Steel Dynamics Inc. (STLD) Trading Up 3.4% After Dividend Announcement
Steel Dynamics Inc. (NASDAQ:STLD) was up 3.4% during trading on Monday after the company announced a dividend. The company traded as high as $24.44 and last traded at $24.30, with a volume of 4,087,004 shares changing hands. The stock had previously closed at $23.49.
The newly announced dividend which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.30%. Steel Dynamics’s dividend payout ratio (DPR) is presently 1,120.00%.
A number of equities analysts have recently commented on STLD shares. Rosenblatt Securities started coverage on shares of Steel Dynamics in a research report on Wednesday, June 1st. They set a “buy” rating and a $21.00 target price on the stock. Cowen and Company set a $33.00 target price on shares of Steel Dynamics and gave the stock a “buy” rating in a research report on Monday, August 1st. Jefferies Group reissued a “buy” rating and set a $31.00 price objective on shares of Steel Dynamics in a report on Wednesday, July 20th. Zacks Investment Research raised shares of Steel Dynamics from a “hold” rating to a “buy” rating and set a $26.00 price objective on the stock in a report on Tuesday, June 28th. Finally, Berenberg Bank reissued a “buy” rating and set a $35.00 price objective on shares of Steel Dynamics in a report on Tuesday, August 2nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seventeen have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $27.86.
The firm has a market capitalization of $5.92 billion, a P/E ratio of 495.92 and a beta of 1.70. The stock’s 50-day moving average price is $25.06 and its 200-day moving average price is $24.52.
Steel Dynamics (NASDAQ:STLD) last released its earnings results on Monday, July 18th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.02. The company had revenue of $2.02 billion for the quarter, compared to analyst estimates of $2.03 billion. Steel Dynamics had a net margin of 0.17% and a return on equity of 10.79%. During the same period in the prior year, the business earned $0.22 EPS. Analysts anticipate that Steel Dynamics Inc. will post $2.08 EPS for the current fiscal year.
In other Steel Dynamics news, Director Jurgen Dr Kolb sold 17,900 shares of the stock in a transaction that occurred on Wednesday, July 27th. The shares were sold at an average price of $27.20, for a total value of $486,880.00. Following the sale, the director now directly owns 65,014 shares of the company’s stock, valued at approximately $1,768,380.80. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Keith E. Busse sold 13,155 shares of the stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $27.00, for a total transaction of $355,185.00. Following the completion of the sale, the director now directly owns 1,006,894 shares in the company, valued at $27,186,138. The disclosure for this sale can be found here. Company insiders own 4.10% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Investec Asset Management LTD increased its stake in shares of Steel Dynamics by 30.3% in the first quarter. Investec Asset Management LTD now owns 364,150 shares of the company’s stock worth $8,197,000 after buying an additional 84,720 shares in the last quarter. Picton Mahoney Asset Management increased its stake in shares of Steel Dynamics by 154.1% in the first quarter. Picton Mahoney Asset Management now owns 303,108 shares of the company’s stock worth $6,822,000 after buying an additional 183,800 shares in the last quarter. M&T Bank Corp purchased a new stake in shares of Steel Dynamics during the first quarter worth approximately $372,000. JPMorgan Chase & Co. increased its stake in shares of Steel Dynamics by 3.4% in the first quarter. JPMorgan Chase & Co. now owns 3,762,803 shares of the company’s stock worth $84,700,000 after buying an additional 124,718 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. increased its stake in shares of Steel Dynamics by 5.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 7,758,232 shares of the company’s stock worth $174,638,000 after buying an additional 391,145 shares in the last quarter. 82.54% of the stock is currently owned by institutional investors.
Steel Dynamics Company Profile
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