Connor Clark & Lunn Investment Management Ltd. Buys New Position in Steel Dynamics, Inc. $STLD

Key Points

• Connor Clark & Lunn Investment Management Ltd. purchased 19,229 shares of Steel Dynamics, Inc. (NASDAQ:STLD) in the first quarter, valued at approximately $2,405,000.
• Various institutional investors, including Price T Rowe Associates and Victory Capital Management, have significantly increased their stakes in Steel Dynamics, reflecting strong interest with 82.41% of shares now held by institutional investors.
• Steel Dynamics recently announced a quarterly dividend of $0.50 per share with a yield of 1.6%, supporting continued investor returns amidst fluctuating share performance.

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 19,229 shares of the basic materials company's stock, valued at approximately $2,405,000.

Several other large investors have also added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new stake in Steel Dynamics in the fourth quarter worth $16,495,000. Townsquare Capital LLC increased its position in Steel Dynamics by 6.4% in the fourth quarter. Townsquare Capital LLC now owns 2,130 shares of the basic materials company's stock worth $243,000 after purchasing an additional 128 shares during the last quarter. Mariner LLC increased its position in Steel Dynamics by 4.0% in the fourth quarter. Mariner LLC now owns 33,132 shares of the basic materials company's stock worth $3,779,000 after purchasing an additional 1,260 shares during the last quarter. Canada Post Corp Registered Pension Plan bought a new stake in Steel Dynamics in the fourth quarter worth $326,000. Finally, Guggenheim Capital LLC increased its position in Steel Dynamics by 9.9% in the fourth quarter. Guggenheim Capital LLC now owns 6,214 shares of the basic materials company's stock worth $709,000 after purchasing an additional 559 shares during the last quarter. Hedge funds and other institutional investors own 82.41% of the company's stock.

Insider Activity at Steel Dynamics

In other Steel Dynamics news, Director Gabriel Shaheen sold 1,254 shares of the company's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $134.11, for a total value of $168,173.94. Following the sale, the director owned 81,812 shares in the company, valued at approximately $10,971,807.32. This represents a 1.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Christopher A. Graham sold 12,000 shares of the stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $126.71, for a total value of $1,520,520.00. Following the transaction, the senior vice president owned 66,738 shares in the company, valued at $8,456,371.98. This trade represents a 15.24% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 6.30% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on STLD shares. Wall Street Zen lowered shares of Steel Dynamics from a "hold" rating to a "sell" rating in a research note on Friday, April 25th. Morgan Stanley lifted their price objective on shares of Steel Dynamics from $140.00 to $145.00 and gave the stock an "overweight" rating in a research note on Friday, June 20th. Wells Fargo & Company raised shares of Steel Dynamics to a "strong-buy" rating in a research note on Thursday, August 14th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Steel Dynamics from $138.00 to $150.00 and gave the stock a "neutral" rating in a research note on Monday, July 14th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $148.70.

Steel Dynamics Stock Up 1.0%

NASDAQ:STLD traded up $1.2370 during mid-day trading on Tuesday, reaching $127.1470. The company's stock had a trading volume of 272,011 shares, compared to its average volume of 1,613,275. Steel Dynamics, Inc. has a 1 year low of $103.17 and a 1 year high of $155.56. The stock has a fifty day moving average of $129.47 and a 200-day moving average of $128.20. The firm has a market capitalization of $18.72 billion, a PE ratio of 18.54, a price-to-earnings-growth ratio of 1.02 and a beta of 1.38. The company has a quick ratio of 1.34, a current ratio of 3.13 and a debt-to-equity ratio of 0.43.

Steel Dynamics (NASDAQ:STLD - Get Free Report) last announced its earnings results on Monday, July 21st. The basic materials company reported $2.01 EPS for the quarter, missing analysts' consensus estimates of $2.05 by ($0.04). Steel Dynamics had a return on equity of 11.88% and a net margin of 6.07%.The firm had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.82 billion. During the same quarter in the prior year, the firm posted $2.72 earnings per share. The business's revenue for the quarter was down 1.5% compared to the same quarter last year. Equities research analysts forecast that Steel Dynamics, Inc. will post 9.01 earnings per share for the current year.

Steel Dynamics Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.6%. The ex-dividend date is Tuesday, September 30th. Steel Dynamics's dividend payout ratio is currently 29.15%.

Steel Dynamics Company Profile

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. 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 steel 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.