JPMorgan Chase & Co. decreased its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 40.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,913,869 shares of the basic materials company’s stock after selling 1,313,628 shares during the quarter. JPMorgan Chase & Co. owned 0.80% of Steel Dynamics worth $66,181,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in STLD. BlackRock Inc. grew its stake in shares of Steel Dynamics by 9.2% in the second quarter. BlackRock Inc. now owns 21,932,609 shares of the basic materials company’s stock worth $785,405,000 after acquiring an additional 1,840,803 shares in the last quarter. Boston Partners grew its stake in shares of Steel Dynamics by 11.9% in the second quarter. Boston Partners now owns 16,383,812 shares of the basic materials company’s stock worth $586,703,000 after acquiring an additional 1,742,242 shares in the last quarter. State Street Corp grew its stake in shares of Steel Dynamics by 17.9% in the second quarter. State Street Corp now owns 8,857,134 shares of the basic materials company’s stock worth $317,162,000 after acquiring an additional 1,346,487 shares in the last quarter. Prudential Financial Inc. grew its stake in shares of Steel Dynamics by 21.7% in the second quarter. Prudential Financial Inc. now owns 4,079,525 shares of the basic materials company’s stock worth $146,088,000 after acquiring an additional 727,722 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new position in shares of Steel Dynamics in the second quarter worth $24,070,000. 83.45% of the stock is currently owned by institutional investors.
Steel Dynamics, Inc. (NASDAQ:STLD) opened at $39.21 on Thursday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.95 and a current ratio of 3.35. The company has a market cap of $9,177.14, a price-to-earnings ratio of 15.25, a P/E/G ratio of 1.21 and a beta of 1.40. Steel Dynamics, Inc. has a 12 month low of $32.15 and a 12 month high of $40.41.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 10th. Investors of record on Sunday, December 31st will be paid a dividend of $0.155 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.58%. Steel Dynamics’s payout ratio is currently 28.57%.
STLD has been the subject of several research reports. Longbow Research downgraded shares of Steel Dynamics from a “buy” rating to a “neutral” rating in a research note on Monday, October 2nd. Bank of America restated a “buy” rating and issued a $44.00 price target (up previously from $42.00) on shares of Steel Dynamics in a research note on Tuesday, September 5th. Cowen set a $43.00 price target on shares of Steel Dynamics and gave the stock a “buy” rating in a research note on Friday, October 20th. Citigroup boosted their price target on shares of Steel Dynamics from $41.00 to $42.00 and gave the stock a “buy” rating in a research note on Friday, October 20th. Finally, ValuEngine downgraded shares of Steel Dynamics from a “buy” rating to a “hold” rating in a research note on Wednesday, November 29th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Steel Dynamics currently has a consensus rating of “Buy” and a consensus price target of $41.70.
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Steel Dynamics Company Profile
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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