel Dynamics by 1.1% during the 1st quarter. Venture Visionary Partners LLC now owns 11,840 shares of the basic materials company's stock valued at $987,000 after purchasing an additional 132 shares in the last quarter. Paragon Capital Management Ltd boosted its stake in Steel Dynamics by 3.6% during the 1st quarter. Paragon Capital Management Ltd now owns 3,932 shares of the basic materials company's stock worth $328,000 after purchasing an additional 138 shares during the last quarter. Wetherby Asset Management Inc. grew its stake in Steel Dynamics by 4.3% during the 1st quarter. Wetherby Asset Management Inc. now owns 4,204 shares of the basic materials company's stock valued at $351,000 after acquiring an additional 174 shares in the last quarter. Eagle Asset Management Inc. increased its holdings in shares of Steel Dynamics by 0.5% in the fourth quarter. Eagle Asset Management Inc. now owns 37,183 shares of the basic materials company's stock valued at $2,300,000 after purchasing an additional 175 shares during the last quarter. Finally, Delphi Management Inc. MA increased its stake in shares of Steel Dynamics by 1.3% in the 4th quarter. Delphi Management Inc. MA now owns 17,338 shares of the basic materials company's stock worth $1,076,000 after acquiring an additional 220 shares during the last quarter. Hedge funds and other institutional investors own 83.19% of the company's stock. Analysts Set New Price Targets
A number of equities analysts recently commented on STLD shares. The Goldman Sachs Group cut shares of Steel Dynamics from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $114.00 to $92.00 in a research note on Tuesday, May 31st. Morgan Stanley reduced their price target on Steel Dynamics from $94.00 to $78.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 6th. StockNews.com started coverage on Steel Dynamics in a research note on Thursday, March 31st. They set a "buy" rating for the company. BMO Capital Markets upped their price objective on Steel Dynamics from $95.00 to $104.00 in a research report on Friday, April 22nd. Finally, JPMorgan Chase & Co. reduced their price target on shares of Steel Dynamics from $129.00 to $110.00 in a research note on Tuesday, June 14th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $89.00.Steel Dynamics Company Profile (Get Rating)
Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. 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; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars.Featured ArticlesGet a free copy of the StockNews.com research report on Steel Dynamics (STLD)Does Whirlpool's (NYSE: WHR) Russian Exit Give Investors An Attractive Entry?Why Did State Street's Stock Rally Despite Weaker Earnings?Abbott Labs Stock Can Be a Recession Hedge for Your PortfolioCostco Stock is Springing Back to Life Shopify Stock May be a Bargain at These Levels
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