Magnetar Financial LLC Buys New Holdings in Steel Dynamics, Inc. (STLD)
Magnetar Financial LLC bought a new position in Steel Dynamics, Inc. (NASDAQ:STLD) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 27,375 shares of the basic materials company’s stock, valued at approximately $944,000.
A number of other institutional investors also recently added to or reduced their stakes in STLD. Chicago Equity Partners LLC lifted its holdings in shares of Steel Dynamics by 189.3% during the second quarter. Chicago Equity Partners LLC now owns 178,705 shares of the basic materials company’s stock valued at $6,399,000 after purchasing an additional 116,925 shares in the last quarter. Canada Pension Plan Investment Board lifted its holdings in shares of Steel Dynamics by 8.2% during the third quarter. Canada Pension Plan Investment Board now owns 544,861 shares of the basic materials company’s stock valued at $18,781,000 after purchasing an additional 41,400 shares in the last quarter. Global X MANAGEMENT CO LLC lifted its holdings in shares of Steel Dynamics by 21.3% during the third quarter. Global X MANAGEMENT CO LLC now owns 15,728 shares of the basic materials company’s stock valued at $542,000 after purchasing an additional 2,758 shares in the last quarter. APG Asset Management N.V. bought a new position in shares of Steel Dynamics during the third quarter valued at $9,800,000. Finally, BW Gestao de Investimentos Ltda. lifted its holdings in shares of Steel Dynamics by 5.0% during the second quarter. BW Gestao de Investimentos Ltda. now owns 750,350 shares of the basic materials company’s stock valued at $26,870,000 after purchasing an additional 35,777 shares in the last quarter. 83.45% of the stock is currently owned by institutional investors and hedge funds.
Steel Dynamics, Inc. (STLD) opened at $40.70 on Monday. 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 current ratio of 3.35 and a quick ratio of 1.95. The firm has a market capitalization of $9,643.95, a PE ratio of 16.02, a price-to-earnings-growth ratio of 1.27 and a beta of 1.40.
Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Wednesday, October 18th. The basic materials company reported $0.66 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.66. Steel Dynamics had a return on equity of 21.45% and a net margin of 5.79%. The company had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.41 billion. During the same quarter in the prior year, the company earned $0.64 earnings per share. Steel Dynamics’s revenue was up 16.3% on a year-over-year basis. equities research analysts forecast that Steel Dynamics, Inc. will post 2.67 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 10th. Shareholders of record on Sunday, December 31st will be issued a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date is Thursday, December 28th. Steel Dynamics’s dividend payout ratio is 28.57%.
A number of brokerages have recently issued reports on STLD. Jefferies Group reaffirmed a “buy” rating on shares of Steel Dynamics in a report on Saturday, September 16th. KeyCorp raised Steel Dynamics from a “sector weight” rating to an “overweight” rating and set a $44.00 price target on the stock in a report on Friday, October 20th. Citigroup lowered their price target on Steel Dynamics from $43.00 to $41.00 and set a “buy” rating on the stock in a report on Friday, September 15th. Macquarie began coverage on Steel Dynamics in a report on Wednesday, September 6th. They set a “neutral” rating and a $36.00 price target on the stock. Finally, Morgan Stanley set a $36.00 price target on Steel Dynamics and gave the company a “hold” rating in a report on Tuesday, October 24th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $41.70.
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Steel Dynamics Profile
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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