Steel Dynamics Inc. (STLD) Sees Unusually-High Trading Volume After Dividend Announcement
Steel Dynamics Inc. (NASDAQ:STLD) saw unusually-strong trading volume on Tuesday following a dividend announcement from the company. Approximately 3,048,248 shares traded hands during mid-day trading, an increase of 3% from the previous session’s volume of 2,947,730 shares.The stock last traded at $24.08 and had previously closed at $24.30.
The newly announced dividend which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.30%. Steel Dynamics’s dividend payout ratio is currently 1,120.00%.
Several analysts have weighed in on STLD shares. Rosenblatt Securities started coverage on Steel Dynamics in a report on Wednesday, June 1st. They set a “buy” rating and a $21.00 price objective for the company. Cowen and Company set a $33.00 price target on Steel Dynamics and gave the company a “buy” rating in a research note on Monday, August 1st. Jefferies Group reaffirmed a “buy” rating and issued a $31.00 price target on shares of Steel Dynamics in a research note on Wednesday, July 20th. Zacks Investment Research raised Steel Dynamics from a “hold” rating to a “buy” rating and set a $26.00 price target for the company in a research note on Tuesday, June 28th. Finally, Berenberg Bank reaffirmed a “buy” rating and issued a $35.00 price target on shares of Steel Dynamics in a research note on Tuesday, August 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seventeen have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $27.81.
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The company’s 50 day moving average is $25.06 and its 200-day moving average is $24.52. The company has a market capitalization of $5.87 billion, a P/E ratio of 491.735 and a beta of 1.70.
Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Monday, July 18th. The company reported $0.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.02. The business earned $2.02 billion during the quarter, compared to the consensus estimate of $2.03 billion. Steel Dynamics had a return on equity of 10.79% and a net margin of 0.17%. During the same period in the previous year, the company posted $0.22 earnings per share. On average, analysts forecast that Steel Dynamics Inc. will post $2.08 earnings per share for the current year.
In other Steel Dynamics news, Director Keith E. Busse sold 13,155 shares of Steel Dynamics stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $27.00, for a total value of $355,185.00. Following the completion of the sale, the director now directly owns 1,006,894 shares in the company, valued at $27,186,138. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jurgen Dr Kolb sold 17,900 shares of Steel Dynamics stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of $27.20, for a total value of $486,880.00. Following the completion of the sale, the director now owns 65,014 shares of the company’s stock, valued at $1,768,380.80. The disclosure for this sale can be found here. 4.10% of the stock is owned by company insiders.
Large investors have recently modified their holdings of the company. Fuller & Thaler Asset Management Inc. increased its stake in shares of Steel Dynamics by 54.8% in the second quarter. Fuller & Thaler Asset Management Inc. now owns 4,800 shares of the company’s stock worth $118,000 after buying an additional 1,700 shares during the last quarter. Acrospire Investment Management LLC increased its stake in Steel Dynamics by 137.5% in the second quarter. Acrospire Investment Management LLC now owns 5,699 shares of the company’s stock valued at $140,000 after buying an additional 3,299 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in Steel Dynamics by 1,676.0% in the second quarter. Tower Research Capital LLC TRC now owns 5,843 shares of the company’s stock valued at $143,000 after buying an additional 5,514 shares in the last quarter. Loomis Sayles & Co. L P increased its stake in Steel Dynamics by 991.5% in the second quarter. Loomis Sayles & Co. L P now owns 7,029 shares of the company’s stock valued at $172,000 after buying an additional 6,385 shares in the last quarter. Finally, North Point Portfolio Managers Corp OH purchased a new stake in Steel Dynamics during the second quarter valued at approximately $203,000. Institutional investors and hedge funds own 82.54% of the company’s stock.
About Steel Dynamics
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