The Manufacturers Life Insurance Company lessened its position in Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) by 5.5% during the second quarter, Holdings Channel reports. The fund owned 73,690 shares of the basic materials company’s stock after selling 4,298 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Steel Dynamics were worth $16,909,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also recently added to or reduced their stakes in the company. Keating Financial Advisory Services Inc. raised its stake in shares of Steel Dynamics by 27.1% during the second quarter. Keating Financial Advisory Services Inc. now owns 197 shares of the basic materials company’s stock valued at $45,000 after purchasing an additional 42 shares in the last quarter. Jacobi Capital Management LLC boosted its holdings in Steel Dynamics by 1.6% during the fourth quarter. Jacobi Capital Management LLC now owns 3,533 shares of the basic materials company’s stock worth $599,000 after buying an additional 55 shares in the last quarter. Hohimer Wealth Management LLC grew its holdings in shares of Steel Dynamics by 1.1% in the 4th quarter. Hohimer Wealth Management LLC now owns 5,708 shares of the basic materials company’s stock worth $967,000 after acquiring an additional 61 shares during the last quarter. Kestra Private Wealth Services LLC increased its stake in Steel Dynamics by 2.7% in the 1st quarter. Kestra Private Wealth Services LLC now owns 2,396 shares of the basic materials company’s stock worth $431,000 after purchasing an additional 64 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Steel Dynamics by 4.1% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 1,764 shares of the basic materials company’s stock valued at $246,000 after acquiring an additional 70 shares during the period. Institutional investors own 82.41% of the company’s stock.
Steel Dynamics Stock Down 0.5%
Shares of NASDAQ:STLD opened at $234.66 on Friday. The company has a market capitalization of $33.63 billion, a PE ratio of 21.27, a P/E/G ratio of 0.45 and a beta of 1.52. The company’s fifty day moving average is $242.07 and its 200-day moving average is $223.62. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.45 and a current ratio of 3.18. Steel Dynamics, Inc. has a 52 week low of $126.88 and a 52 week high of $288.74.
Steel Dynamics Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Wednesday, September 30th. Steel Dynamics’s dividend payout ratio is presently 19.22%.
Insider Transactions at Steel Dynamics
In other Steel Dynamics news, SVP James Stanley Anderson sold 10,000 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $268.70, for a total value of $2,687,000.00. Following the transaction, the senior vice president directly owned 102,837 shares in the company, valued at approximately $27,632,301.90. This trade represents a 8.86% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 6.60% of the company’s stock.
Wall Street Analyst Weigh In
STLD has been the subject of several research analyst reports. Bank of America reduced their price objective on Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating for the company in a research note on Thursday, July 9th. The Goldman Sachs Group initiated coverage on shares of Steel Dynamics in a report on Wednesday, July 29th. They issued a “buy” rating and a $300.00 price objective for the company. UBS Group upped their target price on Steel Dynamics from $165.00 to $276.00 and gave the stock a “neutral” rating in a research report on Monday, August 10th. Weiss Ratings raised Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, June 18th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Steel Dynamics from $256.00 to $260.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 22nd. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $257.27.
View Our Latest Report on STLD
Steel Dynamics Company 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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