Handelsbanken Fonder AB Cuts Stake in Steel Dynamics, Inc. (NASDAQ:STLD)

Handelsbanken Fonder AB reduced its holdings in shares of Steel Dynamics, Inc. (NASDAQ:STLD) by 0.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 29,200 shares of the basic materials company’s stock after selling 200 shares during the period. Handelsbanken Fonder AB’s holdings in Steel Dynamics were worth $3,449,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in STLD. Ameriprise Financial Inc. grew its holdings in Steel Dynamics by 165.4% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,014,956 shares of the basic materials company’s stock worth $212,447,000 after acquiring an additional 1,255,751 shares in the last quarter. Assetmark Inc. grew its holdings in Steel Dynamics by 105.7% during the 3rd quarter. Assetmark Inc. now owns 789,836 shares of the basic materials company’s stock worth $84,686,000 after acquiring an additional 405,836 shares in the last quarter. Sapient Capital LLC acquired a new position in Steel Dynamics during the 4th quarter worth approximately $38,644,000. Nordea Investment Management AB grew its holdings in Steel Dynamics by 29.0% during the 3rd quarter. Nordea Investment Management AB now owns 997,827 shares of the basic materials company’s stock worth $106,139,000 after acquiring an additional 224,226 shares in the last quarter. Finally, ING Groep NV grew its holdings in Steel Dynamics by 832.8% during the 3rd quarter. ING Groep NV now owns 213,975 shares of the basic materials company’s stock worth $22,942,000 after acquiring an additional 191,036 shares in the last quarter. 82.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on STLD. JPMorgan Chase & Co. boosted their price target on shares of Steel Dynamics from $100.00 to $118.00 and gave the stock an “underweight” rating in a report on Tuesday, April 16th. BMO Capital Markets upped their target price on shares of Steel Dynamics from $110.00 to $120.00 and gave the company a “market perform” rating in a report on Monday, March 18th. Citigroup upped their target price on shares of Steel Dynamics from $130.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, March 13th. Finally, UBS Group lowered their target price on shares of Steel Dynamics from $120.00 to $119.00 and set a “neutral” rating for the company in a report on Wednesday, January 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $121.17.

Steel Dynamics Stock Up 0.8 %

Shares of NASDAQ:STLD opened at $134.04 on Friday. The stock has a market cap of $21.17 billion, a P/E ratio of 9.21 and a beta of 1.42. The firm has a fifty day moving average price of $137.39 and a 200 day moving average price of $122.28. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.87 and a quick ratio of 1.67. Steel Dynamics, Inc. has a 1-year low of $90.55 and a 1-year high of $151.34.

Steel Dynamics (NASDAQ:STLD) last issued its quarterly earnings results on Tuesday, April 23rd. The basic materials company reported $3.67 earnings per share for the quarter, topping analysts’ consensus estimates of $3.54 by $0.13. The firm had revenue of $4.69 billion during the quarter, compared to analysts’ expectations of $4.74 billion. Steel Dynamics had a net margin of 12.89% and a return on equity of 27.62%. Steel Dynamics’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.01 EPS. Sell-side analysts predict that Steel Dynamics, Inc. will post 11.79 EPS for the current year.

Steel Dynamics Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, April 14th. Shareholders of record on Sunday, March 31st were given a dividend of $0.46 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.84 dividend on an annualized basis and a yield of 1.37%. This is an increase from Steel Dynamics’s previous quarterly dividend of $0.43. Steel Dynamics’s dividend payout ratio is presently 12.64%.

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.