Resona Asset Management Co. Ltd. reduced its holdings in Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) by 5.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 42,864 shares of the basic materials company’s stock after selling 2,646 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Steel Dynamics were worth $7,291,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in STLD. Cornerstone Planning Group LLC lifted its position in shares of Steel Dynamics by 1,636.4% in the third quarter. Cornerstone Planning Group LLC now owns 191 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 180 shares in the last quarter. Sound Income Strategies LLC lifted its position in shares of Steel Dynamics by 1,500.0% in the fourth quarter. Sound Income Strategies LLC now owns 160 shares of the basic materials company’s stock valued at $28,000 after acquiring an additional 150 shares in the last quarter. Torren Management LLC purchased a new position in shares of Steel Dynamics in the fourth quarter valued at approximately $34,000. Covestor Ltd lifted its position in shares of Steel Dynamics by 44.3% in the third quarter. Covestor Ltd now owns 303 shares of the basic materials company’s stock valued at $42,000 after acquiring an additional 93 shares in the last quarter. Finally, Nvest Wealth Strategies Inc. purchased a new position in shares of Steel Dynamics in the fourth quarter valued at approximately $42,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.
Insiders Place Their Bets
In other Steel Dynamics news, SVP Richard A. Poinsatte sold 2,300 shares of the business’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $234.11, for a total transaction of $538,453.00. Following the transaction, the senior vice president owned 28,618 shares of the company’s stock, valued at approximately $6,699,759.98. The trade was a 7.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Miguel Alvarez sold 4,825 shares of the business’s stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $225.58, for a total value of $1,088,423.50. Following the transaction, the senior vice president directly owned 122,257 shares in the company, valued at $27,578,734.06. This trade represents a 3.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 12,125 shares of company stock valued at $2,751,227. Insiders own 6.60% of the company’s stock.
Steel Dynamics Stock Performance
Steel Dynamics (NASDAQ:STLD – Get Free Report) last released 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). The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.39 billion. Steel Dynamics had a return on equity of 15.54% and a net margin of 7.22%.The business’s quarterly revenue was up 19.1% on a year-over-year basis. During the same period last year, the firm posted $1.44 EPS. On average, research analysts anticipate that Steel Dynamics, Inc. will post 14.77 earnings per share for the current year.
Steel Dynamics Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. Steel Dynamics’s payout ratio is 22.67%.
Wall Street Analyst Weigh In
Several equities analysts have recently weighed in on the company. KeyCorp raised their target price on Steel Dynamics from $190.00 to $241.00 and gave the company an “overweight” rating in a research report on Wednesday, April 22nd. Barclays assumed coverage on Steel Dynamics in a research report on Thursday. They issued an “overweight” rating and a $270.00 target price on the stock. Wall Street Zen upgraded Steel Dynamics from a “hold” rating to a “buy” rating in a research report on Saturday, April 18th. Wells Fargo & Company raised their target price on Steel Dynamics from $207.00 to $235.00 and gave the company an “overweight” rating in a research report on Wednesday, April 22nd. Finally, Morgan Stanley restated an “underperform” rating and issued a $190.00 target price on shares of Steel Dynamics in a research report on Tuesday, March 17th. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $219.36.
Check Out Our Latest Report on Steel Dynamics
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.
Featured Stories
- Five stocks we like better than Steel Dynamics
- Meta Platforms 10% Layoff Raises a Bigger Question About AI Spending
- As Small-Cap Outperformance Continues, These 2 ETFs Provide Exposure
- Silicon Shake-Up: The AI Trade Is Moving Beyond NVIDIA
- The Silver Lining of Last Week’s Hims & Hers Earnings Miss
Want to see what other hedge funds are holding STLD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Steel Dynamics, Inc. (NASDAQ:STLD – Free Report).
Receive News & Ratings for Steel Dynamics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Steel Dynamics and related companies with MarketBeat.com's FREE daily email newsletter.
