Steel Dynamics Inc. (NASDAQ:STLD) was the recipient of a significant decline in short interest during the month of September. As of September 30th, there was short interest totalling 9,609,101 shares, a decline of 10.7% from the September 15th total of 10,755,190 shares. Currently, 4.1% of the shares of the stock are sold short. Based on an average trading volume of 3,324,850 shares, the short-interest ratio is currently 2.9 days.
STLD has been the topic of a number of research analyst reports. Zacks Investment Research raised Steel Dynamics from a “hold” rating to a “buy” rating and set a $26.00 price target on the stock in a research note on Tuesday, June 28th. Barclays PLC reissued an “overweight” rating and set a $28.00 price objective (up previously from $27.00) on shares of Steel Dynamics in a research note on Tuesday, July 12th. Clarkson Capital reissued a “neutral” rating and set a $24.00 price objective on shares of Steel Dynamics in a research note on Tuesday, July 19th. Cowen and Company boosted their price objective on Steel Dynamics from $30.00 to $33.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 20th. Finally, Bank of America Corp. lowered Steel Dynamics from a “buy” rating to a “neutral” rating and set a $28.00 price objective on the stock. in a research note on Wednesday, July 20th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eighteen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $27.87.
In other news, Director Jurgen Dr Kolb sold 1,000 shares of Steel Dynamics stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $26.50, for a total value of $26,500.00. Following the sale, the director now directly owns 65,014 shares of the company’s stock, valued at $1,722,871. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Keith E. Busse sold 13,155 shares of Steel Dynamics stock in a transaction that occurred 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 $27,186,138. The disclosure for this sale can be found here. 4.10% of the stock is owned by insiders.
Large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Steel Dynamics by 23.7% in the second quarter. Vanguard Group Inc. now owns 20,810,938 shares of the company’s stock worth $509,869,000 after buying an additional 3,982,588 shares during the last quarter. Boston Partners boosted its position in shares of Steel Dynamics by 124.9% in the second quarter. Boston Partners now owns 11,042,580 shares of the company’s stock worth $270,544,000 after buying an additional 6,132,303 shares during the last quarter. BlackRock Fund Advisors boosted its position in shares of Steel Dynamics by 6.2% in the second quarter. BlackRock Fund Advisors now owns 8,542,872 shares of the company’s stock worth $209,300,000 after buying an additional 496,570 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in shares of Steel Dynamics by 6.6% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 8,266,562 shares of the company’s stock worth $202,531,000 after buying an additional 508,330 shares during the last quarter. Finally, State Street Corp boosted its position in shares of Steel Dynamics by 3.7% in the second quarter. State Street Corp now owns 7,602,249 shares of the company’s stock worth $186,255,000 after buying an additional 272,753 shares during the last quarter. Institutional investors and hedge funds own 82.42% of the company’s stock.
Steel Dynamics (NASDAQ:STLD) opened at 23.73 on Friday. Steel Dynamics has a 52-week low of $15.32 and a 52-week high of $28.01. The stock’s 50 day moving average price is $24.43 and its 200 day moving average price is $24.88. The firm has a market capitalization of $5.78 billion, a PE ratio of 484.29 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 earnings per share (EPS) for the quarter, topping the 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 business had revenue of $2.02 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same quarter last year, the firm earned $0.22 earnings per share. Analysts expect that Steel Dynamics will post $2.06 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Stockholders of record on Friday, September 30th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.36%. The ex-dividend date was Wednesday, September 28th. Steel Dynamics’s dividend payout ratio (DPR) is 1,120.00%.
About Steel Dynamics
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