National Bank of Canada FI trimmed its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) by 46.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 46,804 shares of the basic materials company’s stock after selling 40,847 shares during the period. National Bank of Canada FI’s holdings in Steel Dynamics were worth $5,291,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Massmutual Trust Co. FSB ADV raised its holdings in Steel Dynamics by 82.0% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 233 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 105 shares during the last quarter. Wellington Shields & Co. LLC raised its holdings in Steel Dynamics by 50.0% in the 4th quarter. Wellington Shields & Co. LLC now owns 300 shares of the basic materials company’s stock worth $29,000 after acquiring an additional 100 shares during the last quarter. Armstrong Advisory Group Inc. purchased a new position in Steel Dynamics in the 4th quarter worth approximately $40,000. Clearstead Advisors LLC purchased a new position in Steel Dynamics in the 3rd quarter worth approximately $35,000. Finally, Neo Ivy Capital Management bought a new stake in Steel Dynamics in the 4th quarter worth approximately $48,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of research firms have commented on STLD. UBS Group cut their target price on shares of Steel Dynamics from $110.00 to $100.00 in a research report on Friday, May 5th. BMO Capital Markets cut their target price on shares of Steel Dynamics from $120.00 to $115.00 in a research report on Monday, June 19th. Citigroup downgraded shares of Steel Dynamics from a “buy” rating to a “neutral” rating in a research report on Wednesday, March 15th. StockNews.com started coverage on shares of Steel Dynamics in a research report on Thursday, May 18th. They issued a “hold” rating for the company. Finally, Bank of America downgraded shares of Steel Dynamics from a “buy” rating to a “neutral” rating and cut their price objective for the company from $140.00 to $123.00 in a research report on Wednesday, April 5th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $107.00.
Steel Dynamics Trading Up 2.9 %
Steel Dynamics (NASDAQ:STLD – Get Rating) last issued its earnings results on Wednesday, April 19th. The basic materials company reported $4.01 earnings per share for the quarter, topping the consensus estimate of $3.81 by $0.20. The company had revenue of $4.89 billion during the quarter, compared to the consensus estimate of $4.95 billion. Steel Dynamics had a net margin of 15.73% and a return on equity of 47.68%. Steel Dynamics’s quarterly revenue was down 12.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $6.02 EPS. On average, sell-side analysts anticipate that Steel Dynamics, Inc. will post 16.31 earnings per share for the current fiscal year.
Steel Dynamics Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Friday, June 30th will be issued a $0.425 dividend. This represents a $1.70 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend is Thursday, June 29th. Steel Dynamics’s dividend payout ratio is currently 9.05%.
Steel Dynamics Profile
Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.
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