Principal Financial Group Inc. increased its stake in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 8.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 187,886 shares of the basic materials company's stock after purchasing an additional 14,289 shares during the quarter. Principal Financial Group Inc. owned 0.13% of Steel Dynamics worth $23,501,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its position in Steel Dynamics by 8.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,628,403 shares of the basic materials company's stock worth $642,033,000 after purchasing an additional 451,630 shares during the last quarter. Geode Capital Management LLC raised its position in Steel Dynamics by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 3,688,494 shares of the basic materials company's stock worth $419,697,000 after acquiring an additional 30,350 shares during the period. Capital Research Global Investors raised its position in Steel Dynamics by 29.4% in the fourth quarter. Capital Research Global Investors now owns 3,592,670 shares of the basic materials company's stock worth $409,816,000 after acquiring an additional 815,629 shares during the period. First Trust Advisors LP raised its position in Steel Dynamics by 14.1% in the fourth quarter. First Trust Advisors LP now owns 3,179,062 shares of the basic materials company's stock worth $362,636,000 after acquiring an additional 393,516 shares during the period. Finally, Norges Bank bought a new position in Steel Dynamics in the fourth quarter worth approximately $336,426,000. Hedge funds and other institutional investors own 82.41% of the company's stock.
Steel Dynamics Price Performance
NASDAQ STLD traded up $0.04 during trading hours on Wednesday, reaching $136.08. The company's stock had a trading volume of 983,905 shares, compared to its average volume of 1,534,745. The firm's 50-day moving average price is $131.43 and its 200-day moving average price is $126.58. The company has a quick ratio of 1.38, a current ratio of 2.74 and a debt-to-equity ratio of 0.44. Steel Dynamics, Inc. has a 1 year low of $103.17 and a 1 year high of $155.56. The company has a market capitalization of $20.20 billion, a price-to-earnings ratio of 17.98, a PEG ratio of 1.04 and a beta of 1.37.
Steel Dynamics (NASDAQ:STLD - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The basic materials company reported $1.44 EPS for the quarter, beating analysts' consensus estimates of $1.40 by $0.04. The firm had revenue of $4.37 billion during the quarter, compared to the consensus estimate of $4.17 billion. Steel Dynamics had a return on equity of 13.26% and a net margin of 6.80%. During the same period in the prior year, the company earned $3.67 EPS. On average, equities research analysts predict that Steel Dynamics, Inc. will post 9.01 EPS for the current fiscal year.
Steel Dynamics Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Monday, June 30th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.47%. The ex-dividend date is Monday, June 30th. Steel Dynamics's dividend payout ratio is currently 26.42%.
Insider Buying and Selling at Steel Dynamics
In related news, SVP Miguel Alvarez sold 7,495 shares of the firm's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $135.26, for a total value of $1,013,773.70. Following the transaction, the senior vice president owned 125,319 shares of the company's stock, valued at $16,950,647.94. This trade represents a 5.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Gabriel Shaheen sold 1,254 shares of the firm's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $134.11, for a total transaction of $168,173.94. Following the completion of the transaction, the director directly owned 81,812 shares in the company, valued at $10,971,807.32. This represents a 1.51% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 6.30% of the company's stock.
Wall Street Analyst Weigh In
Several research firms have weighed in on STLD. Wall Street Zen downgraded shares of Steel Dynamics from a "hold" rating to a "sell" rating in a research report on Friday, April 25th. BMO Capital Markets raised Steel Dynamics from a "market perform" rating to an "outperform" rating and lifted their price objective for the company from $135.00 to $145.00 in a research report on Monday, March 31st. JPMorgan Chase & Co. lifted their price objective on Steel Dynamics from $135.00 to $138.00 and gave the company a "neutral" rating in a research report on Thursday, April 24th. Morgan Stanley lifted their price objective on Steel Dynamics from $140.00 to $145.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. Finally, UBS Group raised Steel Dynamics from a "neutral" rating to a "buy" rating and set a $149.00 price objective on the stock in a research report on Monday, March 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $148.00.
Get Our Latest Analysis on Steel Dynamics
About Steel Dynamics
(
Free Report)
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.
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