DNB Asset Management AS grew its holdings in Steel Dynamics, Inc. (NASDAQ:STLD – Get Rating) by 28.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 65,505 shares of the basic materials company’s stock after acquiring an additional 14,656 shares during the quarter. DNB Asset Management AS’s holdings in Steel Dynamics were worth $5,465,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in STLD. LPL Financial LLC boosted its position in shares of Steel Dynamics by 62.2% in the third quarter. LPL Financial LLC now owns 62,358 shares of the basic materials company’s stock valued at $3,647,000 after acquiring an additional 23,918 shares during the period. Voloridge Investment Management LLC raised its stake in Steel Dynamics by 1,385.4% in the third quarter. Voloridge Investment Management LLC now owns 69,056 shares of the basic materials company’s stock valued at $4,038,000 after purchasing an additional 64,407 shares in the last quarter. Squarepoint Ops LLC acquired a new position in Steel Dynamics in the third quarter valued at about $2,578,000. National Asset Management Inc. raised its stake in Steel Dynamics by 8.7% in the third quarter. National Asset Management Inc. now owns 6,267 shares of the basic materials company’s stock valued at $367,000 after purchasing an additional 502 shares in the last quarter. Finally, Corient Capital Partners LLC raised its stake in Steel Dynamics by 6.6% in the third quarter. Corient Capital Partners LLC now owns 3,880 shares of the basic materials company’s stock valued at $227,000 after purchasing an additional 240 shares in the last quarter. 83.19% of the stock is owned by institutional investors.
In related news, Director Keith E. Busse sold 5,040 shares of the company’s stock in a transaction that occurred on Friday, June 3rd. The stock was sold at an average price of $83.51, for a total value of $420,890.40. Following the sale, the director now directly owns 724,034 shares in the company, valued at $60,464,079.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 5.40% of the company’s stock.
Steel Dynamics stock opened at $67.40 on Thursday. The business has a 50 day moving average of $81.08 and a 200-day moving average of $72.42. Steel Dynamics, Inc. has a 1 year low of $50.54 and a 1 year high of $100.37. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.42 and a quick ratio of 1.74. The company has a market capitalization of $12.72 billion, a P/E ratio of 3.48 and a beta of 1.30.
Steel Dynamics (NASDAQ:STLD – Get Rating) last released its quarterly earnings data on Wednesday, April 20th. The basic materials company reported $6.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.58 by $0.44. Steel Dynamics had a return on equity of 69.88% and a net margin of 19.02%. The company had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $5.35 billion. During the same quarter in the prior year, the firm posted $2.10 earnings per share. The firm’s revenue was up 57.1% compared to the same quarter last year. Equities analysts anticipate that Steel Dynamics, Inc. will post 19.84 EPS for the current year.
Steel Dynamics announced that its Board of Directors has approved a stock buyback plan on Monday, February 28th that authorizes the company to repurchase $1.25 billion in outstanding shares. This repurchase authorization authorizes the basic materials company to purchase up to 8.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Thursday, June 30th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 2.02%. The ex-dividend date is Wednesday, June 29th. Steel Dynamics’s dividend payout ratio is currently 7.02%.
About Steel Dynamics (Get Rating)
Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars.
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