Redwood Investments LLC purchased a new stake in Steel Dynamics Inc. (NASDAQ:STLD) during the second quarter, Holdings Channel reports. The fund purchased 764,851 shares of the company’s stock, valued at approximately $18,739,000. Steel Dynamics accounts for about 1.7% of Redwood Investments LLC’s holdings, making the stock its 19th largest position.
Other large investors also recently added to or reduced their stakes in the company. North Point Portfolio Managers Corp OH bought a new stake in Steel Dynamics during the second quarter valued at approximately $203,000. Fox Run Management L.L.C. bought a new stake in Steel Dynamics during the second quarter valued at approximately $228,000. Hartford Investment Management Co. bought a new stake in Steel Dynamics during the second quarter valued at approximately $252,000. Raymond James Trust N.A. bought a new stake in Steel Dynamics during the second quarter valued at approximately $286,000. Finally, LS Investment Advisors LLC boosted its stake in Steel Dynamics by 73.4% in the second quarter. LS Investment Advisors LLC now owns 14,734 shares of the company’s stock valued at $361,000 after buying an additional 6,238 shares during the period. Institutional investors and hedge funds own 82.42% of the company’s stock.
Steel Dynamics Inc. (NASDAQ:STLD) traded down 1.76% during trading on Monday, reaching $24.55. The company had a trading volume of 2,329,040 shares. Steel Dynamics Inc. has a 12 month low of $15.32 and a 12 month high of $28.01. The stock has a 50 day moving average price of $24.73 and a 200 day moving average price of $24.74. The firm has a market capitalization of $5.98 billion, a price-to-earnings ratio of 501.02 and a beta of 1.57.
Steel Dynamics (NASDAQ:STLD) last posted its quarterly earnings data on Monday, July 18th. The company reported $0.58 EPS for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.02. Steel Dynamics had a return on equity of 10.79% and a net margin of 0.17%. The company had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter in the previous year, the business earned $0.22 EPS. On average, equities research analysts predict that Steel Dynamics Inc. will post $2.08 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date is Wednesday, September 28th. Steel Dynamics’s dividend payout ratio is presently 1,120.00%.
Several equities research analysts have recently commented on the company. Zacks Investment Research upgraded Steel Dynamics from a “hold” rating to a “buy” rating and set a $29.00 price target for the company in a research note on Thursday, July 7th. Bank of America Corp. cut Steel Dynamics from a “buy” rating to a “neutral” rating and set a $28.00 price target for the company. in a research note on Wednesday, July 20th. Berenberg Bank set a $35.00 price target on Steel Dynamics and gave the stock a “buy” rating in a research note on Tuesday, September 20th. Credit Agricole SA restated an “outperform” rating and set a $27.00 price target (down previously from $29.00) on shares of Steel Dynamics in a research note on Wednesday, September 21st. Finally, Cowen and Company set a $33.00 price target on Steel Dynamics and gave the stock a “buy” rating in a research note on Tuesday, September 20th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eighteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $27.87.
In other news, Director Jurgen Dr Kolb sold 17,900 shares of the business’s stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $27.20, for a total value of $486,880.00. Following the sale, the director now owns 65,014 shares of the company’s stock, valued at approximately $1,768,380.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Keith E. Busse sold 13,155 shares of the business’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $27.00, for a total value of $355,185.00. Following the completion of the sale, the director now directly owns 1,006,894 shares in the company, valued at approximately $27,186,138. The disclosure for this sale can be found here. 4.10% of the stock is owned by insiders.
About Steel Dynamics
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