Mackenzie Financial Corp Sells 13,468 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

Mackenzie Financial Corp trimmed its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 49.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,716 shares of the basic materials company’s stock after selling 13,468 shares during the period. Mackenzie Financial Corp’s holdings in Steel Dynamics were worth $1,776,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Price T Rowe Associates Inc. MD raised its holdings in Steel Dynamics by 4.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,604,492 shares of the basic materials company’s stock valued at $534,295,000 after acquiring an additional 152,254 shares during the period. Pacer Advisors Inc. grew its position in shares of Steel Dynamics by 7.0% during the second quarter. Pacer Advisors Inc. now owns 2,138,157 shares of the basic materials company’s stock worth $276,891,000 after purchasing an additional 140,042 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in Steel Dynamics by 1.3% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,768,333 shares of the basic materials company’s stock valued at $228,999,000 after purchasing an additional 22,390 shares during the period. LSV Asset Management lifted its holdings in Steel Dynamics by 3.9% in the 2nd quarter. LSV Asset Management now owns 1,410,070 shares of the basic materials company’s stock worth $182,604,000 after purchasing an additional 53,532 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its stake in Steel Dynamics by 21.6% in the 1st quarter. Acadian Asset Management LLC now owns 1,137,230 shares of the basic materials company’s stock worth $168,550,000 after purchasing an additional 202,312 shares during the period. Hedge funds and other institutional investors own 82.41% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. UBS Group upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $129.00 to $145.00 in a research report on Tuesday, September 3rd. Bank of America upgraded shares of Steel Dynamics from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $140.00 to $155.00 in a research note on Tuesday. Morgan Stanley dropped their price objective on shares of Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a report on Wednesday, September 18th. JPMorgan Chase & Co. raised Steel Dynamics from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $120.00 to $131.00 in a report on Monday, September 9th. Finally, BMO Capital Markets dropped their price target on Steel Dynamics from $135.00 to $127.00 and set a “market perform” rating for the company in a research note on Tuesday, September 17th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $142.71.

Steel Dynamics Stock Down 0.0 %

Shares of NASDAQ STLD opened at $127.54 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’s 50-day moving average price is $119.58 and its 200-day moving average price is $128.62. The stock has a market capitalization of $19.68 billion, a price-to-earnings ratio of 8.76 and a beta of 1.32.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings data on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.67 by $0.05. The business had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.43 billion. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The company’s quarterly revenue was down 8.8% compared to the same quarter last year. During the same period in the prior year, the business posted $4.81 earnings per share. On average, equities research analysts anticipate that Steel Dynamics, Inc. will post 10.32 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be paid a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 1.44%. The ex-dividend date is Monday, September 30th. Steel Dynamics’s payout ratio is 12.64%.

Steel Dynamics Company Profile

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.