British Airways Pensions Investment Management Ltd Buys New Stake in Steel Dynamics, Inc. (STLD)
British Airways Pensions Investment Management Ltd purchased a new stake in Steel Dynamics, Inc. (NASDAQ:STLD) during the second quarter, Holdings Channel reports. The institutional investor purchased 611,470 shares of the company’s stock, valued at approximately $15,040,000.
Several other hedge funds also recently bought and sold shares of STLD. Fox Run Management L.L.C. bought a new stake in Steel Dynamics during the second quarter valued at $228,000. Hartford Investment Management Co. bought a new stake in Steel Dynamics during the second quarter valued at $252,000. Envestnet Asset Management Inc. increased its stake in Steel Dynamics by 49.1% in the first quarter. Envestnet Asset Management Inc. now owns 12,544 shares of the company’s stock valued at $282,000 after buying an additional 4,132 shares during the last quarter. Raymond James Trust N.A. bought a new stake in Steel Dynamics during the second quarter valued at $286,000. Finally, LS Investment Advisors LLC increased 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 last quarter. Institutional investors own 82.42% of the company’s stock.
Shares of Steel Dynamics, Inc. (NASDAQ:STLD) traded down 0.52% during trading on Thursday, hitting $24.72. The stock had a trading volume of 3,252,627 shares. The firm has a market cap of $6.03 billion, a P/E ratio of 504.49 and a beta of 1.70. Steel Dynamics, Inc. has a 12-month low of $15.32 and a 12-month high of $28.01. The firm has a 50 day moving average price of $24.90 and a 200 day moving average price of $24.56.
Steel Dynamics (NASDAQ:STLD) last released its earnings results on Monday, July 18th. The company reported $0.58 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $2.03 billion. During the same period in the prior year, the firm earned $0.22 EPS. On average, equities analysts expect that Steel Dynamics, Inc. will post $2.07 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.27%. The ex-dividend date is Wednesday, September 28th. Steel Dynamics’s payout ratio is 1,120.00%.
Several research firms recently weighed in on STLD. Zacks Investment Research upgraded Steel Dynamics from a “hold” rating to a “buy” rating and set a $29.00 price target on the stock in a research note on Thursday, July 7th. Bank of America Corp. downgraded Steel Dynamics from a “buy” rating to a “neutral” rating and set a $28.00 price target on the stock. in a research note on Wednesday, July 20th. Credit Agricole SA cut their price target on Steel Dynamics from $29.00 to $27.00 and set a “market perform” rating on the stock in a research note on Wednesday. Berenberg Bank set a $35.00 price target on Steel Dynamics and gave the stock a “buy” rating in a research note on Tuesday. Finally, Cowen and Company set a $33.00 target price on Steel Dynamics and gave the company a “buy” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have assigned a buy rating to the stock. Steel Dynamics has a consensus rating of “Buy” and an average price target of $27.77.
In related news, Director Jurgen Dr Kolb sold 17,900 shares of the company’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 transaction, the director now directly owns 65,014 shares of the company’s stock, valued at approximately $1,768,380.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Keith E. Busse sold 13,155 shares of the company’s stock in a transaction on Friday, July 29th. The shares were sold at an average price of $27.00, for a total value of $355,185.00. Following the completion of the transaction, 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 corporate insiders.
About Steel Dynamics
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