Allspring Global Investments Holdings LLC Lowers Stock Position in Steel Dynamics, Inc. (NASDAQ:STLD)

Allspring Global Investments Holdings LLC cut its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 92.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,060 shares of the basic materials company’s stock after selling 264,033 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Steel Dynamics were worth $2,487,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Global Retirement Partners LLC lifted its holdings in shares of Steel Dynamics by 25.8% during the fourth quarter. Global Retirement Partners LLC now owns 478 shares of the basic materials company’s stock worth $53,000 after purchasing an additional 98 shares during the period. Wellington Shields & Co. LLC lifted its holdings in shares of Steel Dynamics by 50.0% during the fourth quarter. Wellington Shields & Co. LLC now owns 300 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 100 shares during the period. Ronald Blue Trust Inc. lifted its holdings in shares of Steel Dynamics by 7.8% during the third quarter. Ronald Blue Trust Inc. now owns 1,425 shares of the basic materials company’s stock worth $155,000 after purchasing an additional 103 shares during the period. Allworth Financial LP lifted its holdings in shares of Steel Dynamics by 2.2% during the fourth quarter. Allworth Financial LP now owns 4,853 shares of the basic materials company’s stock worth $573,000 after purchasing an additional 103 shares during the period. Finally, Greenfield Savings Bank lifted its holdings in shares of Steel Dynamics by 0.9% during the fourth quarter. Greenfield Savings Bank now owns 11,591 shares of the basic materials company’s stock worth $1,369,000 after purchasing an additional 108 shares during the period. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

STLD has been the subject of several recent research reports. UBS Group decreased their price target on Steel Dynamics from $120.00 to $119.00 and set a “neutral” rating for the company in a report on Wednesday, January 24th. JPMorgan Chase & Co. increased their price target on Steel Dynamics from $100.00 to $118.00 and gave the stock an “underweight” rating in a report on Tuesday, April 16th. Citigroup raised their target price on Steel Dynamics from $130.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, March 13th. Finally, BMO Capital Markets raised their target price on Steel Dynamics from $110.00 to $120.00 and gave the company a “market perform” rating in a report on Monday, March 18th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, Steel Dynamics presently has an average rating of “Hold” and an average target price of $121.17.

Steel Dynamics Price Performance

Steel Dynamics stock opened at $136.90 on Monday. Steel Dynamics, Inc. has a one year low of $90.55 and a one year high of $151.34. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.67 and a current ratio of 2.91. The business has a fifty day moving average of $136.21 and a two-hundred day moving average of $121.58. The company has a market cap of $21.62 billion, a P/E ratio of 9.38 and a beta of 1.42.

Steel Dynamics (NASDAQ:STLD) last released its earnings results on Tuesday, January 23rd. The basic materials company reported $2.61 EPS for the quarter, missing analysts’ consensus estimates of $2.63 by ($0.02). The business had revenue of $4.23 billion during the quarter, compared to analyst estimates of $4.22 billion. Steel Dynamics had a net margin of 13.04% and a return on equity of 29.49%. Steel Dynamics’s revenue was down 12.3% compared to the same quarter last year. During the same period last year, the business posted $4.37 EPS. As a group, analysts predict that Steel Dynamics, Inc. will post 11.79 earnings per share for the current fiscal year.

Steel Dynamics Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, April 14th. Stockholders of record on Sunday, March 31st were paid a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 1.34%. The ex-dividend date was Wednesday, March 27th. This is an increase from Steel Dynamics’s previous quarterly dividend of $0.43. Steel Dynamics’s payout ratio is 12.61%.

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.