Steel Dynamics, Inc. (NASDAQ:STLD) Shares Sold by Federated Hermes Inc.

Posted by Defense World Staff on Aug 13th, 2023

Federated Hermes Inc. trimmed its position in Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) by 39.8% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 82,520 shares of the basic materials company’s stock after selling 54,582 shares during the period. Federated Hermes Inc.’s holdings in Steel Dynamics were worth $9,330,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. CENTRAL TRUST Co grew its position in shares of Steel Dynamics by 569.7% in the 1st quarter. CENTRAL TRUST Co now owns 221 shares of the basic materials company’s stock worth $25,000 after acquiring an additional 188 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in shares of 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 valued at $26,000 after buying an additional 105 shares during the period. Wellington Shields & Co. LLC grew its position in shares of Steel Dynamics by 50.0% during the 4th quarter. Wellington Shields & Co. LLC now owns 300 shares of the basic materials company’s stock valued at $29,000 after buying an additional 100 shares during the last quarter. Financial Management Professionals Inc. raised its stake in Steel Dynamics by 1,953.8% during the first quarter. Financial Management Professionals Inc. now owns 267 shares of the basic materials company’s stock worth $30,000 after acquiring an additional 254 shares during the period. Finally, Clearstead Advisors LLC bought a new position in Steel Dynamics in the third quarter worth about $35,000. 83.66% of the stock is owned by institutional investors.

Analysts Set New Price Targets

STLD has been the topic of a number of research reports. StockNews.com started coverage on Steel Dynamics in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Credit Suisse Group raised their target price on Steel Dynamics from $106.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday, April 21st. BNP Paribas lowered shares of Steel Dynamics from an “outperform” rating to a “neutral” rating and set a $102.00 price target for the company. in a research report on Wednesday, July 5th. Morgan Stanley lifted their price objective on shares of Steel Dynamics from $97.00 to $99.00 and gave the company an “equal weight” rating in a research report on Monday, July 24th. Finally, JPMorgan Chase & Co. upped their target price on shares of Steel Dynamics from $93.00 to $94.00 and gave the stock an “underweight” rating in a research report on Friday, July 21st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $108.44.

View Our Latest Analysis on STLD

Insider Transactions at Steel Dynamics

In related news, Director Gabriel Shaheen sold 1,717 shares of the stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $105.80, for a total value of $181,658.60. Following the transaction, the director now owns 83,074 shares in the company, valued at $8,789,229.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 6.00% of the stock is currently owned by company insiders.

Steel Dynamics Stock Up 0.2 %

STLD stock opened at $102.30 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.20 and a quick ratio of 2.47. The firm has a market capitalization of $16.94 billion, a P/E ratio of 5.97 and a beta of 1.50. Steel Dynamics, Inc. has a 52-week low of $69.12 and a 52-week high of $136.46. The company’s 50 day simple moving average is $104.42 and its 200-day simple moving average is $108.48.

Steel Dynamics (NASDAQ:STLD – Get Free Report) last posted its quarterly earnings data on Thursday, July 20th. The basic materials company reported $4.81 earnings per share for the quarter, missing the consensus estimate of $4.82 by ($0.01). The firm had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $5.51 billion. Steel Dynamics had a return on equity of 40.44% and a net margin of 14.66%. The company’s revenue for the quarter was down 18.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $6.73 earnings per share. As a group, equities research analysts anticipate that Steel Dynamics, Inc. will post 16.03 EPS for the current year.

Steel Dynamics Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were paid a $0.425 dividend. The ex-dividend date was Thursday, June 29th. This represents a $1.70 annualized dividend and a yield of 1.66%. Steel Dynamics’s dividend payout ratio is presently 9.91%.

About Steel Dynamics

(Free Report)

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.