Eagle Asset Management Inc. Grows Stake in Steel Dynamics, Inc. (NASDAQ:STLD)

Eagle Asset Management Inc. raised its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 3.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 39,065 shares of the basic materials company’s stock after acquiring an additional 1,270 shares during the quarter. Eagle Asset Management Inc.’s holdings in Steel Dynamics were worth $4,925,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Commerce Bank boosted its position in Steel Dynamics by 1.2% during the 3rd quarter. Commerce Bank now owns 5,981 shares of the basic materials company’s stock valued at $754,000 after acquiring an additional 73 shares in the last quarter. Csenge Advisory Group boosted its position in shares of Steel Dynamics by 2.8% in the 2nd quarter. Csenge Advisory Group now owns 2,939 shares of the basic materials company’s stock worth $381,000 after purchasing an additional 81 shares in the last quarter. Covestor Ltd boosted its position in shares of Steel Dynamics by 10.8% in the 3rd quarter. Covestor Ltd now owns 951 shares of the basic materials company’s stock worth $120,000 after purchasing an additional 93 shares in the last quarter. Dorsey Wright & Associates boosted its position in shares of Steel Dynamics by 0.4% in the 2nd quarter. Dorsey Wright & Associates now owns 23,551 shares of the basic materials company’s stock worth $3,050,000 after purchasing an additional 96 shares in the last quarter. Finally, Greenleaf Trust boosted its position in shares of Steel Dynamics by 2.1% in the 3rd quarter. Greenleaf Trust now owns 4,621 shares of the basic materials company’s stock worth $583,000 after purchasing an additional 96 shares in the last quarter. Institutional investors own 82.41% of the company’s stock.

Insider Activity at Steel Dynamics

In other Steel Dynamics news, VP Chad Bickford sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $134.86, for a total value of $269,720.00. Following the sale, the vice president now owns 17,100 shares of the company’s stock, valued at $2,306,106. The trade was a 10.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Miguel Alvarez sold 6,650 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $143.00, for a total value of $950,950.00. Following the completion of the sale, the senior vice president now directly owns 116,949 shares in the company, valued at approximately $16,723,707. The trade was a 5.38 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,591 shares of company stock worth $3,885,938. Insiders own 6.00% of the company’s stock.

Steel Dynamics Trading Down 1.0 %

STLD stock opened at $143.57 on Monday. The company has a current ratio of 2.39, a quick ratio of 1.26 and a debt-to-equity ratio of 0.31. Steel Dynamics, Inc. has a 12-month low of $104.60 and a 12-month high of $155.56. The stock has a market cap of $21.86 billion, a price-to-earnings ratio of 12.99 and a beta of 1.31. The business’s 50-day moving average is $132.24 and its 200 day moving average is $127.44.

Steel Dynamics (NASDAQ:STLD) last issued its earnings results on Wednesday, October 16th. The basic materials company reported $2.05 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.07. The business had revenue of $4.34 billion for the quarter, compared to analysts’ expectations of $4.18 billion. Steel Dynamics had a return on equity of 19.82% and a net margin of 9.80%. The business’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.47 EPS. On average, sell-side analysts anticipate that Steel Dynamics, Inc. will post 10.1 EPS for the current fiscal year.

Steel Dynamics Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 1.28%. The ex-dividend date is Tuesday, December 31st. Steel Dynamics’s dividend payout ratio is presently 16.65%.

Analyst Ratings Changes

A number of brokerages recently issued reports on STLD. BMO Capital Markets raised their target price on Steel Dynamics from $130.00 to $135.00 and gave the stock a “market perform” rating in a research note on Friday, October 18th. UBS Group upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and raised their target price for the stock from $129.00 to $145.00 in a research note on Tuesday, September 3rd. Morgan Stanley reduced their price objective on Steel Dynamics from $138.00 to $131.00 and set an “equal weight” rating for the company in a research note on Wednesday, September 18th. JPMorgan Chase & Co. lifted their price objective on Steel Dynamics from $129.00 to $134.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Finally, Bank of America upgraded Steel Dynamics from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $140.00 to $155.00 in a research note on Tuesday, October 1st. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $144.29.

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.