Tyers Asset Management LLC cut its stake in Steel Dynamics, Inc. (NASDAQ:STLD) by 45.0% in the first quarter, HoldingsChannel.com reports. The fund owned 71,792 shares of the basic materials company’s stock after selling 58,800 shares during the period. Tyers Asset Management LLC’s holdings in Steel Dynamics were worth $2,532,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently made changes to their positions in the company. BlackRock Inc. grew its stake in shares of Steel Dynamics by 3.4% in the first quarter. BlackRock Inc. now owns 24,696,468 shares of the basic materials company’s stock worth $871,044,000 after acquiring an additional 802,211 shares during the period. Vanguard Group Inc grew its stake in shares of Steel Dynamics by 4.3% in the third quarter. Vanguard Group Inc now owns 21,357,596 shares of the basic materials company’s stock worth $965,150,000 after acquiring an additional 882,061 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Steel Dynamics by 11.4% in the first quarter. Dimensional Fund Advisors LP now owns 4,980,443 shares of the basic materials company’s stock worth $175,647,000 after acquiring an additional 508,062 shares during the period. Norges Bank bought a new stake in shares of Steel Dynamics in the fourth quarter worth approximately $146,724,000. Finally, Oregon Public Employees Retirement Fund grew its stake in shares of Steel Dynamics by 2,996.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 4,061,799 shares of the basic materials company’s stock worth $135,000 after acquiring an additional 3,930,619 shares during the period. Hedge funds and other institutional investors own 81.38% of the company’s stock.
In related news, Director Gabriel Shaheen bought 5,000 shares of the stock in a transaction dated Friday, May 24th. The shares were purchased at an average price of $27.03 per share, with a total value of $135,150.00. Following the completion of the acquisition, the director now owns 58,635 shares of the company’s stock, valued at $1,584,904.05. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Glenn Pushis bought 5,740 shares of the stock in a transaction dated Wednesday, June 5th. The stock was bought at an average cost of $26.13 per share, for a total transaction of $149,986.20. Following the acquisition, the insider now directly owns 91,289 shares of the company’s stock, valued at approximately $2,385,381.57. The disclosure for this purchase can be found here. Insiders have acquired 12,740 shares of company stock worth $336,296 in the last ninety days. Insiders own 4.90% of the company’s stock.
Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Monday, April 22nd. The basic materials company reported $0.91 earnings per share for the quarter, meeting the consensus estimate of $0.91. Steel Dynamics had a net margin of 10.26% and a return on equity of 33.56%. The business had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.80 billion. During the same quarter in the previous year, the firm earned $0.96 earnings per share. The company’s revenue for the quarter was up 8.2% on a year-over-year basis. On average, sell-side analysts anticipate that Steel Dynamics, Inc. will post 3.57 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Sunday, June 30th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 3.65%. The ex-dividend date is Thursday, June 27th. Steel Dynamics’s dividend payout ratio is currently 17.49%.
Several analysts recently issued reports on STLD shares. Zacks Investment Research upgraded shares of Steel Dynamics from a “sell” rating to a “hold” rating in a research report on Wednesday, March 6th. BidaskClub lowered shares of Steel Dynamics from a “hold” rating to a “sell” rating in a research report on Saturday, March 9th. ValuEngine lowered shares of Steel Dynamics from a “sell” rating to a “strong sell” rating in a research report on Monday, April 1st. Citigroup set a $40.00 target price on shares of Steel Dynamics and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Finally, Goldman Sachs Group set a $44.00 target price on shares of Steel Dynamics and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $42.54.
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Steel Dynamics Company Profile
Steel Dynamics, Inc, together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; and merchant-bar-quality products, including rounds, angles, flats, reinforcing bars, and channels and specialty steel sections.
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