Allianz Asset Management GmbH Lowers Position in Steel Dynamics, Inc. (STLD)
Allianz Asset Management GmbH lowered its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 22.8% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,082,425 shares of the basic materials company’s stock after selling 319,167 shares during the quarter. Allianz Asset Management GmbH owned 0.46% of Steel Dynamics worth $37,311,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the business. Nomura Asset Management Co. Ltd. lifted its holdings in Steel Dynamics by 9.6% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 35,228 shares of the basic materials company’s stock valued at $1,214,000 after purchasing an additional 3,100 shares during the last quarter. Brave Asset Management Inc. grew its position in Steel Dynamics by 8.0% in the third quarter. Brave Asset Management Inc. now owns 47,774 shares of the basic materials company’s stock valued at $1,647,000 after acquiring an additional 3,559 shares during the last quarter. Mackenzie Financial Corp grew its position in Steel Dynamics by 58.0% in the third quarter. Mackenzie Financial Corp now owns 111,888 shares of the basic materials company’s stock valued at $3,857,000 after acquiring an additional 41,088 shares during the last quarter. Stifel Financial Corp boosted its stake in shares of Steel Dynamics by 3.0% during the third quarter. Stifel Financial Corp now owns 92,665 shares of the basic materials company’s stock valued at $3,188,000 after purchasing an additional 2,725 shares in the last quarter. Finally, Tredje AP fonden boosted its stake in shares of Steel Dynamics by 134.2% during the third quarter. Tredje AP fonden now owns 32,023 shares of the basic materials company’s stock valued at $1,109,000 after purchasing an additional 18,350 shares in the last quarter. 83.45% of the stock is owned by hedge funds and other institutional investors.
STLD has been the subject of a number of research analyst reports. Jefferies Group reiterated a “buy” rating and issued a $43.00 target price on shares of Steel Dynamics in a report on Friday, October 6th. Citigroup lowered their target price on Steel Dynamics from $43.00 to $41.00 and set a “buy” rating for the company in a report on Friday, September 15th. Morgan Stanley set a $36.00 price objective on Steel Dynamics and gave the company a “hold” rating in a report on Tuesday, October 24th. KeyCorp upgraded Steel Dynamics from a “sector weight” rating to an “overweight” rating and set a $44.00 price objective for the company in a report on Friday, October 20th. Finally, Longbow Research downgraded Steel Dynamics from a “buy” rating to a “neutral” rating in a report on Monday, October 2nd. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $41.70.
Steel Dynamics, Inc. (STLD) opened at $40.70 on Friday. Steel Dynamics, Inc. has a 1 year low of $32.15 and a 1 year high of $41.10. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.95 and a current ratio of 3.35. The company has a market capitalization of $9,416.47, a price-to-earnings ratio of 15.65, a PEG ratio of 1.24 and a beta of 1.40.
Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Wednesday, October 18th. The basic materials company reported $0.66 EPS for the quarter, meeting analysts’ consensus estimates of $0.66. The firm had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.41 billion. Steel Dynamics had a return on equity of 21.45% and a net margin of 5.79%. The business’s revenue for the quarter was up 16.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.64 EPS. sell-side analysts forecast that Steel Dynamics, Inc. will post 2.67 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 10th. Investors of record on Sunday, December 31st will be issued a dividend of $0.155 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $0.62 dividend on an annualized basis and a yield of 1.52%. Steel Dynamics’s dividend payout ratio (DPR) is 28.57%.
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About Steel Dynamics
Steel Dynamics, Inc is a steel producing and a metal recycling company. The Company is engaged in the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joists and deck products. Its segments include steel operations, metals recycling operations, steel fabrication operations and Other Operations.
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