Cozad Asset Management Inc. lifted its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 9.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 54,145 shares of the basic materials company’s stock after buying an additional 4,700 shares during the quarter. Cozad Asset Management Inc.’s holdings in Steel Dynamics were worth $1,627,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. grew its stake in Steel Dynamics by 3.0% during the 3rd quarter. BlackRock Inc. now owns 23,117,232 shares of the basic materials company’s stock worth $1,044,668,000 after purchasing an additional 679,662 shares in the last quarter. Vanguard Group Inc grew its stake in Steel Dynamics by 4.3% during the 3rd quarter. Vanguard Group Inc now owns 21,357,596 shares of the basic materials company’s stock worth $965,150,000 after purchasing an additional 882,061 shares in the last quarter. Steadfast Capital Management LP grew its stake in Steel Dynamics by 0.5% during the 3rd quarter. Steadfast Capital Management LP now owns 3,457,050 shares of the basic materials company’s stock worth $156,224,000 after purchasing an additional 18,158 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Steel Dynamics by 2.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,264,092 shares of the basic materials company’s stock worth $147,503,000 after purchasing an additional 72,097 shares in the last quarter. Finally, Northern Trust Corp grew its stake in Steel Dynamics by 2.4% during the 2nd quarter. Northern Trust Corp now owns 2,679,485 shares of the basic materials company’s stock worth $123,123,000 after purchasing an additional 63,716 shares in the last quarter. Hedge funds and other institutional investors own 83.84% of the company’s stock.
STLD has been the subject of several analyst reports. Deutsche Bank cut Steel Dynamics to a “buy” rating in a research note on Tuesday, October 2nd. Cowen initiated coverage on Steel Dynamics in a research note on Tuesday, January 8th. They set a “market perform” rating and a $32.00 target price for the company. BMO Capital Markets lowered their target price on Steel Dynamics from $60.00 to $53.00 and set a “buy” rating for the company in a research note on Friday, October 19th. ValuEngine raised Steel Dynamics from a “strong sell” rating to a “sell” rating in a research note on Thursday. Finally, Zacks Investment Research cut Steel Dynamics from a “buy” rating to a “hold” rating in a research note on Thursday, October 4th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company’s stock. Steel Dynamics presently has a consensus rating of “Buy” and an average price target of $50.42.
Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Wednesday, October 17th. The basic materials company reported $1.69 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.65 by $0.04. The business had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.14 billion. Steel Dynamics had a return on equity of 31.96% and a net margin of 11.49%. The business’s quarterly revenue was up 31.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.66 EPS. On average, equities research analysts predict that Steel Dynamics, Inc. will post 5.53 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 11th. Stockholders of record on Monday, December 31st were given a dividend of $0.1875 per share. The ex-dividend date was Friday, December 28th. This represents a $0.75 annualized dividend and a dividend yield of 2.26%. Steel Dynamics’s dividend payout ratio is currently 28.30%.
In other Steel Dynamics news, Director Richard P. Teets, Jr. acquired 20,000 shares of the stock in a transaction dated Wednesday, November 28th. The stock was acquired at an average cost of $33.85 per share, with a total value of $677,000.00. Following the transaction, the director now owns 5,022,779 shares in the company, valued at approximately $170,021,069.15. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 4.40% of the company’s stock.
Steel Dynamics 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.
Further Reading: Understanding Relative Strength Index
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