Northwestern Mutual Wealth Management Co. grew its stake in Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) by 141.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,258 shares of the basic materials company’s stock after acquiring an additional 2,494 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Steel Dynamics were worth $721,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. NewEdge Advisors LLC lifted its stake in shares of Steel Dynamics by 307.5% in the first quarter. NewEdge Advisors LLC now owns 819 shares of the basic materials company’s stock worth $102,000 after buying an additional 618 shares in the last quarter. Acadian Asset Management LLC lifted its stake in shares of Steel Dynamics by 82.7% in the first quarter. Acadian Asset Management LLC now owns 3,485 shares of the basic materials company’s stock worth $435,000 after buying an additional 1,578 shares in the last quarter. Jump Financial LLC bought a new position in shares of Steel Dynamics in the second quarter worth approximately $1,019,000. Qube Research & Technologies Ltd bought a new position in shares of Steel Dynamics in the second quarter worth approximately $48,746,000. Finally, Sei Investments Co. lifted its stake in shares of Steel Dynamics by 7.9% in the second quarter. Sei Investments Co. now owns 105,051 shares of the basic materials company’s stock worth $13,447,000 after buying an additional 7,712 shares in the last quarter. 82.41% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
Several research analysts have recently issued reports on STLD shares. Citigroup upped their target price on shares of Steel Dynamics from $180.00 to $255.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. KeyCorp upped their price target on Steel Dynamics from $190.00 to $241.00 and gave the company an “overweight” rating in a report on Wednesday, April 22nd. Jefferies Financial Group reaffirmed a “buy” rating on shares of Steel Dynamics in a report on Tuesday, March 17th. Bank of America downgraded Steel Dynamics from a “buy” rating to a “neutral” rating and set a $250.00 price target on the stock. in a report on Thursday, April 30th. Finally, Wall Street Zen raised Steel Dynamics from a “hold” rating to a “buy” rating in a report on Saturday, April 18th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $224.64.
Insider Activity
In other news, Director Kenneth W. Cornew sold 5,000 shares of the firm’s stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $224.87, for a total transaction of $1,124,350.00. Following the sale, the director directly owned 31,299 shares in the company, valued at $7,038,206.13. This trade represents a 13.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP James Stanley Anderson sold 10,000 shares of Steel Dynamics stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $268.70, for a total value of $2,687,000.00. Following the sale, the senior vice president directly owned 102,837 shares in the company, valued at $27,632,301.90. This trade represents a 8.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 22,125 shares of company stock valued at $5,438,227 over the last 90 days. Company insiders own 6.60% of the company’s stock.
Steel Dynamics Stock Down 0.5%
STLD stock opened at $267.20 on Tuesday. Steel Dynamics, Inc. has a twelve month low of $119.89 and a twelve month high of $280.49. The company has a quick ratio of 1.33, a current ratio of 3.13 and a debt-to-equity ratio of 0.46. The stock has a market cap of $38.67 billion, a P/E ratio of 28.58, a PEG ratio of 0.57 and a beta of 1.50. The business’s 50-day moving average price is $222.85 and its 200-day moving average price is $193.61.
Steel Dynamics (NASDAQ:STLD – Get Free Report) last posted its quarterly earnings data on Tuesday, April 21st. The basic materials company reported $2.78 earnings per share for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.01). Steel Dynamics had a net margin of 7.22% and a return on equity of 15.54%. The company had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.39 billion. During the same period in the previous year, the firm earned $1.44 earnings per share. The firm’s quarterly revenue was up 19.1% on a year-over-year basis. On average, equities research analysts forecast that Steel Dynamics, Inc. will post 14.77 EPS for the current year.
Steel Dynamics Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Tuesday, June 30th will be given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Tuesday, June 30th. Steel Dynamics’s dividend payout ratio (DPR) is presently 22.67%.
Steel Dynamics Profile
Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.
The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.
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