Steel Dynamics, Inc. $STLD Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company cut its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 5.5% during the second quarter, HoldingsChannel.com reports. The firm owned 73,690 shares of the basic materials company’s stock after selling 4,298 shares during the period. The Manufacturers Life Insurance Company’s holdings in Steel Dynamics were worth $16,909,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in STLD. Baird Financial Group Inc. boosted its stake in shares of Steel Dynamics by 9.9% during the 2nd quarter. Baird Financial Group Inc. now owns 187,906 shares of the basic materials company’s stock worth $43,117,000 after acquiring an additional 16,930 shares in the last quarter. Canada Post Corp Registered Pension Plan increased its stake in Steel Dynamics by 70.5% in the 4th quarter. Canada Post Corp Registered Pension Plan now owns 11,692 shares of the basic materials company’s stock valued at $1,981,000 after purchasing an additional 4,835 shares in the last quarter. Sapient Capital LLC raised its holdings in Steel Dynamics by 34.6% during the second quarter. Sapient Capital LLC now owns 447,664 shares of the basic materials company’s stock worth $102,958,000 after purchasing an additional 115,080 shares during the last quarter. Sierra Summit Advisors LLC raised its holdings in Steel Dynamics by 1,894.7% during the fourth quarter. Sierra Summit Advisors LLC now owns 62,334 shares of the basic materials company’s stock worth $10,562,000 after purchasing an additional 59,209 shares during the last quarter. Finally, BlackRock Inc. purchased a new stake in Steel Dynamics during the second quarter worth $2,844,501,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on STLD. Barclays upped their target price on Steel Dynamics from $270.00 to $272.00 and gave the company an “overweight” rating in a report on Wednesday, July 22nd. Weiss Ratings lowered shares of Steel Dynamics from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday. JPMorgan Chase & Co. increased their price objective on shares of Steel Dynamics from $260.00 to $273.00 and gave the company a “neutral” rating in a research note on Wednesday. KeyCorp restated an “overweight” rating on shares of Steel Dynamics in a report on Wednesday, July 22nd. Finally, Bank of America cut their target price on shares of Steel Dynamics from $280.00 to $260.00 and set a “neutral” rating for the company in a research report on Thursday, July 9th. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $258.45.

Steel Dynamics Price Performance

Shares of NASDAQ:STLD opened at $239.79 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.45 and a current ratio of 3.18. The business’s fifty day moving average price is $242.94 and its two-hundred day moving average price is $226.71. The stock has a market cap of $34.37 billion, a PE ratio of 21.74, a price-to-earnings-growth ratio of 0.45 and a beta of 1.50. Steel Dynamics, Inc. has a one year low of $129.41 and a one year high of $288.74.

Steel Dynamics (NASDAQ:STLD) last released its quarterly earnings results on Tuesday, July 21st. The basic materials company reported $3.69 earnings per share for the quarter, topping analysts’ consensus estimates of $3.63 by $0.06. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The company had revenue of $6.09 billion during the quarter, compared to analysts’ expectations of $5.56 billion. During the same period in the previous year, the firm posted $2.01 earnings per share. The business’s revenue for the quarter was up 33.4% compared to the same quarter last year. On average, analysts forecast that Steel Dynamics, Inc. will post 17.8 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Wednesday, September 30th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Wednesday, September 30th. Steel Dynamics’s dividend payout ratio (DPR) is currently 19.22%.

Steel Dynamics Profile

Steel Dynamics, Inc is a steel producer and metals recycler headquartered in Fort Wayne, Indiana. Founded in 1993, the company operates electric arc furnaces that use recycled steel and other metallic inputs to manufacture a broad range of steel products. Its customers include companies in the construction, automotive, manufacturing, transportation, energy and appliance industries.

Steel Dynamics’ steel operations produce flat-rolled steel, structural steel, rail, engineered bar products and other specialty steel products.