First Citizens Bank & Trust Co. increased its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 73.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,941 shares of the basic materials company’s stock after acquiring an additional 7,177 shares during the period. First Citizens Bank & Trust Co.’s holdings in Steel Dynamics were worth $598,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in STLD. Bank of New York Mellon Corp grew its holdings in shares of Steel Dynamics by 2.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 3,264,092 shares of the basic materials company’s stock worth $147,503,000 after acquiring an additional 72,097 shares during the period. Franklin Resources Inc. grew its holdings in Steel Dynamics by 39.5% during the 3rd quarter. Franklin Resources Inc. now owns 7,322 shares of the basic materials company’s stock valued at $331,000 after buying an additional 2,075 shares during the last quarter. GAM Holding AG acquired a new stake in Steel Dynamics during the 3rd quarter valued at $254,000. JPMorgan Chase & Co. grew its holdings in Steel Dynamics by 8.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,373,423 shares of the basic materials company’s stock valued at $62,065,000 after buying an additional 107,058 shares during the last quarter. Finally, LPL Financial LLC grew its holdings in Steel Dynamics by 11.6% during the 3rd quarter. LPL Financial LLC now owns 55,900 shares of the basic materials company’s stock valued at $2,526,000 after buying an additional 5,816 shares during the last quarter. Institutional investors and hedge funds own 82.58% of the company’s stock.
STLD has been the topic of a number of analyst reports. BidaskClub upgraded Steel Dynamics from a “sell” rating to a “hold” rating in a report on Wednesday, January 30th. Credit Suisse Group upgraded Steel Dynamics from a “neutral” rating to an “outperform” rating in a report on Tuesday, January 8th. They noted that the move was a valuation call. ValuEngine upgraded Steel Dynamics from a “strong sell” rating to a “sell” rating in a report on Thursday, January 10th. Cowen initiated coverage on Steel Dynamics in a report on Tuesday, January 8th. They set a “market perform” rating and a $32.00 target price on the stock. Finally, Zacks Investment Research upgraded Steel Dynamics from a “sell” rating to a “hold” rating in a report on Wednesday, March 6th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $48.89.
Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Tuesday, January 22nd. The basic materials company reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.06. Steel Dynamics had a return on equity of 35.44% and a net margin of 10.65%. The company had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.93 billion. During the same quarter in the prior year, the company posted $0.54 EPS. The business’s revenue for the quarter was up 24.3% compared to the same quarter last year. Analysts expect that Steel Dynamics, Inc. will post 3.93 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Sunday, March 31st were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date of this dividend was Friday, March 29th. This is a positive change from Steel Dynamics’s previous quarterly dividend of $0.19. Steel Dynamics’s dividend payout ratio is currently 17.49%.
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Steel Dynamics Company Profile
Steel Dynamics, Inc, together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. The company operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment provides hot roll, cold roll, and coated steel products; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; merchant bar products, including angles, merchant rounds, flats, channels, and reinforcing bars; beams, channels, and specialty steel sections; and threaded rod products, and cold drawn and heat treated bars.
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