CIBC Asset Management Inc lifted its position in Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) by 130.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,495 shares of the basic materials company’s stock after buying an additional 14,988 shares during the quarter. CIBC Asset Management Inc’s holdings in Steel Dynamics were worth $2,589,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. KMG Fiduciary Partners LLC purchased a new stake in Steel Dynamics in the fourth quarter valued at approximately $205,000. Signaturefd LLC raised its stake in Steel Dynamics by 5.0% in the fourth quarter. Signaturefd LLC now owns 2,552 shares of the basic materials company’s stock valued at $249,000 after purchasing an additional 122 shares in the last quarter. Gladstone Institutional Advisory LLC purchased a new stake in Steel Dynamics in the fourth quarter valued at approximately $4,137,000. Busey Wealth Management purchased a new position in shares of Steel Dynamics during the fourth quarter worth approximately $247,000. Finally, Metis Global Partners LLC lifted its holdings in shares of Steel Dynamics by 23.3% in the 4th quarter. Metis Global Partners LLC now owns 8,323 shares of the basic materials company’s stock worth $813,000 after acquiring an additional 1,571 shares during the last quarter. 79.54% of the stock is owned by hedge funds and other institutional investors.
Steel Dynamics Stock Down 1.1 %
Shares of NASDAQ STLD opened at $99.22 on Friday. The company has a quick ratio of 2.51, a current ratio of 4.15 and a debt-to-equity ratio of 0.37. The firm’s fifty day moving average is $100.84 and its 200 day moving average is $108.46. The company has a market cap of $16.77 billion, a price-to-earnings ratio of 5.28 and a beta of 1.48. Steel Dynamics, Inc. has a 52 week low of $62.44 and a 52 week high of $136.46.
Steel Dynamics (NASDAQ:STLD – Get Rating) last issued its quarterly earnings data on Wednesday, April 19th. The basic materials company reported $4.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.81 by $0.20. The business had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $4.95 billion. Steel Dynamics had a net margin of 15.73% and a return on equity of 47.68%. The company’s quarterly revenue was down 12.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $6.02 EPS. On average, equities research analysts expect that Steel Dynamics, Inc. will post 16.2 earnings per share for the current year.
Steel Dynamics Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 14th. Shareholders of record on Friday, June 30th will be given a dividend of $0.425 per share. This represents a $1.70 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date of this dividend is Thursday, June 29th. Steel Dynamics’s payout ratio is currently 9.05%.
Wall Street Analyst Weigh In
A number of equities research analysts have recently weighed in on STLD shares. UBS Group lowered their price objective on shares of Steel Dynamics from $110.00 to $100.00 in a report on Friday, May 5th. Bank of America lowered shares of Steel Dynamics from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $140.00 to $123.00 in a report on Wednesday, April 5th. Credit Suisse Group boosted their price objective on shares of Steel Dynamics from $106.00 to $115.00 and gave the stock an “outperform” rating in a report on Friday, April 21st. StockNews.com started coverage on shares of Steel Dynamics in a report on Thursday, May 18th. They issued a “hold” rating for the company. Finally, Citigroup lowered shares of Steel Dynamics from a “buy” rating to a “neutral” rating in a report on Wednesday, March 15th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $107.63.
About Steel Dynamics
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Steel Dynamics, Inc engages in the manufacture of steel products and metal recycling. It operates through the following segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment consists of sheet products including hot roll, cold roll, and coated steel, long products including structural steel beams, pilings, and standard and premium grade rail, and steel finishing services such as turning, polishing, straightening, chamfering, threading, and precision saw-cutting.
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