Lazard Asset Management LLC Acquires 383,100 Shares of Steel Dynamics, Inc. (STLD)
Lazard Asset Management LLC grew its holdings in Steel Dynamics, Inc. (NASDAQ:STLD) by 121,619.0% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 383,415 shares of the basic materials company’s stock after buying an additional 383,100 shares during the period. Lazard Asset Management LLC owned approximately 0.16% of Steel Dynamics worth $13,730,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Steel Dynamics by 2.5% in the 1st quarter. Vanguard Group Inc. now owns 23,793,953 shares of the basic materials company’s stock worth $827,077,000 after buying an additional 590,652 shares in the last quarter. BlackRock Inc. grew its stake in shares of Steel Dynamics by 9.2% in the 2nd quarter. BlackRock Inc. now owns 21,932,609 shares of the basic materials company’s stock worth $785,405,000 after buying an additional 1,840,803 shares in the last quarter. Boston Partners grew its stake in shares of Steel Dynamics by 11.9% in the 2nd quarter. Boston Partners now owns 16,383,812 shares of the basic materials company’s stock worth $586,703,000 after buying an additional 1,742,242 shares in the last quarter. State Street Corp grew its stake in shares of Steel Dynamics by 2.9% in the 1st quarter. State Street Corp now owns 7,510,647 shares of the basic materials company’s stock worth $261,070,000 after buying an additional 209,388 shares in the last quarter. Finally, Prudential Financial Inc. grew its stake in shares of Steel Dynamics by 21.7% in the 2nd quarter. Prudential Financial Inc. now owns 4,079,525 shares of the basic materials company’s stock worth $146,088,000 after buying an additional 727,722 shares in the last quarter. 82.64% of the stock is owned by institutional investors and hedge funds.
In other Steel Dynamics news, insider Christopher A. Graham sold 5,021 shares of the stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $38.05, for a total transaction of $191,049.05. Following the completion of the transaction, the insider now owns 26,778 shares of the company’s stock, valued at $1,018,902.90. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Keith E. Busse sold 4,965 shares of the stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $38.42, for a total transaction of $190,755.30. Following the transaction, the director now directly owns 1,005,666 shares of the company’s stock, valued at approximately $38,637,687.72. The disclosure for this sale can be found here. Company insiders own 4.20% of the company’s stock.
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Shares of Steel Dynamics, Inc. (NASDAQ STLD) opened at 33.23 on Friday. Steel Dynamics, Inc. has a 52-week low of $23.34 and a 52-week high of $40.17. The firm has a 50-day moving average of $34.53 and a 200 day moving average of $34.91. The stock has a market capitalization of $7.97 billion, a PE ratio of 15.26 and a beta of 1.26.
Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings data on Wednesday, July 19th. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.63. The firm had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Steel Dynamics had a net margin of 6.07% and a return on equity of 21.75%. Steel Dynamics’s revenue was up 18.1% compared to the same quarter last year. During the same period last year, the business earned $0.58 earnings per share. Equities research analysts forecast that Steel Dynamics, Inc. will post $2.76 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 12th. Shareholders of record on Saturday, September 30th will be paid a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a yield of 1.87%. The ex-dividend date is Thursday, September 28th. Steel Dynamics’s dividend payout ratio (DPR) is presently 28.57%.
A number of brokerages have commented on STLD. Clarkson Capital reissued a “neutral” rating on shares of Steel Dynamics in a research note on Thursday, July 20th. Deutsche Bank AG reissued a “buy” rating on shares of Steel Dynamics in a research note on Saturday, June 24th. BidaskClub cut shares of Steel Dynamics from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Jefferies Group LLC reissued a “buy” rating on shares of Steel Dynamics in a research note on Saturday, September 16th. Finally, Citigroup Inc. dropped their price objective on shares of Steel Dynamics from $43.00 to $41.00 and set a “buy” rating for the company in a research note on Friday, September 15th. Seven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $40.47.
Steel Dynamics Profile
Steel Dynamics, Inc is a steel producing and a metal recycling company. The Company is engaged in the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joists and deck products. Its segments include steel operations, metals recycling operations, steel fabrication operations and Other Operations.
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