CANADA LIFE ASSURANCE Co Acquires 60,080 Shares of Steel Dynamics, Inc. (NASDAQ:STLD)

CANADA LIFE ASSURANCE Co grew its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 50.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 179,410 shares of the basic materials company’s stock after acquiring an additional 60,080 shares during the quarter. CANADA LIFE ASSURANCE Co owned about 0.11% of Steel Dynamics worth $26,613,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Larson Financial Group LLC bought a new position in shares of Steel Dynamics in the 1st quarter worth approximately $25,000. LifeSteps Financial Inc. bought a new position in Steel Dynamics in the first quarter worth approximately $26,000. CVA Family Office LLC bought a new position in Steel Dynamics in the fourth quarter worth approximately $28,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Steel Dynamics during the 4th quarter valued at $29,000. Finally, Lindbrook Capital LLC raised its holdings in Steel Dynamics by 117.5% in the 4th quarter. Lindbrook Capital LLC now owns 248 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 134 shares during the period. 82.41% of the stock is currently owned by institutional investors.

Steel Dynamics Stock Up 3.5 %

Shares of STLD opened at $127.60 on Friday. Steel Dynamics, Inc. has a 52-week low of $95.53 and a 52-week high of $151.34. The company has a market cap of $20.05 billion, a PE ratio of 8.76 and a beta of 1.35. The company has a quick ratio of 1.19, a current ratio of 2.35 and a debt-to-equity ratio of 0.25. The business has a fifty day moving average of $128.10 and a 200 day moving average of $129.73.

Steel Dynamics (NASDAQ:STLD) last announced its quarterly earnings data on Wednesday, July 17th. The basic materials company reported $2.72 earnings per share for the quarter, beating analysts’ consensus estimates of $2.67 by $0.05. The company had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.43 billion. Steel Dynamics had a net margin of 11.10% and a return on equity of 22.89%. The firm’s revenue for the quarter was down 8.8% on a year-over-year basis. During the same quarter last year, the business posted $4.81 EPS. On average, sell-side analysts expect that Steel Dynamics, Inc. will post 11.51 EPS for the current year.

Steel Dynamics Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Sunday, June 30th were paid a $0.46 dividend. The ex-dividend date was Friday, June 28th. This represents a $1.84 annualized dividend and a yield of 1.44%. Steel Dynamics’s dividend payout ratio (DPR) is currently 12.64%.

Analysts Set New Price Targets

Several equities analysts have weighed in on STLD shares. Jefferies Financial Group started coverage on shares of Steel Dynamics in a report on Monday, May 20th. They set a “hold” rating and a $150.00 price target on the stock. JPMorgan Chase & Co. upped their price target on Steel Dynamics from $118.00 to $120.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 16th. BMO Capital Markets cut their price objective on shares of Steel Dynamics from $140.00 to $135.00 and set a “market perform” rating for the company in a report on Tuesday, June 18th. Finally, Bank of America cut their price objective on Steel Dynamics from $150.00 to $145.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Steel Dynamics has a consensus rating of “Hold” and a consensus price target of $133.86.

Insiders Place Their Bets

In other Steel Dynamics news, SVP Christopher A. Graham sold 21,000 shares of the company’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $136.81, for a total value of $2,873,010.00. Following the completion of the sale, the senior vice president now directly owns 60,415 shares in the company, valued at approximately $8,265,376.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 6.00% of the stock is currently owned by company insiders.

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.