Legal & General Group Plc boosted its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 40.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 270,385 shares of the basic materials company’s stock after buying an additional 78,460 shares during the period. Legal & General Group Plc owned about 0.11% of Steel Dynamics worth $9,392,000 at the end of the most recent quarter.
Several other large investors have also recently bought and sold shares of STLD. Norges Bank bought a new stake in shares of Steel Dynamics during the fourth quarter valued at $213,607,000. FMR LLC boosted its position in Steel Dynamics by 213.7% in the fourth quarter. FMR LLC now owns 5,798,084 shares of the basic materials company’s stock valued at $206,295,000 after buying an additional 3,949,708 shares in the last quarter. Boston Partners boosted its position in Steel Dynamics by 25.7% in the first quarter. Boston Partners now owns 14,641,570 shares of the basic materials company’s stock valued at $508,941,000 after buying an additional 2,997,302 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. acquired a new position in Steel Dynamics during the first quarter valued at about $46,032,000. Finally, Principal Financial Group Inc. boosted its position in Steel Dynamics by 73.9% in the first quarter. Principal Financial Group Inc. now owns 2,440,881 shares of the basic materials company’s stock valued at $84,845,000 after buying an additional 1,037,471 shares in the last quarter. Hedge funds and other institutional investors own 83.57% of the company’s stock.
Steel Dynamics, Inc. (NASDAQ:STLD) opened at 35.99 on Thursday. The company has a 50-day moving average price of $34.25 and a 200 day moving average price of $35.30. Steel Dynamics, Inc. has a 1-year low of $22.79 and a 1-year high of $40.17. The stock has a market capitalization of $8.70 billion, a P/E ratio of 16.99 and a beta of 1.25.
Steel Dynamics (NASDAQ:STLD) last announced its earnings results on Wednesday, April 19th. The basic materials company reported $0.82 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.79 by $0.03. The company had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.19 billion. Steel Dynamics had a net margin of 6.19% and a return on equity of 21.77%. The firm’s revenue for the quarter was up 36.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.26 earnings per share. On average, equities analysts predict that Steel Dynamics, Inc. will post $2.75 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, July 7th. Stockholders of record on Friday, June 30th were issued a $0.155 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $0.62 annualized dividend and a dividend yield of 1.72%. Steel Dynamics’s dividend payout ratio is currently 29.25%.
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STLD has been the subject of several analyst reports. Zacks Investment Research raised Steel Dynamics from a “hold” rating to a “buy” rating and set a $37.00 price objective for the company in a research report on Friday, April 21st. BMO Capital Markets reaffirmed a “buy” rating and set a $48.00 price objective on shares of Steel Dynamics in a research report on Wednesday, March 22nd. Jefferies Group LLC reissued a “buy” rating and issued a $45.00 target price on shares of Steel Dynamics in a research report on Thursday, March 16th. Berenberg Bank reissued a “buy” rating and issued a $44.00 target price on shares of Steel Dynamics in a research report on Thursday, March 16th. Finally, Deutsche Bank AG upped their target price on Steel Dynamics from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, March 21st. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $38.03.
About Steel Dynamics
Steel Dynamics, Inc is a steel producing and a metal recycling company. The Company is engaged in the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joists and deck products. Its segments include steel operations, metals recycling operations, steel fabrication operations and Other Operations.
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