Lucus Advisors LLC decreased its stake in Steel Dynamics Inc. (NASDAQ:STLD) by 36.7% during the second quarter, Holdings Channel reports. The fund owned 14,515 shares of the company’s stock after selling 8,432 shares during the period. Steel Dynamics comprises 0.3% of Lucus Advisors LLC’s portfolio, making the stock its 29th largest position. Lucus Advisors LLC’s holdings in Steel Dynamics were worth $356,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in STLD. BlackRock Institutional Trust Company N.A. boosted its stake in Steel Dynamics by 5.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 7,758,232 shares of the company’s stock valued at $174,638,000 after buying an additional 391,145 shares during the last quarter. State Street Corp boosted its stake in Steel Dynamics by 7.0% in the first quarter. State Street Corp now owns 7,329,496 shares of the company’s stock valued at $164,995,000 after buying an additional 480,693 shares during the last quarter. Norges Bank purchased a new stake in Steel Dynamics during the fourth quarter valued at $84,058,000. JPMorgan Chase & Co. boosted its stake in Steel Dynamics by 3.4% in the first quarter. JPMorgan Chase & Co. now owns 3,762,803 shares of the company’s stock valued at $84,700,000 after buying an additional 124,718 shares during the last quarter. Finally, TIAA CREF Investment Management LLC boosted its stake in Steel Dynamics by 32.7% in the first quarter. TIAA CREF Investment Management LLC now owns 2,368,036 shares of the company’s stock valued at $53,304,000 after buying an additional 584,195 shares during the last quarter. 82.42% of the stock is owned by institutional investors and hedge funds.
Shares of Steel Dynamics Inc. (NASDAQ:STLD) traded up 1.97% on Tuesday, hitting $25.40. The stock had a trading volume of 2,863,023 shares. The firm has a 50 day moving average of $24.82 and a 200-day moving average of $24.67. Steel Dynamics Inc. has a 1-year low of $15.32 and a 1-year high of $28.01. The firm has a market capitalization of $6.19 billion, a price-to-earnings ratio of 518.37 and a beta of 1.70.
Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Monday, July 18th. The company reported $0.58 earnings per share for the quarter, beating 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 business had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter last year, the business posted $0.22 earnings per share. Equities analysts predict that Steel Dynamics Inc. will post $2.08 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be given a dividend of $0.14 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.56 dividend on an annualized basis and a yield of 2.21%. Steel Dynamics’s payout ratio is 1,120.00%.
Several equities analysts have weighed in on STLD shares. Credit Suisse Group AG lifted their price objective on Steel Dynamics from $27.00 to $33.00 and gave the company an “outperform” rating in a report on Wednesday, June 8th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $30.00 price objective on shares of Steel Dynamics in a report on Friday, July 22nd. Zacks Investment Research cut Steel Dynamics from a “buy” rating to a “hold” rating in a report on Friday, July 1st. Jefferies Group reaffirmed a “buy” rating and issued a $31.00 price objective (up from $28.00) on shares of Steel Dynamics in a report on Friday, June 10th. Finally, Barclays PLC reaffirmed an “overweight” rating and issued a $30.00 price objective on shares of Steel Dynamics in a report on Thursday, September 22nd. One 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. Steel Dynamics has a consensus rating of “Buy” and a consensus price target of $27.87.
In other Steel Dynamics news, Director Keith E. Busse sold 13,155 shares of the firm’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $27.00, for a total transaction of $355,185.00. Following the sale, the director now owns 1,006,894 shares in the company, valued at $27,186,138. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jurgen Dr Kolb sold 1,000 shares of the firm’s stock in a transaction dated Monday, July 25th. The shares were sold at an average price of $26.50, for a total value of $26,500.00. Following the sale, the director now owns 65,014 shares in the company, valued at approximately $1,722,871. The disclosure for this sale can be found here. Company insiders own 4.10% of the company’s stock.
About Steel Dynamics
Want to see what other hedge funds are holding STLD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Steel Dynamics Inc. (NASDAQ:STLD).
Receive News & Ratings for Steel Dynamics Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Steel Dynamics Inc. and related companies with MarketBeat.com's FREE daily email newsletter.