AdvisorNet Financial Inc Trims Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

AdvisorNet Financial Inc cut its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLDGet Rating) by 42.6% in the 2nd quarter, Holdings Channel reports. The fund owned 2,915 shares of the basic materials company’s stock after selling 2,160 shares during the quarter. AdvisorNet Financial Inc’s holdings in Steel Dynamics were worth $193,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Riverview Trust Co purchased a new position in shares of Steel Dynamics during the 1st quarter worth approximately $28,000. Citizens National Bank Trust Department purchased a new position in shares of Steel Dynamics during the 4th quarter worth approximately $25,000. Catalyst Capital Advisors LLC purchased a new position in shares of Steel Dynamics during the 1st quarter worth approximately $36,000. Quent Capital LLC raised its stake in shares of Steel Dynamics by 1,042.9% during the 1st quarter. Quent Capital LLC now owns 480 shares of the basic materials company’s stock worth $40,000 after buying an additional 438 shares in the last quarter. Finally, FNY Investment Advisers LLC purchased a new position in shares of Steel Dynamics during the 1st quarter worth approximately $44,000. 80.36% of the stock is owned by hedge funds and other institutional investors.

Steel Dynamics Price Performance

Shares of NASDAQ:STLD opened at $75.85 on Wednesday. The business’s fifty day moving average price is $77.82 and its two-hundred day moving average price is $78.53. The stock has a market cap of $13.85 billion, a PE ratio of 3.37 and a beta of 1.37. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.87 and a current ratio of 3.52. Steel Dynamics, Inc. has a one year low of $50.54 and a one year high of $100.37.

Steel Dynamics (NASDAQ:STLDGet Rating) last announced its earnings results on Wednesday, July 20th. The basic materials company reported $6.73 EPS for the quarter, beating analysts’ consensus estimates of $6.34 by $0.39. The firm had revenue of $6.21 billion for the quarter, compared to analysts’ expectations of $5.93 billion. Steel Dynamics had a return on equity of 71.50% and a net margin of 19.81%. Steel Dynamics’s quarterly revenue was up 39.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.40 EPS. On average, analysts forecast that Steel Dynamics, Inc. will post 21.33 EPS for the current fiscal year.

Steel Dynamics Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date of this dividend is Thursday, September 29th. Steel Dynamics’s dividend payout ratio (DPR) is presently 6.05%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. The Goldman Sachs Group downgraded Steel Dynamics from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $114.00 to $92.00 in a research note on Tuesday, May 31st. UBS Group set a $95.00 price objective on Steel Dynamics in a research note on Monday, June 20th. JPMorgan Chase & Co. dropped their price objective on Steel Dynamics from $129.00 to $110.00 in a research note on Tuesday, June 14th. Morgan Stanley dropped their price objective on Steel Dynamics from $94.00 to $78.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 6th. Finally, Citigroup raised their price objective on Steel Dynamics to $110.00 in a research note on Tuesday, September 13th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Steel Dynamics currently has an average rating of “Hold” and a consensus target price of $92.71.

Steel Dynamics Company Profile

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Steel Dynamics, Inc, together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars.

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Institutional Ownership by Quarter for Steel Dynamics (NASDAQ:STLD)

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