Steel Dynamics, Inc. (NASDAQ:STLD) Position Reduced by 1832 Asset Management L.P.

1832 Asset Management L.P. decreased its position in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 11.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,629 shares of the basic materials company’s stock after selling 2,571 shares during the period. 1832 Asset Management L.P.’s holdings in Steel Dynamics were worth $3,058,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in STLD. HB Wealth Management LLC raised its holdings in Steel Dynamics by 33.6% during the fourth quarter. HB Wealth Management LLC now owns 2,963 shares of the basic materials company’s stock worth $350,000 after purchasing an additional 745 shares in the last quarter. Raymond James & Associates increased its holdings in shares of Steel Dynamics by 32.1% in the fourth quarter. Raymond James & Associates now owns 77,276 shares of the basic materials company’s stock valued at $9,126,000 after buying an additional 18,762 shares in the last quarter. CVA Family Office LLC bought a new position in shares of Steel Dynamics in the fourth quarter valued at $28,000. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Steel Dynamics by 57.6% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 39,771 shares of the basic materials company’s stock valued at $4,697,000 after buying an additional 14,533 shares in the last quarter. Finally, Blue Trust Inc. increased its holdings in shares of Steel Dynamics by 17.8% in the fourth quarter. Blue Trust Inc. now owns 1,678 shares of the basic materials company’s stock valued at $198,000 after buying an additional 253 shares in the last quarter. Institutional investors own 82.41% of the company’s stock.

Analyst Upgrades and Downgrades

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

Insider Transactions at Steel Dynamics

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

Steel Dynamics Stock Performance

Shares of NASDAQ STLD traded up $2.94 during mid-day trading on Friday, hitting $130.54. The company had a trading volume of 1,064,732 shares, compared to its average volume of 1,321,850. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.35 and a quick ratio of 1.19. The business’s 50-day simple moving average is $128.03 and its 200-day simple moving average is $129.94. Steel Dynamics, Inc. has a 12 month low of $95.53 and a 12 month high of $151.34. The firm has a market cap of $20.51 billion, a P/E ratio of 8.97 and a beta of 1.35.

Steel Dynamics (NASDAQ:STLD) last released 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. Steel Dynamics had a return on equity of 22.89% and a net margin of 11.10%. The company had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.43 billion. During the same period in the previous year, the business earned $4.81 earnings per share. The company’s quarterly revenue was down 8.8% on a year-over-year basis. As a group, analysts predict that Steel Dynamics, Inc. will post 11.35 earnings per share for the current fiscal year.

Steel Dynamics Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 12th. Stockholders 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 dividend yield of 1.41%. Steel Dynamics’s dividend payout ratio is presently 12.64%.

Steel Dynamics 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.