Oakbrook Investments LLC trimmed its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 64.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,250 shares of the basic materials company’s stock after selling 13,350 shares during the period. Oakbrook Investments LLC’s holdings in Steel Dynamics were worth $328,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in STLD. Victory Capital Management Inc. raised its position in shares of Steel Dynamics by 200.0% during the 2nd quarter. Victory Capital Management Inc. now owns 1,291,425 shares of the basic materials company’s stock valued at $59,341,000 after purchasing an additional 860,913 shares during the period. Standard Life Aberdeen plc raised its position in shares of Steel Dynamics by 43.3% during the 2nd quarter. Standard Life Aberdeen plc now owns 2,690,278 shares of the basic materials company’s stock valued at $123,632,000 after purchasing an additional 812,425 shares during the period. Menora Mivtachim Holdings LTD. bought a new stake in Steel Dynamics in the 2nd quarter valued at $28,967,000. BlackRock Inc. increased its holdings in Steel Dynamics by 2.4% in the 2nd quarter. BlackRock Inc. now owns 22,437,570 shares of the basic materials company’s stock valued at $1,031,008,000 after acquiring an additional 527,113 shares during the last quarter. Finally, Glenmede Trust Co. NA increased its holdings in Steel Dynamics by 889.0% in the 2nd quarter. Glenmede Trust Co. NA now owns 495,899 shares of the basic materials company’s stock valued at $22,786,000 after acquiring an additional 445,759 shares during the last quarter. Hedge funds and other institutional investors own 83.09% of the company’s stock.
In other news, insider Christopher A. Graham sold 10,800 shares of the business’s stock in a transaction dated Wednesday, September 19th. The shares were sold at an average price of $47.61, for a total value of $514,188.00. Following the sale, the insider now directly owns 26,087 shares in the company, valued at approximately $1,242,002.07. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 4.40% of the company’s stock.
Steel Dynamics (NASDAQ:STLD) last posted its earnings results on Wednesday, October 17th. The basic materials company reported $1.69 earnings per share for the quarter, topping analysts’ consensus estimates of $1.65 by $0.04. Steel Dynamics had a net margin of 11.49% and a return on equity of 31.96%. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.14 billion. During the same period in the previous year, the firm posted $0.66 EPS. The business’s quarterly revenue was up 31.9% on a year-over-year basis. On average, equities analysts forecast that Steel Dynamics, Inc. will post 5.59 earnings per share for the current year.
Steel Dynamics announced that its board has authorized a share repurchase program on Tuesday, September 4th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the basic materials company to repurchase up to 6.8% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 12th. Stockholders of record on Sunday, September 30th were issued a $0.1875 dividend. The ex-dividend date was Thursday, September 27th. This represents a $0.75 dividend on an annualized basis and a dividend yield of 1.95%. Steel Dynamics’s dividend payout ratio (DPR) is presently 28.30%.
STLD has been the topic of a number of research reports. Deutsche Bank downgraded shares of Steel Dynamics to a “buy” rating in a report on Tuesday, October 2nd. Zacks Investment Research upgraded shares of Steel Dynamics from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a report on Wednesday, September 12th. BidaskClub upgraded shares of Steel Dynamics from a “hold” rating to a “buy” rating in a report on Tuesday, July 3rd. Bank of America lifted their price target on shares of Steel Dynamics from $54.00 to $56.00 and gave the company a “buy” rating in a report on Wednesday, July 25th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $58.00 price target on shares of Steel Dynamics in a report on Wednesday, July 25th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and eleven have given a buy rating to the stock. Steel Dynamics presently has a consensus rating of “Buy” and an average price target of $53.31.
Steel Dynamics Profile
Steel Dynamics, Inc, together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. The company operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment provides hot roll, cold roll, and coated steel products; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; merchant bar products, including angles, merchant rounds, flats, channels, and reinforcing bars; beams, channels, and specialty steel sections; and threaded rod products, and cold drawn and heat treated bars.
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