Sei Investments Co. Cuts Stake in Steel Dynamics, Inc. (STLD)
Sei Investments Co. lowered its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 32.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 150,940 shares of the basic materials company’s stock after selling 73,416 shares during the quarter. Sei Investments Co.’s holdings in Steel Dynamics were worth $6,674,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. UBS Asset Management Americas Inc. boosted its holdings in Steel Dynamics by 125.6% during the fourth quarter. UBS Asset Management Americas Inc. now owns 1,431,743 shares of the basic materials company’s stock worth $61,751,000 after buying an additional 797,142 shares in the last quarter. CoreCommodity Management LLC purchased a new stake in Steel Dynamics during the fourth quarter worth $146,000. The Manufacturers Life Insurance Company boosted its holdings in Steel Dynamics by 11.3% during the fourth quarter. The Manufacturers Life Insurance Company now owns 393,331 shares of the basic materials company’s stock worth $16,965,000 after buying an additional 39,951 shares in the last quarter. Madison Investment Holdings Inc. purchased a new stake in Steel Dynamics during the fourth quarter worth $3,299,000. Finally, LPL Financial LLC boosted its holdings in Steel Dynamics by 94.3% during the fourth quarter. LPL Financial LLC now owns 106,626 shares of the basic materials company’s stock worth $4,599,000 after buying an additional 51,750 shares in the last quarter. Hedge funds and other institutional investors own 82.81% of the company’s stock.
A number of brokerages recently issued reports on STLD. BidaskClub raised shares of Steel Dynamics from a “buy” rating to a “strong-buy” rating in a report on Wednesday, April 4th. Deutsche Bank increased their price target on shares of Steel Dynamics from $52.00 to $53.00 and gave the stock a “buy” rating in a report on Thursday, March 29th. UBS Group began coverage on shares of Steel Dynamics in a report on Tuesday, April 17th. They set a “neutral” rating and a $47.00 price target on the stock. Zacks Investment Research downgraded shares of Steel Dynamics from a “strong-buy” rating to a “hold” rating in a report on Wednesday, March 14th. Finally, ValuEngine raised shares of Steel Dynamics from a “hold” rating to a “buy” rating in a report on Wednesday, May 9th. Five equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $50.50.
Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Wednesday, April 18th. The basic materials company reported $0.96 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.91 by $0.05. The business had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.59 billion. Steel Dynamics had a net margin of 8.59% and a return on equity of 21.60%. The company’s revenue was up 10.0% compared to the same quarter last year. During the same period last year, the firm posted $0.83 earnings per share. research analysts anticipate that Steel Dynamics, Inc. will post 4.8 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 13th. Shareholders of record on Saturday, June 30th will be issued a dividend of $0.1875 per share. This represents a $0.75 annualized dividend and a yield of 1.51%. Steel Dynamics’s payout ratio is 28.30%.
In other news, Director Jurgen Dr Kolb sold 4,512 shares of the stock in a transaction dated Thursday, June 7th. The shares were sold at an average price of $51.02, for a total value of $230,202.24. Following the completion of the sale, the director now directly owns 51,693 shares in the company, valued at $2,637,376.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Theresa E. Wagler sold 17,196 shares of the stock in a transaction dated Thursday, May 31st. The shares were sold at an average price of $49.78, for a total transaction of $856,016.88. Following the completion of the sale, the insider now owns 331,381 shares of the company’s stock, valued at $16,496,146.18. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 25,298 shares of company stock worth $1,266,868. 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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