Steel Dynamics, Inc. (STLD) Holdings Increased by Legal & General Group Plc
Legal & General Group Plc raised its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 11.0% in the third quarter, according to its most recent filing with the SEC. The firm owned 521,127 shares of the basic materials company’s stock after purchasing an additional 51,791 shares during the quarter. Legal & General Group Plc owned approximately 0.22% of Steel Dynamics worth $17,964,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in Steel Dynamics by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 24,405,049 shares of the basic materials company’s stock valued at $873,945,000 after purchasing an additional 611,096 shares during the period. BlackRock Inc. grew its position in shares of Steel Dynamics by 9.2% during 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 during the period. Boston Partners grew its position in shares of Steel Dynamics by 3.6% during the 3rd quarter. Boston Partners now owns 16,977,310 shares of the basic materials company’s stock worth $585,208,000 after buying an additional 593,498 shares during the period. State Street Corp grew its position in shares of Steel Dynamics by 17.9% during the 2nd quarter. State Street Corp now owns 8,857,134 shares of the basic materials company’s stock worth $317,162,000 after buying an additional 1,346,487 shares during the period. Finally, Prudential Financial Inc. grew its position in shares of Steel Dynamics by 13.2% during the 3rd quarter. Prudential Financial Inc. now owns 4,619,005 shares of the basic materials company’s stock worth $159,217,000 after buying an additional 539,480 shares during the period. 83.45% of the stock is owned by institutional investors and hedge funds.
Steel Dynamics, Inc. (NASDAQ:STLD) opened at $40.70 on Monday. Steel Dynamics, Inc. has a twelve month low of $32.15 and a twelve month high of $41.10. The company has a debt-to-equity ratio of 0.80, a current ratio of 3.35 and a quick ratio of 1.95. The stock has a market capitalization of $9,643.95, a price-to-earnings ratio of 16.02, a P/E/G ratio of 1.27 and a beta of 1.40.
Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Wednesday, October 18th. The basic materials company reported $0.66 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.66. Steel Dynamics had a return on equity of 21.45% and a net margin of 5.79%. The company had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.41 billion. During the same period last year, the business earned $0.64 EPS. Steel Dynamics’s quarterly revenue was up 16.3% compared to the same quarter last year. analysts predict that Steel Dynamics, Inc. will post 2.67 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 10th. Investors of record on Sunday, December 31st will be issued a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend is Thursday, December 28th. Steel Dynamics’s dividend payout ratio is currently 28.57%.
Several brokerages have recently commented on STLD. Morgan Stanley set a $36.00 price objective on shares of Steel Dynamics and gave the stock a “hold” rating in a research report on Tuesday, October 24th. Bank of America raised their price objective on shares of Steel Dynamics from $44.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, October 20th. Cowen set a $43.00 price objective on shares of Steel Dynamics and gave the stock a “buy” rating in a research report on Friday, October 20th. Citigroup raised their price objective on shares of Steel Dynamics from $41.00 to $42.00 and gave the stock a “buy” rating in a research report on Friday, October 20th. Finally, KeyCorp raised shares of Steel Dynamics from a “sector weight” rating to an “overweight” rating and set a $44.00 price objective for the company in a research report on Friday, October 20th. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $41.70.
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About Steel Dynamics
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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