Pyrrho Capital Management LP decreased its position in Steel Dynamics Inc. (NASDAQ:STLD) by 47.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 53,000 shares of the company’s stock after selling 47,500 shares during the period. Steel Dynamics comprises approximately 4.0% of Pyrrho Capital Management LP’s holdings, making the stock its 9th largest position. Pyrrho Capital Management LP’s holdings in Steel Dynamics were worth $1,299,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. BlackRock Institutional Trust Company N.A. boosted its position in Steel Dynamics by 5.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 7,758,232 shares of the company’s stock worth $174,638,000 after buying an additional 391,145 shares in the last quarter. State Street Corp boosted its position in Steel Dynamics by 7.0% in the first quarter. State Street Corp now owns 7,329,496 shares of the company’s stock worth $164,995,000 after buying an additional 480,693 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Steel Dynamics by 3.4% in the first quarter. JPMorgan Chase & Co. now owns 3,762,803 shares of the company’s stock worth $84,700,000 after buying an additional 124,718 shares in the last quarter. TIAA CREF Investment Management LLC boosted its position in Steel Dynamics by 32.7% in the first quarter. TIAA CREF Investment Management LLC now owns 2,368,036 shares of the company’s stock worth $53,304,000 after buying an additional 584,195 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Steel Dynamics by 26.7% in the first quarter. Geode Capital Management LLC now owns 1,922,753 shares of the company’s stock worth $43,281,000 after buying an additional 405,432 shares in the last quarter. Hedge funds and other institutional investors own 82.42% of the company’s stock.
Shares of Steel Dynamics Inc. (NASDAQ:STLD) traded down 1.76% during midday trading on Monday, hitting $24.55. The stock had a trading volume of 2,329,040 shares. Steel Dynamics Inc. has a 52 week low of $15.32 and a 52 week high of $28.01. The company’s 50 day moving average is $24.73 and its 200 day moving average is $24.74. The firm has a market cap of $5.98 billion, a P/E ratio of 501.02 and a beta of 1.57.
Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Monday, July 18th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.02. Steel Dynamics had a return on equity of 10.79% and a net margin of 0.17%. The company earned $2.02 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same period last year, the company earned $0.22 earnings per share. On average, equities analysts predict that Steel Dynamics Inc. will post $2.08 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be given a dividend of $0.14 per share. The ex-dividend date is Wednesday, September 28th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.28%. Steel Dynamics’s dividend payout ratio (DPR) is 1,120.00%.
A number of research analysts recently issued reports on STLD shares. Credit Suisse Group AG lifted their price target on Steel Dynamics from $27.00 to $33.00 and gave the company an “outperform” rating in a report on Wednesday, June 8th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $30.00 price target on shares of Steel Dynamics in a report on Friday, July 22nd. Zacks Investment Research cut Steel Dynamics from a “buy” rating to a “hold” rating in a report on Friday, July 1st. Jefferies Group reaffirmed a “buy” rating and issued a $31.00 price target (up from $28.00) on shares of Steel Dynamics in a report on Friday, June 10th. Finally, Barclays PLC reaffirmed an “overweight” rating and issued a $30.00 price target on shares of Steel Dynamics in a report on Thursday, September 22nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eighteen have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $27.87.
In other news, Director Jurgen Dr Kolb sold 1,000 shares of the firm’s stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $26.50, for a total transaction of $26,500.00. Following the completion of the transaction, the director now directly owns 65,014 shares in the company, valued at $1,722,871. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Keith E. Busse sold 13,155 shares of the firm’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $27.00, for a total value of $355,185.00. Following the transaction, the director now owns 1,006,894 shares of the company’s stock, valued at $27,186,138. The disclosure for this sale can be found here. Insiders own 4.10% of the company’s stock.
About Steel Dynamics
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