Renaissance Technologies LLC acquired a new stake in Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 190,500 shares of the basic materials company’s stock, valued at approximately $24,670,000. Renaissance Technologies LLC owned approximately 0.12% of Steel Dynamics as of its most recent filing with the SEC.
Other institutional investors also recently made changes to their positions in the company. Larson Financial Group LLC purchased a new stake in shares of Steel Dynamics in the 1st quarter valued at $25,000. LifeSteps Financial Inc. purchased a new stake in shares of Steel Dynamics in the 1st quarter valued at $26,000. Security National Bank purchased a new stake in shares of Steel Dynamics in the 4th quarter valued at $30,000. Innealta Capital LLC purchased a new stake in shares of Steel Dynamics in the 2nd quarter valued at $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Steel Dynamics in the 2nd quarter valued at $41,000. Hedge funds and other institutional investors own 82.41% of the company’s stock.
Steel Dynamics Stock Up 4.3 %
Shares of NASDAQ STLD opened at $120.09 on Friday. The company has a current ratio of 2.35, a quick ratio of 1.19 and a debt-to-equity ratio of 0.25. Steel Dynamics, Inc. has a 12 month low of $98.25 and a 12 month high of $151.34. The firm has a market capitalization of $18.53 billion, a PE ratio of 8.25 and a beta of 1.32. The firm has a fifty day simple moving average of $120.49 and a two-hundred day simple moving average of $129.15.
Steel Dynamics Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be paid a $0.46 dividend. The ex-dividend date is Monday, September 30th. This represents a $1.84 annualized dividend and a dividend yield of 1.53%. Steel Dynamics’s payout ratio is 12.64%.
Wall Street Analyst Weigh In
A number of brokerages have recently issued reports on STLD. Bank of America cut their price objective on shares of Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. BMO Capital Markets dropped their price target on shares of Steel Dynamics from $135.00 to $127.00 and set a “market perform” rating for the company in a research report on Tuesday. Morgan Stanley dropped their price target on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a research report on Wednesday. JPMorgan Chase & Co. raised shares of Steel Dynamics from an “underweight” rating to a “neutral” rating and increased their price target for the company from $120.00 to $131.00 in a research report on Monday, September 9th. Finally, UBS Group raised shares of Steel Dynamics from a “neutral” rating to a “buy” rating and increased their price target for the company from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Steel Dynamics has an average rating of “Hold” and an average price target of $141.29.
Get Our Latest Stock Report on Steel Dynamics
About Steel Dynamics
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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