Ronald Blue Trust Inc. lessened its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) by 12.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 2,470 shares of the basic materials company’s stock after selling 340 shares during the period. Ronald Blue Trust Inc.’s holdings in Steel Dynamics were worth $241,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. State Street Corp lifted its position in shares of Steel Dynamics by 9.5% during the 1st quarter. State Street Corp now owns 9,207,455 shares of the basic materials company’s stock valued at $771,198,000 after acquiring an additional 800,656 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Steel Dynamics by 31.2% in the fourth quarter. Geode Capital Management LLC now owns 4,182,335 shares of the basic materials company’s stock valued at $407,985,000 after purchasing an additional 994,643 shares in the last quarter. Royal London Asset Management Ltd. lifted its holdings in shares of Steel Dynamics by 24.0% in the fourth quarter. Royal London Asset Management Ltd. now owns 3,228,932 shares of the basic materials company’s stock valued at $315,451,000 after purchasing an additional 623,961 shares in the last quarter. Morgan Stanley lifted its holdings in shares of Steel Dynamics by 29.2% in the fourth quarter. Morgan Stanley now owns 3,034,652 shares of the basic materials company’s stock valued at $296,486,000 after purchasing an additional 684,975 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Steel Dynamics by 15.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,308,698 shares of the basic materials company’s stock valued at $225,560,000 after purchasing an additional 309,009 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.
Wall Street Analyst Weigh In
Several analysts recently issued reports on STLD shares. UBS Group cut their price objective on Steel Dynamics from $110.00 to $100.00 in a report on Friday, May 5th. BMO Capital Markets cut their price objective on Steel Dynamics from $120.00 to $115.00 in a report on Monday, June 19th. StockNews.com started coverage on Steel Dynamics in a report on Thursday, May 18th. They set a “hold” rating for the company. JPMorgan Chase & Co. started coverage on Steel Dynamics in a report on Tuesday, May 23rd. They set an “underweight” rating and a $82.00 price objective for the company. Finally, Bank of America lowered Steel Dynamics from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $140.00 to $123.00 in a report on Wednesday, April 5th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $107.00.
Steel Dynamics Trading Down 0.2 %
Steel Dynamics (NASDAQ:STLD – Free Report) last issued its quarterly earnings results on Wednesday, April 19th. The basic materials company reported $4.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.81 by $0.20. Steel Dynamics had a return on equity of 47.68% and a net margin of 15.73%. The company had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $4.95 billion. During the same period last year, the business posted $6.02 earnings per share. The firm’s revenue was down 12.1% compared to the same quarter last year. On average, analysts forecast that Steel Dynamics, Inc. will post 16.31 earnings per share for the current fiscal year.
Steel Dynamics Dividend Announcement
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 given a dividend of $0.425 per share. This represents a $1.70 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date is Thursday, June 29th. Steel Dynamics’s dividend payout ratio (DPR) is presently 9.05%.
About Steel Dynamics
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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