Summit Global Investments reduced its stake in Steel Dynamics, Inc. (NASDAQ:STLD - Free Report) by 22.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 67,976 shares of the basic materials company's stock after selling 19,428 shares during the period. Summit Global Investments' holdings in Steel Dynamics were worth $8,028,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. CVA Family Office LLC purchased a new position in shares of Steel Dynamics in the 4th quarter worth $28,000. Turtle Creek Wealth Advisors LLC purchased a new position in Steel Dynamics during the 4th quarter valued at $29,000. Lindbrook Capital LLC grew its position in Steel Dynamics by 117.5% in the 4th quarter. Lindbrook Capital LLC now owns 248 shares of the basic materials company's stock valued at $29,000 after acquiring an additional 134 shares during the last quarter. Exchange Traded Concepts LLC purchased a new stake in Steel Dynamics in the fourth quarter worth $44,000. Finally, Denali Advisors LLC lifted its position in shares of Steel Dynamics by 99.0% during the fourth quarter. Denali Advisors LLC now owns 406 shares of the basic materials company's stock worth $48,000 after purchasing an additional 202 shares during the last quarter. Hedge funds and other institutional investors own 82.41% of the company's stock.
Steel Dynamics Stock Up 0.9 %
NASDAQ STLD traded up $1.14 on Thursday, hitting $130.79. The stock had a trading volume of 1,149,581 shares, compared to its average volume of 1,196,696. The business's fifty day moving average price is $137.93 and its 200 day moving average price is $122.88. The stock has a market cap of $20.66 billion, a price-to-earnings ratio of 8.98 and a beta of 1.47. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.87 and a quick ratio of 1.55. Steel Dynamics, Inc. has a 52-week low of $90.55 and a 52-week high of $151.34.
Steel Dynamics (NASDAQ:STLD - Get Free Report) last issued its quarterly earnings results on Tuesday, April 23rd. The basic materials company reported $3.67 earnings per share for the quarter, topping the consensus estimate of $3.54 by $0.13. The business had revenue of $4.69 billion during the quarter, compared to the consensus estimate of $4.74 billion. Steel Dynamics had a return on equity of 27.62% and a net margin of 12.89%. The company's quarterly revenue was down 4.1% on a year-over-year basis. During the same quarter last year, the company earned $4.01 earnings per share. Equities research analysts anticipate that Steel Dynamics, Inc. will post 12.41 earnings per share for the current year.
Steel Dynamics Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Sunday, April 14th. Shareholders of record on Sunday, March 31st were given a dividend of $0.46 per share. This is an increase from Steel Dynamics's previous quarterly dividend of $0.43. This represents a $1.84 annualized dividend and a yield of 1.41%. The ex-dividend date was Wednesday, March 27th. Steel Dynamics's dividend payout ratio (DPR) is currently 12.64%.
Analyst Upgrades and Downgrades
Several research firms recently commented on STLD. UBS Group reduced their price target on shares of Steel Dynamics from $120.00 to $119.00 and set a "neutral" rating on the stock in a research note on Wednesday, January 24th. BMO Capital Markets upped their target price on shares of Steel Dynamics from $110.00 to $120.00 and gave the stock a "market perform" rating in a research note on Monday, March 18th. JPMorgan Chase & Co. lifted their price target on shares of Steel Dynamics from $100.00 to $118.00 and gave the company an "underweight" rating in a research note on Tuesday, April 16th. Finally, Citigroup lifted their price objective on Steel Dynamics from $130.00 to $160.00 and gave the company a "buy" rating in a report on Wednesday, March 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $121.17.
Check Out Our Latest Report 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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