The Manufacturers Life Insurance Company raised its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 2.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 356,951 shares of the basic materials company’s stock after purchasing an additional 6,861 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.15% of Steel Dynamics worth $12,784,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in STLD. Steadfast Capital Management LP increased its holdings in shares of Steel Dynamics by 27.3% in the second quarter. Steadfast Capital Management LP now owns 2,982,256 shares of the basic materials company’s stock worth $106,795,000 after buying an additional 640,259 shares during the period. BlueCrest Capital Management Ltd increased its holdings in shares of Steel Dynamics by 78.9% in the second quarter. BlueCrest Capital Management Ltd now owns 216,054 shares of the basic materials company’s stock worth $7,737,000 after buying an additional 95,264 shares during the period. State Street Corp increased its holdings in shares of Steel Dynamics by 17.9% in the second quarter. State Street Corp now owns 8,857,134 shares of the basic materials company’s stock worth $317,162,000 after buying an additional 1,346,487 shares during the period. Maverick Capital Ltd. purchased a new position in shares of Steel Dynamics in the second quarter worth about $2,446,000. Finally, Gotham Asset Management LLC purchased a new position in shares of Steel Dynamics in the second quarter worth about $5,339,000. Institutional investors and hedge funds own 82.58% of the company’s stock.

In other Steel Dynamics news, insider Christopher A. Graham sold 5,021 shares of the company’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $38.05, for a total value of $191,049.05. Following the transaction, the insider now directly owns 26,778 shares in the company, valued at approximately $1,018,902.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Keith E. Busse sold 4,965 shares of the company’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $38.42, for a total transaction of $190,755.30. Following the completion of the transaction, the director now owns 1,005,666 shares in the company, valued at $38,637,687.72. The disclosure for this sale can be found here. Corporate insiders own 4.20% of the company’s stock.

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Shares of Steel Dynamics, Inc. (NASDAQ:STLD) opened at 38.90 on Friday. The company has a market capitalization of $9.33 billion, a PE ratio of 17.87 and a beta of 1.29. Steel Dynamics, Inc. has a 1-year low of $25.96 and a 1-year high of $40.17. The company has a 50 day moving average price of $34.84 and a 200 day moving average price of $35.01.

Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Wednesday, October 18th. The basic materials company reported $0.66 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.66. Steel Dynamics had a net margin of 5.79% and a return on equity of 21.45%. The company had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.41 billion. During the same period in the prior year, the company posted $0.64 EPS. The firm’s revenue for the quarter was up 16.3% on a year-over-year basis. Equities analysts predict that Steel Dynamics, Inc. will post $2.68 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 12th. Investors of record on Saturday, September 30th were given a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date was Thursday, September 28th. Steel Dynamics’s dividend payout ratio (DPR) is currently 28.57%.

Several research analysts have recently commented on the company. Zacks Investment Research upgraded Steel Dynamics from a “sell” rating to a “hold” rating in a report on Wednesday, July 26th. Citigroup Inc. lifted their price objective on Steel Dynamics from $41.00 to $42.00 and gave the stock a “buy” rating in a report on Friday. KeyCorp upgraded Steel Dynamics from a “sector weight” rating to an “overweight” rating and set a $44.00 price objective on the stock in a report on Friday. Cowen and Company set a $43.00 price objective on Steel Dynamics and gave the stock a “buy” rating in a report on Friday. Finally, Bank of America Corporation lifted their price objective on Steel Dynamics from $44.00 to $45.00 and gave the stock a “buy” rating in a report on Friday. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $40.91.

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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Institutional Ownership by Quarter for Steel Dynamics (NASDAQ:STLD)

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