Russell Investments Group Ltd. Decreases Stake in Steel Dynamics, Inc. $STLD

by · The Cerbat Gem

Russell Investments Group Ltd. lessened its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) by 5.3% during the 2nd quarter, Holdings Channel reports. The firm owned 143,772 shares of the basic materials company’s stock after selling 8,097 shares during the quarter. Russell Investments Group Ltd.’s holdings in Steel Dynamics were worth $18,450,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in STLD. Allworth Financial LP grew its holdings in shares of Steel Dynamics by 119.3% during the second quarter. Allworth Financial LP now owns 11,012 shares of the basic materials company’s stock valued at $1,410,000 after buying an additional 5,991 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its position in Steel Dynamics by 21.9% during the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 88,558 shares of the basic materials company’s stock worth $11,336,000 after acquiring an additional 15,931 shares during the period. Nordea Investment Management AB lifted its position in Steel Dynamics by 43.3% during the 2nd quarter. Nordea Investment Management AB now owns 2,088,372 shares of the basic materials company’s stock worth $271,238,000 after acquiring an additional 630,935 shares during the period. Mitsubishi UFJ Trust & Banking Corp grew its stake in Steel Dynamics by 1.2% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 163,399 shares of the basic materials company’s stock valued at $20,917,000 after purchasing an additional 1,954 shares during the last quarter. Finally, OFI Invest Asset Management acquired a new position in shares of Steel Dynamics in the second quarter valued at about $4,221,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Insider Activity

In related news, SVP Miguel Alvarez sold 8,251 shares of the firm’s stock in a transaction dated Wednesday, October 29th. The shares were sold at an average price of $162.79, for a total transaction of $1,343,180.29. Following the completion of the sale, the senior vice president directly owned 117,068 shares in the company, valued at approximately $19,057,499.72. This trade represents a 6.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 6.30% of the company’s stock.

Steel Dynamics Price Performance

STLD stock opened at $167.88 on Monday. The company has a debt-to-equity ratio of 0.43, a current ratio of 3.11 and a quick ratio of 1.34. The business has a 50 day simple moving average of $150.65 and a 200-day simple moving average of $137.65. The firm has a market capitalization of $24.52 billion, a PE ratio of 22.24, a price-to-earnings-growth ratio of 1.39 and a beta of 1.45. Steel Dynamics, Inc. has a 1 year low of $103.17 and a 1 year high of $168.36.

Steel Dynamics (NASDAQ:STLD – Get Free Report) last announced its quarterly earnings data on Tuesday, October 21st. The basic materials company reported $2.74 EPS for the quarter, topping analysts’ consensus estimates of $2.63 by $0.11. The firm had revenue of $4.83 billion for the quarter, compared to the consensus estimate of $4.74 billion. Steel Dynamics had a return on equity of 12.89% and a net margin of 6.39%.The firm’s revenue was up 11.2% compared to the same quarter last year. During the same quarter last year, the business posted $2.05 earnings per share. Equities research analysts anticipate that Steel Dynamics, Inc. will post 9.01 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 9th. Stockholders of record on Wednesday, December 31st will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $2.00 annualized dividend and a dividend yield of 1.2%. Steel Dynamics’s payout ratio is presently 26.49%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on STLD. BMO Capital Markets lifted their price objective on Steel Dynamics from $155.00 to $167.00 and gave the company an “outperform” rating in a research note on Wednesday, October 22nd. UBS Group set a $165.00 price objective on shares of Steel Dynamics in a research report on Tuesday, November 4th. KeyCorp lifted their price objective on Steel Dynamics from $152.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, October 27th. JPMorgan Chase & Co. boosted their price objective on Steel Dynamics from $150.00 to $160.00 and gave the stock a “neutral” rating in a research note on Monday, October 13th. Finally, Wells Fargo & Company raised their target price on Steel Dynamics from $169.00 to $172.00 and gave the company an “overweight” rating in a research report on Friday, November 14th. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Steel Dynamics has an average rating of “Moderate Buy” and an average target price of $170.44.

View Our Latest Analysis on STLD

Steel Dynamics Profile

(Free Report)

Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. The Steel Operations segment offers hot rolled, cold rolled, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing steel bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars; channels, angles, flats, merchant rounds, and reinforcing steel bars; and specialty shapes and light structural steel products.

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