ProShare Advisors LLC boosted its position in Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) by 58.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 27,415 shares of the basic materials company’s stock after buying an additional 10,097 shares during the quarter. ProShare Advisors LLC’s holdings in Steel Dynamics were worth $2,678,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Nations Financial Group Inc. IA ADV increased its holdings in Steel Dynamics by 1.2% in the third quarter. Nations Financial Group Inc. IA ADV now owns 8,778 shares of the basic materials company’s stock valued at $623,000 after buying an additional 103 shares during the last quarter. Belpointe Asset Management LLC boosted its stake in Steel Dynamics by 2.5% in the third quarter. Belpointe Asset Management LLC now owns 4,257 shares of the basic materials company’s stock valued at $301,000 after acquiring an additional 103 shares during the period. Exchange Traded Concepts LLC boosted its stake in Steel Dynamics by 4.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 3,007 shares of the basic materials company’s stock valued at $294,000 after acquiring an additional 117 shares during the period. Signaturefd LLC boosted its stake in Steel Dynamics by 5.0% in the fourth quarter. Signaturefd LLC now owns 2,552 shares of the basic materials company’s stock valued at $249,000 after acquiring an additional 122 shares during the period. Finally, Parkside Financial Bank & Trust boosted its stake in Steel Dynamics by 27.4% in the third quarter. Parkside Financial Bank & Trust now owns 596 shares of the basic materials company’s stock valued at $42,000 after acquiring an additional 128 shares during the period. 79.54% of the stock is owned by institutional investors.
Analyst Ratings Changes
A number of equities analysts have commented on STLD shares. Citigroup downgraded Steel Dynamics from a “buy” rating to a “neutral” rating in a research note on Wednesday, March 15th. Bank of America downgraded Steel Dynamics from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $140.00 to $123.00 in a research report on Wednesday, April 5th. StockNews.com downgraded Steel Dynamics from a “buy” rating to a “hold” rating in a research report on Friday, March 24th. The Goldman Sachs Group downgraded Steel Dynamics from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $114.00 to $118.00 in a research report on Friday, January 27th. Finally, BMO Capital Markets boosted their price objective on Steel Dynamics from $109.00 to $120.00 and gave the stock a “market perform” rating in a research report on Friday, January 27th. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $110.50.
Steel Dynamics Stock Performance
Steel Dynamics (NASDAQ:STLD – Get Rating) last released its earnings results on Wednesday, April 19th. The basic materials company reported $4.01 earnings per share for the quarter, topping analysts’ consensus estimates of $3.81 by $0.20. The firm had revenue of $4.89 billion during the quarter, compared to the consensus estimate of $4.95 billion. Steel Dynamics had a return on equity of 47.68% and a net margin of 15.73%. The firm’s revenue for the quarter was down 12.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $6.02 earnings per share. Research analysts predict that Steel Dynamics, Inc. will post 15.62 EPS for the current fiscal year.
Steel Dynamics Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, April 14th. Shareholders of record on Friday, March 31st were issued a $0.425 dividend. The ex-dividend date of this dividend was Thursday, March 30th. This represents a $1.70 annualized dividend and a dividend yield of 1.56%. This is a boost from Steel Dynamics’s previous quarterly dividend of $0.34. Steel Dynamics’s dividend payout ratio is currently 9.05%.
About Steel Dynamics
Steel Dynamics, Inc engages in the manufacture of steel products and metal recycling. It operates through the following segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment consists of sheet products including hot roll, cold roll, and coated steel, long products including structural steel beams, pilings, and standard and premium grade rail, and steel finishing services such as turning, polishing, straightening, chamfering, threading, and precision saw-cutting.
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