Mutual of America Capital Management LLC Buys 9,496 Shares of Steel Dynamics, Inc. (STLD)
Mutual of America Capital Management LLC lifted its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 3.8% in the second quarter, HoldingsChannel reports. The institutional investor owned 256,318 shares of the basic materials company’s stock after buying an additional 9,496 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Steel Dynamics were worth $11,778,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently modified their holdings of STLD. Victory Capital Management Inc. raised its holdings in shares of Steel Dynamics by 200.0% in the 2nd quarter. Victory Capital Management Inc. now owns 1,291,425 shares of the basic materials company’s stock worth $59,341,000 after buying an additional 860,913 shares in the last quarter. Menora Mivtachim Holdings LTD. bought a new stake in Steel Dynamics during the 2nd quarter worth approximately $28,967,000. Carillon Tower Advisers Inc. bought a new stake in Steel Dynamics during the 1st quarter worth approximately $21,925,000. Natixis bought a new stake in Steel Dynamics during the 1st quarter worth approximately $17,531,000. Finally, Origin Asset Management LLP bought a new stake in Steel Dynamics during the 1st quarter worth approximately $16,204,000. 84.16% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts recently commented on the company. Zacks Investment Research lowered Steel Dynamics from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 16th. Bank of America increased their price target on Steel Dynamics from $54.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, July 25th. BidaskClub lowered Steel Dynamics from a “buy” rating to a “hold” rating in a research report on Thursday, August 2nd. Finally, ValuEngine upgraded Steel Dynamics from a “hold” rating to a “buy” rating in a research report on Wednesday, May 9th. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Steel Dynamics presently has an average rating of “Buy” and an average target price of $52.62.
Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Monday, July 23rd. The basic materials company reported $1.53 EPS for the quarter, beating the Zacks’ consensus estimate of $1.49 by $0.04. The firm had revenue of $3.09 billion for the quarter, compared to analyst estimates of $2.91 billion. Steel Dynamics had a return on equity of 26.90% and a net margin of 10.01%. The business’s quarterly revenue was up 29.3% compared to the same quarter last year. During the same period last year, the company earned $0.63 EPS. analysts forecast that Steel Dynamics, Inc. will post 5.45 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 12th. Shareholders of record on Sunday, September 30th will be given a $0.1875 dividend. This represents a $0.75 dividend on an annualized basis and a yield of 1.67%. Steel Dynamics’s payout ratio is 28.30%.
In other Steel Dynamics news, Director Jurgen Dr Kolb sold 4,512 shares of the stock in a transaction on Thursday, June 7th. The stock was sold at an average price of $51.02, for a total value of $230,202.24. Following the transaction, the director now directly owns 51,693 shares in the company, valued at approximately $2,637,376.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Keith E. Busse sold 3,590 shares of the stock in a transaction on Monday, June 11th. The shares were sold at an average price of $50.32, for a total value of $180,648.80. Following the completion of the transaction, the director now owns 1,003,020 shares in the company, valued at $50,471,966.40. The disclosure for this sale can be found here. Insiders sold a total of 25,298 shares of company stock worth $1,266,868 over the last quarter. Corporate insiders own 4.40% of the company’s stock.
Steel Dynamics Company Profile
Steel Dynamics, Inc, together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. The company operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment provides hot roll, cold roll, and coated steel products; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; merchant bar products, including angles, merchant rounds, flats, channels, and reinforcing bars; beams, channels, and specialty steel sections; and threaded rod products, and cold drawn and heat treated bars.
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