Public Employees Retirement System of Ohio grew its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 3.2% in the second quarter, Holdings Channel reports. The firm owned 164,598 shares of the basic materials company’s stock after acquiring an additional 5,091 shares during the period. Public Employees Retirement System of Ohio’s holdings in Steel Dynamics were worth $4,971,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of STLD. Renaissance Technologies LLC boosted its stake in shares of Steel Dynamics by 463.3% during the second quarter. Renaissance Technologies LLC now owns 1,891,700 shares of the basic materials company’s stock valued at $57,129,000 after purchasing an additional 1,555,900 shares during the period. LSV Asset Management boosted its stake in shares of Steel Dynamics by 293.0% during the first quarter. LSV Asset Management now owns 1,138,474 shares of the basic materials company’s stock valued at $40,153,000 after purchasing an additional 848,774 shares during the period. BlackRock Inc. boosted its stake in shares of Steel Dynamics by 3.4% during the first quarter. BlackRock Inc. now owns 24,696,468 shares of the basic materials company’s stock valued at $871,044,000 after purchasing an additional 802,211 shares during the period. WINTON GROUP Ltd boosted its stake in shares of Steel Dynamics by 2,223.1% during the second quarter. WINTON GROUP Ltd now owns 679,378 shares of the basic materials company’s stock valued at $20,517,000 after purchasing an additional 650,134 shares during the period. Finally, Marshall Wace LLP boosted its stake in shares of Steel Dynamics by 1,482.6% during the first quarter. Marshall Wace LLP now owns 593,892 shares of the basic materials company’s stock valued at $20,947,000 after purchasing an additional 556,366 shares during the period. 80.04% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have recently issued reports on the stock. BidaskClub raised shares of Steel Dynamics from a “sell” rating to a “hold” rating in a research note on Thursday. Longbow Research downgraded Steel Dynamics from a “buy” rating to a “neutral” rating in a report on Monday, August 26th. Credit Suisse Group downgraded Steel Dynamics from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $38.00 to $29.00 in a report on Thursday, May 23rd. Deutsche Bank restated a “hold” rating on shares of Steel Dynamics in a report on Thursday, June 27th. Finally, Citigroup set a $34.00 price objective on Steel Dynamics and gave the company a “buy” rating in a report on Tuesday, June 11th. Ten analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $37.27.
Shares of STLD stock traded up $0.27 on Friday, hitting $32.18. The stock had a trading volume of 50,975 shares, compared to its average volume of 1,950,800. The company has a quick ratio of 2.40, a current ratio of 4.35 and a debt-to-equity ratio of 0.60. The business has a 50 day moving average price of $28.58 and a 200 day moving average price of $31.04. The company has a market cap of $7.01 billion, a PE ratio of 5.86, a P/E/G ratio of 0.81 and a beta of 1.64. Steel Dynamics, Inc. has a one year low of $25.02 and a one year high of $48.17.
Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Monday, July 22nd. The basic materials company reported $0.87 earnings per share for the quarter, missing the consensus estimate of $0.89 by ($0.02). The firm had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.78 billion. Steel Dynamics had a net margin of 9.11% and a return on equity of 28.50%. The business’s revenue was down 10.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.53 earnings per share. Equities research analysts expect that Steel Dynamics, Inc. will post 3.16 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $0.96 annualized dividend and a dividend yield of 2.98%. Steel Dynamics’s payout ratio is currently 17.49%.
In other news, SVP Miguel Alvarez bought 8,920 shares of Steel Dynamics stock in a transaction on Friday, September 6th. The stock was acquired at an average cost of $27.72 per share, for a total transaction of $247,262.40. Following the completion of the acquisition, the senior vice president now owns 700 shares of the company’s stock, valued at approximately $19,404. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 4.90% 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. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; and merchant-bar-quality products, including rounds, angles, flats, reinforcing bars, and channels and specialty steel sections.
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