Steel Dynamics, Inc. (NASDAQ:STLD) was the recipient of a significant decline in short interest during the month of July. As of July 14th, there was short interest totalling 6,748,188 shares, a decline of 14.5% from the June 30th total of 7,891,565 shares. Currently, 2.9% of the shares of the stock are short sold. Based on an average trading volume of 2,906,196 shares, the short-interest ratio is currently 2.3 days.
In other Steel Dynamics news, Director Keith E. Busse sold 4,965 shares of Steel Dynamics stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $38.42, for a total value of $190,755.30. Following the transaction, the director now owns 1,005,666 shares in the company, valued at $38,637,687.72. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Christopher A. Graham sold 5,021 shares of Steel Dynamics stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $38.05, for a total value of $191,049.05. Following the completion of the transaction, the insider now owns 26,778 shares in the company, valued at approximately $1,018,902.90. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.
Several institutional investors have recently made changes to their positions in STLD. BlackRock Inc. boosted its position in shares of Steel Dynamics by 11,858.1% in the first quarter. BlackRock Inc. now owns 20,091,806 shares of the basic materials company’s stock worth $698,391,000 after buying an additional 19,923,788 shares in the last quarter. Boston Partners boosted its position in shares of Steel Dynamics by 25.7% in the first quarter. Boston Partners now owns 14,641,570 shares of the basic materials company’s stock worth $508,941,000 after buying an additional 2,997,302 shares in the last quarter. Steadfast Capital Management LP purchased a new position in shares of Steel Dynamics during the first quarter worth $81,408,000. Los Angeles Capital Management & Equity Research Inc. purchased a new position in shares of Steel Dynamics during the first quarter worth $46,032,000. Finally, Principal Financial Group Inc. boosted its position in shares of Steel Dynamics by 73.9% in the first quarter. Principal Financial Group Inc. now owns 2,440,881 shares of the basic materials company’s stock worth $84,845,000 after buying an additional 1,037,471 shares in the last quarter. 83.63% of the stock is currently owned by institutional investors.
Shares of Steel Dynamics (NASDAQ STLD) opened at 36.52 on Friday. The company has a market capitalization of $8.81 billion, a PE ratio of 16.78 and a beta of 1.25. Steel Dynamics has a 12-month low of $22.79 and a 12-month high of $40.17. The stock’s 50 day moving average price is $35.48 and its 200 day moving average price is $35.28.
Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Wednesday, July 19th. The basic materials company reported $0.63 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.63. The company had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.37 billion. Steel Dynamics had a return on equity of 21.75% and a net margin of 6.07%. Steel Dynamics’s revenue for the quarter was up 18.1% compared to the same quarter last year. During the same period last year, the firm posted $0.58 EPS. On average, equities research analysts forecast that Steel Dynamics will post $2.84 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 7th. Investors of record on Friday, June 30th were issued a dividend of $0.155 per share. The ex-dividend date was Wednesday, June 28th. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.70%. Steel Dynamics’s dividend payout ratio is 28.57%.
STLD has been the topic of a number of recent analyst reports. Clarkson Capital reiterated a “neutral” rating on shares of Steel Dynamics in a research report on Thursday, July 20th. Zacks Investment Research cut Steel Dynamics from a “buy” rating to a “hold” rating in a research report on Thursday, May 25th. Berenberg Bank reiterated a “buy” rating and issued a $46.00 target price on shares of Steel Dynamics in a research report on Monday, June 19th. Credit Suisse Group upgraded Steel Dynamics from a “neutral” rating to an “outperform” rating and set a $36.00 target price on the stock in a research report on Wednesday, May 24th. Finally, Deutsche Bank AG reiterated a “buy” rating on shares of Steel Dynamics in a research report on Saturday, June 24th. Four equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $39.79.
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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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