Comerica Bank Has $3.87 Million Holdings in Steel Dynamics, Inc. (NASDAQ:STLD)
Comerica Bank reduced its position in Steel Dynamics, Inc. (NASDAQ:STLD) by 1.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 127,766 shares of the basic materials company’s stock after selling 1,753 shares during the period. Comerica Bank’s holdings in Steel Dynamics were worth $3,870,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of STLD. Eaton Vance Management boosted its stake in shares of Steel Dynamics by 466.8% during the 2nd quarter. Eaton Vance Management now owns 1,940,465 shares of the basic materials company’s stock worth $58,602,000 after acquiring an additional 1,598,122 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Steel Dynamics by 463.3% during the 2nd quarter. Renaissance Technologies LLC now owns 1,891,700 shares of the basic materials company’s stock worth $57,129,000 after acquiring an additional 1,555,900 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Steel Dynamics during the 2nd quarter worth about $35,753,000. Nuveen Asset Management LLC boosted its stake in shares of Steel Dynamics by 120.9% during the 2nd quarter. Nuveen Asset Management LLC now owns 1,889,404 shares of the basic materials company’s stock worth $57,060,000 after acquiring an additional 1,034,176 shares in the last quarter. Finally, LSV Asset Management boosted its stake in shares of Steel Dynamics by 64.9% during the 2nd quarter. LSV Asset Management now owns 1,877,900 shares of the basic materials company’s stock worth $56,712,000 after acquiring an additional 739,426 shares in the last quarter. 79.96% of the stock is currently owned by institutional investors.
STLD has been the subject of several recent analyst reports. Bank of America decreased their price target on Steel Dynamics from $34.00 to $30.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. ValuEngine upgraded Steel Dynamics from a “hold” rating to a “buy” rating in a research note on Friday, November 1st. BidaskClub upgraded Steel Dynamics from a “sell” rating to a “hold” rating in a research note on Tuesday, October 29th. JPMorgan Chase & Co. set a $35.00 price target on Steel Dynamics and gave the stock a “buy” rating in a research note on Monday, September 23rd. Finally, BMO Capital Markets downgraded Steel Dynamics to a “hold” rating and set a $30.00 target price for the company. in a research note on Friday, September 13th. Nine analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $32.64.
Shares of STLD stock opened at $31.62 on Friday. The stock has a 50 day moving average of $29.89 and a two-hundred day moving average of $29.48. Steel Dynamics, Inc. has a 12 month low of $25.02 and a 12 month high of $41.02. The company has a market capitalization of $6.77 billion, a P/E ratio of 5.76, a P/E/G ratio of 0.86 and a beta of 1.66. The company has a current ratio of 4.00, a quick ratio of 2.24 and a debt-to-equity ratio of 0.60.
Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Wednesday, October 16th. The basic materials company reported $0.69 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.70 by ($0.01). Steel Dynamics had a net margin of 7.44% and a return on equity of 22.08%. The business had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.62 billion. During the same period in the prior year, the business earned $1.69 earnings per share. Sell-side analysts predict that Steel Dynamics, Inc. will post 3.03 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were paid a $0.24 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a $0.96 annualized dividend and a dividend yield of 3.04%. Steel Dynamics’s dividend payout ratio (DPR) is currently 17.49%.
Steel Dynamics Company Profile
Steel Dynamics, Inc, together with its subsidiaries, engages in the steel products manufacturing and metals recycling businesses in the United States and internationally. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; structural steel beams, pilings, and standard and premium grade rail products; engineered special-bar-quality products; and merchant-bar-quality products, including rounds, angles, flats, reinforcing bars, and channels and specialty steel sections.
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