Dupont Capital Management Corp lowered its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 84.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,614 shares of the basic materials company’s stock after selling 84,418 shares during the period. Dupont Capital Management Corp’s holdings in Steel Dynamics were worth $793,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the stock. Ellevest Inc. acquired a new stake in Steel Dynamics during the fourth quarter worth about $26,000. Northwest Investment Counselors LLC acquired a new stake in shares of Steel Dynamics during the 1st quarter worth approximately $28,000. CWM LLC lifted its holdings in Steel Dynamics by 114.7% in the first quarter. CWM LLC now owns 994 shares of the basic materials company’s stock worth $50,000 after purchasing an additional 531 shares during the period. TD Ameritrade Investment Management LLC acquired a new stake in Steel Dynamics in the fourth quarter worth about $51,000. Finally, Capital Asset Advisory Services LLC acquired a new stake in Steel Dynamics in the fourth quarter worth about $51,000. 79.95% of the stock is owned by hedge funds and other institutional investors.
STLD has been the subject of several recent research reports. The Goldman Sachs Group assumed coverage on shares of Steel Dynamics in a research note on Thursday, April 15th. They set a “buy” rating and a $57.00 target price for the company. Credit Suisse Group raised their target price on shares of Steel Dynamics from $52.00 to $55.00 and gave the stock an “outperform” rating in a report on Monday, April 26th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upped their price target on shares of Steel Dynamics from $56.00 to $60.00 in a research report on Wednesday, April 21st. Morgan Stanley upped their price target on shares of Steel Dynamics from $53.00 to $70.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, BMO Capital Markets upped their price target on shares of Steel Dynamics from $46.00 to $52.00 and gave the company a “market perform” rating in a research report on Thursday, March 18th. They noted that the move was a valuation call. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Steel Dynamics currently has an average rating of “Buy” and a consensus target price of $53.40.
Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Sunday, April 18th. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.98 by $0.12. The business had revenue of $3.54 billion for the quarter, compared to the consensus estimate of $3.41 billion. Steel Dynamics had a return on equity of 13.33% and a net margin of 5.17%. The firm’s quarterly revenue was up 37.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.88 earnings per share. Analysts forecast that Steel Dynamics, Inc. will post 2.63 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, April 16th. Shareholders of record on Wednesday, March 31st were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date was Tuesday, March 30th. This is an increase from Steel Dynamics’s previous quarterly dividend of $0.25. Steel Dynamics’s dividend payout ratio (DPR) is currently 33.55%.
In other news, Director Keith E. Busse sold 8,035 shares of the company’s stock in a transaction that occurred on Wednesday, March 10th. The stock was sold at an average price of $49.06, for a total value of $394,197.10. Also, Director Keith E. Busse sold 178,375 shares of the company’s stock in a transaction that occurred on Friday, May 7th. The shares were sold at an average price of $63.16, for a total value of $11,266,165.00. Following the completion of the transaction, the director now directly owns 955,041 shares of the company’s stock, valued at approximately $60,320,389.56. The disclosure for this sale can be found here. In the last ninety days, insiders sold 282,375 shares of company stock worth $17,653,644. Company insiders own 5.00% of the company’s stock.
Steel Dynamics Company Profile
Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot and cold roll, and coated steel products; structural flange beams and channel sections, flat bars, large unequal leg angles, reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products; and merchant-bar-quality products, including channels, angles, flats, merchant rounds, and reinforcing steel bars; and other engineered round steel bars.
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