Posted by admin on Jun 26th, 2022
Brookstone Capital Management increased its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) by 20.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,528 shares of the basic materials company’s stock after buying an additional 1,281 shares during the quarter. Brookstone Capital Management’s holdings in Steel Dynamics were worth $630,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of STLD. LPL Financial LLC grew its stake in Steel Dynamics by 62.2% during the 3rd quarter. LPL Financial LLC now owns 62,358 shares of the basic materials company’s stock worth $3,647,000 after buying an additional 23,918 shares during the last quarter. Voloridge Investment Management LLC grew its stake in shares of Steel Dynamics by 1,385.4% in the third quarter. Voloridge Investment Management LLC now owns 69,056 shares of the basic materials company’s stock worth $4,038,000 after purchasing an additional 64,407 shares in the last quarter. National Asset Management Inc. grew its stake in shares of Steel Dynamics by 8.7% in the third quarter. National Asset Management Inc. now owns 6,267 shares of the basic materials company’s stock worth $367,000 after purchasing an additional 502 shares in the last quarter. Cetera Advisors LLC grew its stake in shares of Steel Dynamics by 10.8% in the third quarter. Cetera Advisors LLC now owns 4,254 shares of the basic materials company’s stock worth $249,000 after purchasing an additional 413 shares in the last quarter. Finally, National Pension Service bought a new position in shares of Steel Dynamics in the third quarter worth $4,863,000. Hedge funds and other institutional investors own 83.19% of the company’s stock.
Several research analysts have recently issued reports on the company. The Goldman Sachs Group cut Steel Dynamics from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $114.00 to $92.00 in a research note on Tuesday, May 31st. StockNews.com assumed coverage on Steel Dynamics in a research note on Thursday, March 31st. They issued a “buy” rating for the company. JPMorgan Chase & Co. decreased their price target on Steel Dynamics from $129.00 to $110.00 in a research note on Tuesday, June 14th. UBS Group set a $95.00 price target on Steel Dynamics in a research note on Monday, June 20th. Finally, BMO Capital Markets upped their price objective on Steel Dynamics from $95.00 to $104.00 in a report on Friday, April 22nd. One analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $87.00.
Shares of NASDAQ STLD opened at $68.89 on Friday. Steel Dynamics, Inc. has a 12 month low of $50.54 and a 12 month high of $100.37. The company has a market cap of $13.00 billion, a price-to-earnings ratio of 3.56 and a beta of 1.30. 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 business has a fifty day simple moving average of $80.24 and a 200-day simple moving average of $72.59.
Steel Dynamics (NASDAQ:STLD – Get Rating) last announced its earnings results on Wednesday, April 20th. The basic materials company reported $6.02 EPS for the quarter, beating the consensus estimate of $5.58 by $0.44. Steel Dynamics had a return on equity of 69.88% and a net margin of 19.02%. The business had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $5.35 billion. During the same period in the prior year, the business posted $2.10 earnings per share. Steel Dynamics’s revenue was up 57.1% compared to the same quarter last year. As a group, sell-side analysts expect that Steel Dynamics, Inc. will post 19.84 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Thursday, June 30th will be issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 1.97%. The ex-dividend date of this dividend is Wednesday, June 29th. Steel Dynamics’s dividend payout ratio is 7.02%.
Steel Dynamics announced that its Board of Directors has initiated a stock repurchase program on Monday, February 28th that allows the company to repurchase $1.25 billion in shares. This repurchase authorization allows the basic materials company to purchase up to 8.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
In other news, Director Keith E. Busse sold 5,040 shares of the company’s stock in a transaction on Friday, June 3rd. The stock was sold at an average price of $83.51, for a total transaction of $420,890.40. Following the completion of the sale, the director now directly owns 724,034 shares of the company’s stock, valued at $60,464,079.34. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 5.40% of the company’s stock.
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.
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