CHICAGO TRUST Co NA bought a new position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 6,544 shares of the basic materials company’s stock, valued at approximately $383,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. Credit Agricole S A purchased a new stake in Steel Dynamics during the 2nd quarter worth approximately $33,000. Parallel Advisors LLC increased its stake in Steel Dynamics by 41.6% during the 2nd quarter. Parallel Advisors LLC now owns 606 shares of the basic materials company’s stock worth $36,000 after buying an additional 178 shares during the period. Tobam purchased a new stake in Steel Dynamics during the 2nd quarter worth approximately $41,000. O Shaughnessy Asset Management LLC increased its stake in Steel Dynamics by 91.1% during the 2nd quarter. O Shaughnessy Asset Management LLC now owns 818 shares of the basic materials company’s stock worth $49,000 after buying an additional 390 shares during the period. Finally, Harvest Fund Management Co. Ltd grew its holdings in Steel Dynamics by 164.9% during the 2nd quarter. Harvest Fund Management Co. Ltd now owns 861 shares of the basic materials company’s stock worth $52,000 after acquiring an additional 536 shares in the last quarter. 79.20% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have commented on STLD. Morgan Stanley cut shares of Steel Dynamics from an “overweight” rating to an “equal weight” rating and set a $62.00 price target for the company. in a report on Monday, October 18th. Seaport Global Securities began coverage on shares of Steel Dynamics in a report on Monday, August 23rd. They set a “buy” rating and a $75.00 price target for the company. Zacks Investment Research cut shares of Steel Dynamics from a “strong-buy” rating to a “hold” rating and set a $69.00 price target for the company. in a report on Tuesday, November 16th. The Goldman Sachs Group lowered their price target on shares of Steel Dynamics from $87.00 to $72.00 and set a “buy” rating for the company in a report on Wednesday, October 6th. Finally, Seaport Res Ptn reiterated a “buy” rating on shares of Steel Dynamics in a report on Monday, August 23rd. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $71.83.
Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Sunday, October 17th. The basic materials company reported $4.96 earnings per share for the quarter, topping the Zacks’ consensus estimate of $4.47 by $0.49. The firm had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.10 billion. Steel Dynamics had a net margin of 14.72% and a return on equity of 50.02%. Steel Dynamics’s quarterly revenue was up 118.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.51 EPS. On average, analysts forecast that Steel Dynamics, Inc. will post 16.4 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 14th. Investors of record on Friday, December 31st will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date is Thursday, December 30th. Steel Dynamics’s dividend payout ratio is currently 9.38%.
In other Steel Dynamics news, CEO Mark D. Millett sold 155,563 shares of the company’s stock in a transaction on Monday, August 30th. The shares were sold at an average price of $70.99, for a total transaction of $11,043,417.37. Following the completion of the transaction, the chief executive officer now owns 3,179,702 shares in the company, valued at approximately $225,727,044.98. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Miguel Alvarez sold 8,220 shares of the company’s stock in a transaction on Tuesday, October 26th. The stock was sold at an average price of $67.60, for a total transaction of $555,672.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 446,263 shares of company stock valued at $30,635,856. 5.20% of the stock is owned by company insiders.
Steel Dynamics Company Profile
Steel Dynamics, Inc engages in the manufacture of steel products and metal recycling. It operates through the following segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment consists of sheet products including hot roll, cold roll, and coated steel; long products including structural steel beams, pilings, and standard and premium grade rail; and steel finishing services such as turning, polishing, straightening, chamfering, threading, and precision saw-cutting.
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